4363853 Public Hearing Notice on B20-268, "Saving D.C. Homes From Foreclosure and Title Insurance ClarificationAmendment Act of 2013"

Council of the District of Columbia

Committee on Business, Consumer, and Regulatory Affairs

Notice of Public Hearing

                                                                                                           

John A. Wilson Building   1350 Pennsylvania Avenue, NW, Suite G-6    Washington, DC 20004                                           

 

COUNCILMEMBER VINCENT B. ORANGE, SR., CHAIR

COMMITTEE ON BUSINESS, CONSUMER, AND REGULATORY AFFAIRS

ANNOUNCES A PUBLIC HEARING

 

 ON

 

B20-268, THE “SAVING D.C. HOMES FROM FORECLOSURE CLARIFICATION AND TITLE INSURANCE CLARIFICATION AMENDMENT ACT OF 2013”

 

WEDNESDAY, JUNE 12, 2013, 10:00 A.M

JOHN A. WILSON BUILDING, ROOM 500

1350 PENNSYLVANIA AVENUE, N.W.

WASHINGTON, DC 20004

 

Councilmember Vincent B. Orange, Sr. announces the scheduling of a public roundtable by the Committee on Business, Consumer, and Regulatory Affairs on B20-268, the “Saving D.C. Homes from Foreclosure Clarification and Title Insurance Clarification Amendment Act of 2013”.  The public roundtable is scheduled for Wednesday, June 12, 2013 at 10:00 a.m. in Room 500 of the John A. Wilson Building, 1350 Pennsylvania Ave., NW, Washington, DC 20004.

 

B20-268, the “Saving D.C. Homes From Foreclosure Clarification and Title Insurance Clarification Amendment Act of 2013” amends the District of Columbia Saving D.C. Homes from Foreclosure Amendment Act of 2010 (the “Act”).  The Act was enacted out of concern that District of Columbia foreclosure laws did not provide adequate protection for District of Columbia homeowners and the various title insurance acts were enacted to provide consumer protection tools to the Commissioner of the Department of Insurance, Securities and Banking (DISB) and the public.

 

The proposed amendments do the following: provide borrowers the same rights for a defective Notice of Default on Residential Mortgage as the law provides for a defective Notice of Intention to foreclose on a Residential Mortgage; establish that a foreclosure sale shall be void if a lender files a Notice of Intention to Foreclose on a Residential Mortgage without a final mediation certificate; remove all reference to specific fee amounts and provide that the Commissioner shall set all applicable fees through rulemaking; provide that mediation shall conclude within 180 days of mailing the required forms; clarify that the District of Columbia Procurement Practices Act does not apply to contracts entered into by the Commissioner, or his or her designee, fore mediation services, housing counseling services, foreclosure prevention or remediation services provided pursuant to the Saving D.C. Homes Act or the Attorneys’ General National Mortgage Settlement Agreement; provide that nothing in the Act shall be construed to create any new administrative, judicial or other review not otherwise available under existing laws; further clarify the definition of “good faith” and its indicators; provide new definitions for the term residential mortgage and mediation services; provide finality and a defined appeal period to the issuance of a mediation certificate or determination by the Mediation Administrator; amend the 21^st Century Financial Modernization Act of 2000 to provide that judicial review of any final order or action of DISB, or its successor, shall be in the Superior Court of the District of Columbia, with certain exceptions; and incorporate prior amendments made in the Saving D.C. Homes from Foreclosure Temporary Amendment Act of 2013.  The proposed amendments also revise the Title Insurance Producer Act of 2010, The Title Insurance Act of 2010; and the Producer Licensing Act of 2002 to make certain clarifying and conforming amendments.

 

Individuals and representatives of organizations who wish to testify at the public roundtable are asked to contact Faye Caldwell or Gene Fisher of the Committee on Business, Consumer, and Regulatory Affairs at [phone] or by email at [e-mail] or [e-mail] and provide their name(s), address, telephone number, email address and organizational affiliation, if any, by close of business Wednesday, June 5, 2013.  Each witness is requested to bring 20 copies of his/her written testimony. Representatives of organizations and government agencies will be limited to 5 minutes in order to permit each witness an opportunity to be heard. Individual witnesses will be limited to 3 minutes.

 

If you are unable to testify at the roundtable, written statements are encouraged and will be made a part of the official record. In the interest of expediting the Committee consideration of B20-268, the official record will remain open until 10:00 a.m. of business Thursday, June 13, 2013.  Copies of written statements should be submitted to the Committee on Business, Consumer, and Regulatory Affairs, Council of the District of Columbia, Suite G-6 of the John A. Wilson Building, 1350 Pennsylvania Avenue, N.W., Washington, D.C. 20004.