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Rep. Marlow H. Colvin
Filed: 3/28/2006
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09400SB2349ham002 |
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LRB094 18521 LCT 57829 a |
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| AMENDMENT TO SENATE BILL 2349
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| AMENDMENT NO. ______. Amend Senate Bill 2349, AS AMENDED, |
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| with reference to page and line numbers of House Amendment No. |
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| 1, on page 3, line 21, after "conveyance.", by inserting the |
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| following:
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| "Distressed property purchaser" does not mean any person who |
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| acquires distressed property at a short sale or any person |
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| acting in participation with any person who acquires distressed |
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| property at a short sale, if that person does not promise to |
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| convey an interest in fee back to the owner or does not give |
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| the owner an option to purchase the property at a later date."; |
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| and
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| on page 13, by replacing lines 4 through 8 with the following: |
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| "(2) fail to make a payment to the owner of the |
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| distressed property at the time the title is conveyed so |
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| that the owner of the distressed property has received |
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| consideration in an amount of at least 82% of the |
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| property's fair market value, or, in the alternative, fail |
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| to pay the owner of the distressed property no more than |
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| the costs necessary to extinguish all of the existing |
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| obligations on the distressed property, as set forth in |
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| subdivision (b)(10) of Section 45, provided that the |
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| owner's costs to repurchase the distressed property |
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| pursuant to the terms of the distressed property conveyance |
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| contract do not exceed 125% of the distressed property |