HB 24-1443

House Bill 24-1443, which has been signed into law and will take effect on July 1, 2024, doubles the fees that public trustees can charge for most of their services related to foreclosures. However, it keeps the internet foreclosure sale fee unchanged and introduces a new $300 fee when processing a foreclosure if the buyer at auction isn’t also the lender. The law also mandates that these fees be adjusted for inflation every two years by the director of research from the legislative council. This bill impacts anyone involved in real estate foreclosures, including lenders, buyers, and homeowners facing potential higher costs.

Official Summary

Public trustees are entitled to set fee amounts for performing the functions and exercising the powers conferred upon them by statute. The act doubles each fee, except for the fee for conducting a public foreclosure sale by means of the internet. The act also creates a new fee in the amount of $300 for performing actions related to processing a foreclosure sale if the holder of a certificate of purchase is not the holder of an evidence of debt. Additionally, the act requires the director of research of the legislative council to adjust the amount of each fee to which public trustees are entitled for inflation every other year if the adjustment will result in an increase. APPROVED by Governor June 6, 2024 EFFECTIVE July 1, 2024(Note: This summary applies to this bill as enacted.)

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