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Substitute (substituted February 6, 2009) HB 2150, which was enrolled and passed both the Senate and the House on 3/4, was signed by the President of the Senate on March 5, 2009 and on March 6, 2009 by the Speaker of the House. HB 2150 amends the Virginia Code by adding section 15.2-977, relating to notice of sale under deed of trust.
This bill allows for the use of the MERS registration system as a substitute for individual municipal registration
The House substitute bill changed the following:
- the title of the section was changed to Notice of sale under deed of trust
- Section A revised the language whereby localities may adopt VPR ordinance to language requiring that a notice be given to the chief administrative officer or designee of that locality when residential property located within that locality becomes subject to a sale under a deed of trust. It eliminated the 25 mile radius requirement
- Section B was changed to delete the processing fee and instead describes requirements for the Notice, which must be made by the person authorized to conduct the sale under the deed of trust; be given no later than when the notices required under § 55-59.1 (Notice Before Sale) are given; and contain (i) the street address of the residential property, (ii) the name of all property owners, and (iii) the name and contact information, including telephone number, of the person filing the notice
- Section C deleted the civil summons and penalties, and instead used the language of former Section D regarding property registered under a MERS-like system not needing separate registration with the locality
The Senate amendment added only language defining residential property : D. For purposes of this section, "residential property" means single-family detached dwellings, single-family attached dwellings, and individual residential condominium units. The effect is to limit the scope of the registration to residential property that is single-family housing.
To view a copy of the current version of the proposed legislation, please click here.
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 500 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.
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