President Donald Trump recently signed Senate Bill 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law. Among other changes designed to streamline or modify some elements of the 2010 Dodd-Frank Act, the bill also restores regulations related to the Protecting Tenants at Foreclosure Act (PTFA). That has implications servicers need to consider, and now the Legal League 100 will present a complimentary webinar exploring the topic.
Entitled “Evictions: Regulatory and Litigation Update,” this latest installment of the Legal League 100 Webinar Series kicks off at 2 p.m. CT, on Wednesday, June 13. The webinar will feature presentations from representatives of two different League member firms: Jenna Baum, Partner, McCalla Raymer Leibert Pierce, and Gregory Sanda, Associate Attorney, Schiller, Knapp, Lefkowitz & Hertzel, LLP.
You can click here to register for the webinar.
Originally introduced in 2009, the PTFA “contained protections intended to ensure that tenants facing eviction from a foreclosed property would have adequate time to find alternative housing.” The PTFA expired on December 31, 2014. In the years since, some states have implemented their own versions of the law to continue those protections for tenants. Now, however, the PTFA is once again the law of the land.
“In a nutshell, the resurrection of the Protecting Tenants at Foreclosure Act will give certain tenants in foreclosed properties significant additional rights beyond those they may have been provided by state laws,” Richard M. Nielson, Managing Shareholder, Reimer Law Co. told DS News.
Nielson cited Kentucky, one of the states in which Reimer Law operates, as an example. Unlike some other states, Kentucky has not introduced their own version of the PTFA in the intervening years since it expired at the Federal level. As such, Nielson explained that the return of the PTFA could significantly increase the amount of time it takes to complete a post-foreclosure eviction. If that range was between 10-30 days before, for example, the reintroduced law could now require as much as 90 days’ notice to “bona fide” tenants before they can be evicted.
To read the full text of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, click here.