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Committee advances bill to modernize foreclosure notice process; newspapers and bankers clash over online posting
Summary
House Bill 1127, a measure to reduce print publication requirements for foreclosure notices and require online posting, moved to full judiciary after testimony from the Tennessee Press Association, local publishers and the Tennessee Bankers Association that highlighted competing concerns about cost, access and oversight of third-party websites.
Chairman Farmer presented House Bill 1127 and explained the measure and its amendment would phase in changes to how foreclosure sale notices are published. Under the amendment, the number of required newspaper publications would step down—first to two publications and then to one after two years—and trustees would also be required to post notices on a third-party internet listing for 20 continuous days prior to sale. The amendment would require the Secretary of State to provide a listing of third-party foreclosure posting companies and allow newspapers to serve as the third-party provider if they choose.
Dave Gould, president of Main Street Media of Tennessee…
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