Revises oversight of "Community Wealth Preservation Program" and requirements for nonprofit community development corporations.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill revises the oversight of the Community Wealth Preservation Program and the requirements for nonprofit community development corporations. Specifically, it updates procedures for sheriff’s sales of mortgaged properties, including requirements for bidding, notice, upset prices, and deposit payments. It also clarifies provisions related to the sale of residential property and the exercise of redemption rights by foreclosed defendants, and establishes requirements for deed preparation and delivery.
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