Action Center
Synopsis: Foreclosure and tenants. Requires the owner of commercial or residential real property containing a rental unit to notify the tenants if a judgment of foreclosure is entered concerning the property, and permits a tenant to terminate a rental agreement if a judgment of foreclosure is entered against the owner. Authorizes a tenant to bring a civil action if the owner does not comply with the notice provisions and provides that a tenant who terminates a rental agreement early in compliance with the statute does not forfeit the damage deposit due to the early termination, but may still be liable for actual damages. Specifies that the notice provisions do not apply to: (1) commercial leases of more than three years; (2) commercial leases in which the tenant has been named as a defendant in the foreclosure action; and (3) real property where a receiver has been appointed. Makes other changes and confirming amendments.
Contact your legislator and voice your opposition to the pending Senate Bill 225.
Posted: February 15, 2009