Nevada SB 200 Passes Senate; Moves to Assembly

2011-04-25

Issue Brief

SB 200 to reduce foreclosure costs, supported by ARDA-Nevada and ARDA-ROC passed the Nevada Senate on Friday, April 22 in a unanimous vote of 21-0.  The amended bill now moves to the Assembly.

Impact

The original Senate Bill 200 as introduced would permit internet publication for timeshare deed of trust foreclosures as well as timeshare association lien foreclosures in order to save up to $400 in print publication expenses per foreclosure.  A section of the bill will also protect the privacy of timeshare owner lists.

Position/Call to Action

ARDA's state group ARDA-Nevada and ARDA-ROC support SB 200, sponsored by Senator Mike Schneider to decrease foreclosure costs to timeshare developers and associations by reducing advertising costs for foreclosure notices of timeshare interests. In cooperation with members of the Judiciary Committee and the Nevada Real Estate Division (NRED), two amendments were added to the bill in order to address concerns of the Committee Chair, ARDA-ROC and the Nevada Press Association.  Due to foreclosure fees added in Nevada 2009 and 2010 to address budget issues, deed of trust foreclosures now cost an additional $200 plus up to $400 newspaper publication costs.

Issue Updates

SB 200 as amended in the Senate will now be heard in the Nevada Assembly.  Both ARDA-Nevada's lobbyists as well as ARDA-ROC advocates testified in favor of the bill.  The Nevada Press Association had objected to the bill due to potential loss of advertising revenues for their newspaper members and the "authenticity" of internet advertising of foreclosures.  The Nevada Real Estate Division amendment was added to address the authenticity issue with the concurrence of ARDA and ARDA-ROC. 

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