Existing law provides for the establishment of a foreclosure mediation program and generally requires that mediation, unless waived, be conducted as a condition of a judicial foreclosure proceeding or the exercise of a power of sale affecting owner-occupied housing. (NRS 40.437, 107.086) Existing law also authorizes a mortgagor under a mortgage secured by owner-occupied housing or a grantor or the person who holds the title of record with respect to a deed of trust concerning owner-occupied housing to initiate mediation under certain circumstances. (NRS 107.0865) Existing law additionally provides that in a judicial foreclosure action concerning owner-occupied property, the mortgagor may elect to participate in the program for foreclosure mediation. (NRS 40.437) Existing law creates the Account for Foreclosure Mediation Assistance in the State General Fund and requires that the money in the Account be expended only for the purpose of supporting a program of foreclosure mediation and developing and maintaining an Internet portal for the program. (NRS 107.080) Under existing law, the Nevada Supreme Court is required to implement the program for foreclosure mediation, commonly known as the Foreclosure Mediation Program. (NRS 40.437, 107.086) This bill eliminates the Foreclosure Mediation Program. Section 10 of this bill repeals the existing statutes providing for the Program. Sections 1-7 of this bill make conforming changes to remove references to the Program.

Statutes affected:
As Introduced: 107.080, 107.0805, 107.480, 107.550, 2.125, 116.31162, 657.110
BDR: 107.080, 107.0805, 107.480, 107.550, 2.125, 116.31162, 657.110