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First Substitute H.B. 379

Representative R. Curt Webb proposes the following substitute bill:




Chief Sponsor: R. Curt Webb

Senate Sponsor: Kevin T. Van Tassell

             7      LONG TITLE
             8      General Description:
             9          This bill modifies provisions relating to nonjudicial foreclosures of trust deeds.
             10      Highlighted Provisions:
             11          This bill:
             12          .    modifies a provision containing requirements for a notice of default relating to a
             13      nonjudicial foreclosure of a trust deed;
             14          .    requires the notice of default to include specified information; and
             15          .    makes technical changes.
             16      Money Appropriated in this Bill:
             17          None
             18      Other Special Clauses:
             19          None
             20      Utah Code Sections Affected:
             21      AMENDS:
             22          57-1-24, as last amended by Laws of Utah 2001, Chapter 236
             24      Be it enacted by the Legislature of the state of Utah:
             25          Section 1. Section 57-1-24 is amended to read:

             26           57-1-24. Sale of trust property by trustee -- Notice of default.
             27          [The power of sale conferred upon the] A trustee who is qualified under Subsection
             28      57-1-21 (1)(a)(i) or (iv) may not [be exercised] exercise the power of sale conferred as provided
             29      in Section 57-1-23 until after:
             30          (1) the trustee [first] files for record, in the office of the recorder of each county where
             31      the trust property or some part or parcel of the trust property is situated, a notice of default[,
             32      identifying] that:
             33          (a) identifies the trust deed by stating the name of the trustor named in the trust deed
             34      and giving the book and page, or the recorder's entry number, where the trust deed is recorded
             35      and a legal description of the trust property[, and containing];
             36          (b) contains a statement that a breach of an obligation for which the trust property was
             37      conveyed as security has occurred, and setting forth the nature of that breach [and of];
             38          (c) states the trustee's election to sell the property or cause [to be sold] the property to
             39      be sold to satisfy the obligation; and
             40          [(2) not less than three months has elapsed from the time the trustee filed for record
             41      under Subsection (1); and]
             42          (d) includes information sufficient to enable the trustor to contact a local housing
             43      counseling agency approved by the United States Department of Housing and Urban
             44      Development; and
             45          [(3)] (2) [after the lapse of at least three months] the trustee [shall give] gives notice of
             46      sale, as provided in Sections 57-1-25 and 57-1-26 , following the lapse of at least three months
             47      from the time the trustee files a notice of default for record under Subsection (1).

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