FIRST REGULAR SESSION

HOUSE BILL NO. 721

96TH GENERAL ASSEMBLY


 

 

INTRODUCED BY REPRESENTATIVE SCHNEIDER.

1766L.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk


 

AN ACT

To amend chapter 443, RSMo, by adding thereto one new section relating to foreclosure sales.




Be it enacted by the General Assembly of the state of Missouri, as follows:


            Section A. Chapter 443, RSMo, is amended by adding thereto one new section, to be known as section 443.457, to read as follows:

            443.457. When a lending institution forecloses on real property and purchases such property at a foreclosure sale for less than the amount owed and sells such property within one year, any amount of the sale price in excess of the amount paid by such lending institution at the foreclosure sale shall be applied to any deficiency of the owner that was foreclosed upon or to the judgment for such deficiency if a judgment exists. Any amounts in excess of such deficiency shall remain the property of the lending institution.