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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Prompt Notification of Short Sales Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.


Actions Overview (1)

Date
02/14/2013Introduced in Senate

All Actions (1)

Date
02/14/2013Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Action By: Senate

Cosponsors (6)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Brown, Sherrod [D-OH]* 02/14/2013
Sen. Enzi, Michael B. [R-WY]* 02/14/2013
Sen. Menendez, Robert [D-NJ]* 02/14/2013
Sen. Reed, Jack [D-RI]* 02/14/2013
Sen. Merkley, Jeff [D-OR]* 02/14/2013
Sen. Warren, Elizabeth [D-MA] 02/24/2014

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Banking, Housing, and Urban Affairs02/14/2013 Referred to

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Subjects (3)


Latest Summary (1)

There is one summary for S.361. View summaries

Shown Here:
Introduced in Senate (02/14/2013)

Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding a written request of the mortgagor for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.

Authorizes an aggrieved individual to bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.

Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval