Assembly Bill No. 140

This assembly bill makes various changes to provisions relating to foreclosures of real property. To see the full assembly bill click on the link: http://www.leg.state.nv.us/75th2009/Bills/AB/AB140.pdf
Posted By: Laura Gamino


A.B. 140
- *AB140*
ASSEMBLY BILL NO. 140–COMMITTEE ON COMMERCE AND LABOR
(ON BEHALF OF THE LEGISLATIVE COMMISSION’S SUBCOMMITTEE
TO STUDY MORTGAGE LENDING AND HOUSING ISSUES)
FEBRUARY 6, 2009
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AN ACT relating to real property; creating the Office of the Ombudsman for Foreclosures; revising provisions relating to a notice of sale of real property under execution; establishing the crime of defacing a notice of sale of real property under execution or a notice of sale of real property pursuant to a trustee’s power of sale; establishing rights and duties of a purchaser of real property pursuant to a foreclosure sale and establishing rights and duties of a tenant in possession of such property; revising provisions relating to a sale of real property pursuant to a trustee’s power of sale; requiring a landlord to make certain disclosures to a prospective tenant; and providing other matters properly relating thereto.

ASSEMBLY BILL NO. 258

This bill is not enacted yet it was Introduced in the Assembly on Mar 06, 2009.

However if you are a landlord or property manager you should read this. This Bill will change the way a security deposit is handled. This question comes up in our class on a regular basis. We thought we would do some research into, what is going to be changes coming our way that will effect landlords, tenants, and property owner. Here is just the brief part of the bill in Senate.


SUMMARY—Makes various changes concerning foreclosures and
security deposits.

Legislative Counsel’s Digest:

1 Existing law provides that after a foreclosure sale or trustee’s sale, the new
2 owner of real property or a mobile home may file an action to evict a tenant who
3 holds over and continues to stay in the property after a 3-day written notice to quit
4 has been served upon him. Section 1 of this bill allows the new owner to offer the
5 tenant a payment in exchange for vacating the property on a date earlier than the
6 date on which the tenant may be evicted. Section 1 also provides that such an offer,
7 if in writing, constitutes an offer of judgment. Thus, if the tenant refuses the offer
8 and does not obtain a more favorable judgment in an action to evict the tenant, the
9 tenant must pay certain costs incurred by the new owner. (NRS 40.215-40.425)
10 Section 2 of this bill revises existing law to require a landlord who receives a
11 security deposit from a tenant to place the security deposit in an escrow account
12 and disclose to the tenant the location of the security deposit and any change
13 thereof. (NRS 118A.242) Section 2 also provides certain penalties for a landlord
14 who fails to comply with these requirements.