§ 3754. Designation of foreclosure commissioner

268 words·~1 min read·/usc/title-12/section-3754

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(a)In general The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single family mortgage.

(b)Power of sale A foreclosure commissioner designated under this section shall have a nonjudicial power of sale.

(c)Qualifications The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if not a natural person, the foreclosure commissioner must be duly authorized to transact business under laws of the State in which the security property is located. No person shall be designated as a foreclosure commissioner unless that person is responsible, financially sound, and competent to conduct a foreclosure.

(d)Designation procedure

(1)Written designation The Secretary may designate a foreclosure commissioner by executing a written designation stating the name and business or residential address of the commissioner, except that if a person is designated in his or her capacity as an official or employee of a government or corporate entity, such person may be designated by his or her unique title or position instead of by name.

(2)Substitute commissioners The Secretary may, with or without cause, designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner.

(3)Number More than 1 foreclosure commissioner may be designated at any time.

(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)

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U.S. Code

§ 3756
Commencement of foreclosure

statute-compilations

Sec. 805
DESIGNATION OF FORECLOSURE COMMISSIONER

3 references not yet in our index

Pub. L. 103–327, title II
108 Stat. 2316
Pub. L. 103–327

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cites case law

§ 3754

Designation of foreclosure commissioner

Fed. Reg.×3

Stat. Comp.×1

U.S.C.×1

Pub. L.Pub. L. 103–327, title II

Stat.108 Stat. 2316

Pub. L.Pub. L. 103–327

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