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S 361 113th Congress Senate Housing and Community Development Civil actions and liability Housing finance and home ownership

Prompt Notification of Short Sales Act

Introduced: February 14, 2013 Introduced by: Murkowski, Lisa Republican · Alaska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 14, 2013
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 14, 2013
Introduced in Senate
 Plain-English summary Congressional Research Service

Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding a written request of the mortgagor for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.

Authorizes an aggrieved individual to bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.

Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval

What's happening now February 14, 2013

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3