STATEMENT TO

[Second Reprint]

ASSEMBLY, No. 3791

with Senate Floor Amendments

(Proposed by Senator SINGLETON)

ADOPTED: JANUARY 30, 2025

      These floor amendments:

      (1) specify that a sheriff or other officer or person authorized or required to conduct an electronic, online foreclosure sale of real estate, is required, instead of permitted, to conduct the electronic, online foreclosure sale of real estate in accordance with the requirements of the bill;

      (2) remove language that distinguishes between a fee, commission, or premium, and refers to all potential similar charges as a fee;

      (3) add a bidder to the list of individuals who may be charged a fee that is deemed a reasonable and necessary expense for conducting an electronic real property foreclosure service;

      (4) remove language specifying that the $1,000 limit on fees is to include, but not be limited to, administrative fees and a vendor’s commission or fees;  

      (5) provide that if one or more properties are scheduled for auction multiple times under a single foreclosure action, the total fees charged by the vendor related to the property or properties is not to exceed $1,000;

      (6) specify that fees charged by a vendor are either to be taken directly from the purchaser’s deposit with the vendor or the plaintiff’s deposit with the sheriff, instead of only being taken from the purchaser’s deposit; and

      (7) specify that any fees due to the vendor are to be paid after the sheriff’s office has received and is ready to disburse sales proceeds.