§3754 — Title 12 Banks and Banking | U.S. Code

Summary

Secretary may appoint one or more foreclosure commissioners to handle foreclosing on a single-family mortgage. They can sell the property without going to court. If the commissioner is a person, they must live in the State of the property; if not, the entity must be authorized there. Commissioners must be responsible, financially sound, and competent. Appointments must be written with a name and address (or job title). The Secretary may replace commissioners at any time.

Title 12, §3754

Banks and Banking — Source: USLM XML via OLRC

(a)The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single family mortgage.

(b)A foreclosure commissioner designated under this section shall have a nonjudicial power of sale.

(c)The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if not a natural person, the foreclosure commissioner must be duly authorized to transact business under laws of the State in which the security property is located. No person shall be designated as a foreclosure commissioner unless that person is responsible, financially sound, and competent to conduct a foreclosure.

(d)(1)The Secretary may designate a foreclosure commissioner by executing a written designation stating the name and business or residential address of the commissioner, except that if a person is designated in his or her capacity as an official or employee of a government or corporate entity, such person may be designated by his or her unique title or position instead of by name.

(2)The Secretary may, with or without cause, designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner.

(3)More than 1 foreclosure commissioner may be designated at any time.

Editorial Notes

Codification Section is based on section 805 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.

§3754 Designation of foreclosure commissioner

Summary

Title 12, §3754

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata