S. 361: Prompt Notification of Short Sales Act

Introduced:
Feb 14, 2013 (113th Congress, 2013–2015)
Sponsor:
Sen. Lisa Murkowski [R-AK]
Status:
Referred to Committee
See Instead:

H.R. 839 (same title)
Referred to Committee — Feb 26, 2013

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was assigned to a congressional committee on February 14, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 14, 2013
Referred to Committee Feb 14, 2013
Reported by Committee ...
Passed Senate ...
Passed House ...
Signed by the President ...
Prognosis

3% chance of getting past committee.
0% chance of being enacted.

Only 12% of Senate bills made it past committee and only 2% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
5 cosponsors (4D, 1R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.

Summary

No summaries available.

Text

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Last updated Feb 14, 2013.
7 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/14/2013--Introduced.
Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding a written request of the mortgagor for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
Authorizes an aggrieved individual to bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act. Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

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United States Code

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