ASSEMBLY ACTION Initial and Date |SENATE ACTION Initial and Date
Adopted Lost | Adopted Lost
Concurred In Not
|Concurred In Not
Receded Not | Receded Not
Amend the bill as a whole by adding new sections designated sections 8.3 and 8.7, following sec. 8, to read as follows:
“Sec. 8.3. 1. If an action has been filed in a court of competent jurisdiction claiming an unfair lending practice in connection with a home loan, the lender who holds the home loan may sell the home loan and recover damages and costs as provided in this section if the lender did not:
(a) Originate the home loan; and
(b) Willfully engage in any unfair lending practice described in this chapter in connection with the home loan.
2. The lender described in subsection 1 may require the person from whom the lender purchased the home loan described in subsection 1 to:
(a) Repurchase the home loan for the amount the lender paid for the home loan; and
(b) Pay to the lender all damages and reasonable costs incurred by the lender that are related to:
(1) The purchase of the home loan by the lender from the person;
(2) Any damages awarded in the action described in subsection 1;
(3) Any costs related to the action described in subsection 1;
(4) The repurchase of the home loan by the lender if the lender was required to repurchase the home loan from another lender pursuant to this section; and
(5) The repurchase of the home loan from the lender by the person pursuant to this section.
3. The person described in subsection 2:
(a) Shall repurchase the home loan and pay the damages and costs as described in subsection 2; and
(b) After repurchasing the home loan, may sell the home loan and recover damages and costs as provided in this section if he is a lender described in subsection 1.
Sec. 8.7. A mortgage, deed of trust or other instrument that encumbers home property as security for repayment of a home loan must expressly indicate in writing in the mortgage, deed of trust or other instrument that the home loan is a home loan as defined in section 5 of this act.”.
Amend sec. 10, pages 3 and 4, by deleting lines 34 through 45 on page 3 and line 1 on page 4 and inserting:
“1. With regard to a transfer in trust of an estate in real property to secure the performance of an obligation or the payment of a debt, the provisions of this section apply to the exercise of a power of sale pursuant to NRS 107.080 only if:
(a) The trust agreement becomes effective on or after October 1, 2003; and
(b) On the date the trust agreement is made, the trust agreement is subject to the provisions of § 152 of the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1602(aa), and the regulations adopted by the Board of Governors of the Federal Reserve System pursuant thereto, including, without limitation, 12 C.F.R. § 226.32.
2. The trustee shall not exercise a power of sale pursuant to NRS 107.080 unless:
(a) In the manner required by subsection 3, not later than 60 days before the date of the sale, the trustee causes to be served upon the grantor a notice in the form described in subsection 3; and
(b) If an action is filed in a court of competent jurisdiction claiming an unfair lending practice in connection with the trust agreement, the date of the sale is not less than 30 days after the date the most recent such action is filed.
3. The notice described in subsection 2 must be:
(a) Served upon the grantor by personal service or, if personal service cannot be timely effected, in such other manner as a court determines is reasonably calculated to afford notice to the grantor; and
(b) In substantially the following form, with the applicable telephone numbers and mailing addresses provided on the notice and a copy of the promissory note attached to the notice:
NOTICE
YOU ARE IN DANGER OF LOSING YOUR HOME!
Your home loan is being foreclosed. In 60 days your home will be sold and you will be forced to move. For help, call:
Consumer Credit Counseling ___________________
The Attorney General ______________________
TheDivision of Financial Institutions ______________________
Legal Services _________________________
Your Lender ______________________
Nevada Fair Housing Center ___________________
4. This section does not prohibit a judicial foreclosure.
5. As used in this section, “unfair lending practice” means an unfair lending practice described in sections 2 to 9, inclusive, of this act.”.