Bill Title: Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Allows a judge, sheriff, or other person to conduct a judicial foreclosure sale online in accordance with the Article. Allows the person conducting the sale to engage a third party online sale provider to assist with performance of the online sale and charge an additional fee as a reasonable expense of the sale for costs associated with conducting the sale online. Requires the person conducting the sale online to obtain court approval and demonstrate the ability to provide substantial marketing of the sale, appropriate and documented process and procedures for conducting online auctions, adequate recordkeeping, substantial expertise in online real estate auctions, and adequate data security. Requires, if the sale takes place online and in person, all bids to be simultaneously announced at the in-person sale and visible to the public online at the time the bids are placed. Prohibits a fee from being charged to the public to view properties for sale online, to participate in any auction in person or online, or to purchase property at an auction in person or online. Requires persons seeking to bid online to complete a registration form and to have their identity verified before a bid can be placed online. Provides that no fee may be charged to a bidder or purchaser at the sale of real estate under the Article beyond the winning bid amount to cover an expense of sale. Makes conforming changes.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed) 2024-04-26 - House Committee Amendment No. 1 Referred to Rules Committee [SB2919 Detail]

Text: Latest bill text (Engrossed) [HTML]

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