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

Summary

The Secretary can pick people to act as foreclosure commissioners to handle the foreclosure of a single-family mortgage. A commissioner can sell the property without going through the courts. If the commissioner is a person, they must live in the state where the property is. If the commissioner is a company or other non-person, it must be allowed to do business in that state. Anyone chosen must be responsible, financially stable, and able to carry out a foreclosure. The Secretary must make the choice in writing and give the commissioner’s name and business or home address. If the person is being named because of a government or company job, the Secretary may use their job title instead of their name. The Secretary can replace a commissioner at any time, with or without a reason, and can appoint more than one commissioner at once.

Title 12, §3754

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(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

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