04/05/2008 09:00 AM Senate JUDICIARY

       CSHB 163(JUD)-PROPERTY FORECLOSURES AND EXECUTIONS                                                                   
                                                                                                                                
9:08:28 AM                                                                                                                    
CHAIR  FRENCH announced  the consideration  of CSHB  163(JUD) and                                                               
asked  for  a  motion  to  adopt  Version  \T,  Senate  committee                                                               
substitute  (CS). [The  committee discussed,  but did  not adopt,                                                               
Version 25-LS0630\N during the meeting on 3/25/08.]                                                                             
                                                                                                                                
SENATOR  HUGGINS moved  to  adopt  Senate CS  for  CSHB 163,  25-                                                               
LS0630\T, Bannister, as the working document.                                                                                   
                                                                                                                                
CHAIR FRENCH explained that the  CS essentially makes two changes                                                               
to the bill  that passed from the House. First,  it drops Section                                                               
2, which was the provision  that mandated Internet advertizing of                                                               
foreclosure sales. It's  a good idea, but it  was unclear whether                                                               
that  would continue  if  the law  mandated  it happen  somewhere                                                               
else. The Alaska Journal of  Commerce website seems to be working                                                               
and the mandate  might or might not jeopardize  that. Noting that                                                               
the sponsor acquiesced  to his view, he asked Ms.  Pierson if she                                                               
had anything to add on that point.                                                                                              
                                                                                                                                
9:10:09 AM                                                                                                                    
JANE PIERSON, Staff  to Representative Jay Ramras,  sponsor of HB
, responded that the sponsor accepts the change.                                                                             
                                                                                                                                
CHAIR FRENCH  explained that the  second change is in  Section 4.                                                               
The phrase "up to two days" was  deleted so that a default can be                                                               
cured at  any time  before the  sale rather than  up to  two days                                                               
before  the  sale because  that  phrase  may upset  thousands  of                                                               
current deeds  of trust that  allow cure  up until the  moment of                                                               
sale. With  the growing foreclosure  crisis homeowners  should be                                                               
given every  opportunity to keep  their homes from being  sold to                                                               
satisfy a debt.                                                                                                                 
                                                                                                                                
MS. PIERSON  told Chair  French she  had nothing  to add  on that                                                               
point.                                                                                                                          
                                                                                                                                
CHAIR FRENCH observed that this is  one of those bills where both                                                               
sides  can come  together and  create good  new provisions  for a                                                               
dynamic are  in the law.  Finding no  discussion, he asked  for a                                                               
motion.                                                                                                                         
                                                                                                                                
9:11:16 AM                                                                                                                    
SENATOR  THERRIAULT motioned  to  report SCS  CSHB 163(JUD),  25-                                                               
LS0630\T,  and  attached  fiscal   note(s)  from  committee  with                                                               
individual recommendations.                                                                                                     
                                                                                                                                
CHAIR FRENCH announced  that without objection the  bill is moved                                                               
from the Senate Judiciary Committee.