Foreclosure Procedures

Changed judicial sales procedures from optional to mandatory compliance unless a court specifically orders an alternative procedure under new statutes.

Created new statute 45.0311 establishing the Transparency in Alternative Judicial Sales Procedures Act, requiring motions, hearings, and specific minimum requirements for alternative sales.

Created new statute 45.0312 defining qualifications for auctioneers and escrow agents, including licensing requirements, insurance coverage, and independence standards.

Required all alternative sales to include backup bidder provisions and established specific deposit requirements of 5 percent of the bid amount.

Changed notice requirements to mandate publication on publicly accessible websites in addition to or instead of newspaper publication.

Extended the timeframe for judicial sales from 20-35 days to 45-60 days after final judgment, and required alternative sales to be held at least 45 days after court authorization.

Added criminal penalties for intentional violations of alternative sales procedures, classifying such violations as third-degree felonies.

Defined 'relative' for independence purposes to include extended family relationships and specified criteria for determining independence from parties and attorneys.