The bill introduces a new section, 45.0311, to the Florida Statutes, which establishes mandatory requirements for judicial foreclosure sales. It emphasizes the importance of maintaining transparency and fairness in the auction process, stipulating that any requests to deviate from established judicial sales procedures must be made in a separate pleading and documented in writing within the final judgment. The bill outlines specific procedures that cannot be waived, including uniform bidding procedures, proper notice publication, limitations on credit bid rights, and the requirement that the highest cash bidder wins the auction. Additionally, it mandates that any alternative auctioneer must meet certain qualifications, including having insurance or a bond to protect the interests of the parties involved.

Furthermore, the bill creates a cause of action for individuals harmed by violations of these new requirements, allowing them to seek damages. The effective date for this legislation is set for July 1, 2025. Overall, the bill aims to enhance the integrity of foreclosure sales in Florida by ensuring that all parties are treated equitably and that the process is conducted transparently.

Statutes affected:
S 48 Filed: 45.031
S 48 c1: 45.031