SB372

Previously, the definitions used “a person” or “a person or persons.” The general Code Construction Act already includes corporations and other legal entities within “person,” unless the statute or context requires a different definition. SB372 puts an explicit list directly in the foreclosure definitions; it should not be described as the first law ever allowing a corporation to serve. General definition of person; Specific enacted definitions.

The introduced, Senate committee, engrossed, House committee and enrolled versions contain the same operative provisions. The amendment index lists no amendments, and both committees reported without amendments. The Senate passed the bill March 24 and the House May 6, 2025. All text versions; Amendment index.

Compare the published text versions in the official text index. A change is not attributed to a specific amendment here without a verified record.

The February 17 and April 10, 2025 fiscal notes anticipate no significant state or local fiscal impact and assume costs can be absorbed with existing resources. Neither measures private foreclosure costs or predicts how often borrowers will dispute a trustee’s authority. Introduced fiscal note; Engrossed fiscal note.

Lenders, mortgage servicers, trustees and borrowers get clearer wording about who can act as trustee. That may reduce disputes over an entity’s eligibility, but it does not establish that a particular foreclosure complied with the security instrument or other applicable law. The bill adds no borrower payment, new appropriation or new penalty.