On May 11, 2011 the Nevada Senate passed Assembly Bill AB 284 with 20 Yeas and 1 Nay (see voting details below). AB 284, as we have reported:
- Defines who can act as a foreclosure trustee in the state of Nevada;
- Defines a standard of care for such trustee;
- Requires that all assignments or trust deeds affecting real property be recorded in the County Recorder’s office where the property is situated;
- Requires a foreclosing trustee to file an sworn Affidavit with the Notice of Default;
- Requires the Affidavit of Authority which details the arrearages, associated costs, and names the beneficiary (often called investor) of the deed of trust;
- Increases criminal penalties where “robo-signing” conduct occurs ; and
- Creates a NEW private right of action for borrowers, which includes attorneys fees and a mandatory fine when a foreclosure has not proceeded properly.
The only remaining condition for this bill to become a law is Governor Sandoval’s signature. Tisha Black Chernine, managing partner a of Black & LoBello, expects the Bill to be in front of the Governor within the next week. Stay tuned……..