AN ACT REQUIRING THE BANKING COMMISSIONER TO CONDUCT A STUDY ON STREAMLINING THE PROCESS FOR TRANSFERRING PROPERTIES WITH UNDERWATER, DELINQUENT OR FORECLOSED MORTGAGES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the Banking Commissioner be required to conduct a study on streamlining the process for the transfer of properties with underwater, delinquent or foreclosed mortgages.

Statement of Purpose:

To require the Banking Commissioner to conduct a study on streamlining the process for the transfer of certain properties with underwater, delinquent or foreclosed mortgages to reduce the excess housing stock.