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Committee approves bill to allow online posting of foreclosure notices; press groups warn of reduced visibility
Summary
The Senate Commerce and Labor Committee approved Senate Bill 7 27, the Modernizing Tennessee Foreclosure Act, moving it to the Judiciary Committee after adding an amendment to permit one printed notice and require online posting. Newspaper groups argued the change will reduce public visibility, especially in areas with limited internet access.
The Senate Commerce and Labor Committee on Tuesday voted 5-3 to advance Senate Bill 7 27, the Modernizing Tennessee Foreclosure Act, as amended, sending the measure to the Judiciary Committee.
The bill, sponsored by Senator Lowe, replaces part of Tennessee’s foreclosure notice framework by permitting a single printed notice while allowing vendors to post foreclosure and postponement notices on a third-party internet site. "This brings [foreclosure notices] into the modern age by adding a requirement that foreclosure notices and notices of postponement be posted online," Senator Lowe told the committee during his presentation.
Supporters, including banking and mortgage industry groups identified by the sponsor,…
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