May 23, 2012
NASHVILLE, Tenn. (AP) -- A bill that would limit how broadly banks must give notice of impending real estate loan foreclosures is moving in the Tennessee Legislature.
The Tennessee Bankers Association is pushing for it. The group cites the expense of placing legal notices in newspapers three times before a property can be auctioned. The measure is opposed by open-government groups and attorneys. Interest groups including AARP also oppose it, according to The Tennessean.
The bill was passed out of a House subcommittee last week and is pending a full committee discussion.
As written, the bill before lawmakers would still require a 21-day wait before a home could be foreclosed upon, but would require that only one notice be published.
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