HB 317: "An Act relating to residential real property foreclosures."
00 HOUSE BILL NO. 317 01 "An Act relating to residential real property foreclosures." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 06.60 is amended by adding a new section to read: 04 Sec. 06.60.345. Compliance with foreclosure requirements. A mortgage 05 licensee shall comply with the requirements that apply to a mortgage business under 06 AS 09.45.175 and AS 34.20.070(o). 07 * Sec. 2. AS 09.45 is amended by adding a new section to read: 08 Sec. 09.45.175. Foreclosure prerequisites. (a) In addition to any other 09 requirements applicable to the action, a mortgage business may not bring an action 10 under AS 09.45.170 to foreclose on or sell the real property that secures a mortgage 11 unless the mortgage business complies with (b) of this section before bringing a 12 foreclosure action under AS 09.45.170. 13 (b) A mortgage business shall record in the office of the recorder of the 14 recording district where the real property that secures the mortgage is located an 15 affidavit stating that
01 (1) the mortgage business has 02 (A) made reasonable efforts to allow the borrower to prove that 03 the borrower has made the borrower's scheduled payments on the mortgage; 04 and 05 (B) offered the borrower a reasonable payment plan that allows 06 the borrower to catch up on payments that are in arrears and has offered to 07 meet with the borrower in person to determine the contents of the payment 08 plan; and 09 (2) the borrower has 10 (A) failed to satisfy the borrower's obligations under the 11 mortgage; and 12 (B) refused to accept a reasonable payment plan offered under 13 (1)(B) of this subsection or failed materially to comply with a payment plan 14 agreement entered into by the mortgage business and borrower under (1)(B) of 15 this subsection. 16 (c) If a provision of this section conflicts with or is otherwise preempted by 17 federal law in a particular situation, the provision does not apply to the extent of the 18 preemption or conflict. 19 (d) In this section, 20 (1) "borrower" has the meaning given in AS 06.60.990; 21 (2) "mortgage" means a lien on real property that is based on a 22 residential mortgage loan on the borrower's primary residence; in this paragraph, 23 "residential mortgage loan" has the meaning given in AS 06.60.990; 24 (3) "mortgage business" means a person who is a mortgage broker, 25 mortgage lender, mortgage loan originator, or an agent of a mortgage broker, 26 mortgage lender, or mortgage loan originator; in this paragraph, "mortgage broker," 27 "mortgage lender," and "mortgage loan originator" have the meanings given in 28 AS 06.60.990. 29 * Sec. 3. AS 34.20.070 is amended by adding a new subsection to read: 30 (o) A trustee or an agent of a trustee may not sell real property under this 31 section unless the requirements of AS 09.45.175(b) have been satisfied before the sale.
01 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 02 read: 03 APPLICABILITY. This Act applies to a residential mortgage loan that is entered into 04 on or after the effective date of this Act. In this section, "residential mortgage loan" has the 05 meaning given in AS 06.60.990.