The Courts of Justice Civil Laws subcommittee in the Virginia House of Representatives reviewed a bill Monday that would force banks to maintain up-to-date records tracking the ownership of mortgage loans.
Although the committee was scheduled to vote on the bill, the vote was pushed back to next Monday Jan. 24, according to a legislative aide in Republican Delegate Bob Marshall's office.
Marshall introduced the bill, formally called House Bill No. 1506, on Jan. 12.
Under the bill, lenders would have to provide written notification of a title sale at least 45 days before the transaction is made. In addition, the written notice must be provided to the owner of a property if a proposed foreclosure is taking place.
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