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Committee adopts amendment to modernize foreclosure process; auctioneers, lenders support changes
Summary
An amendment to Senate Bill 135 was adopted to address conflict-of-interest rules for private selling officers and allow digital foreclosure advertising. Proponents including Auction.com and the Ohio Auctioneers Association said the changes will speed sales, reduce costs and increase third-party buyers.
The Senate Judiciary Committee adopted Amendment 45062 to Senate Bill 135 on Oct. 8 and heard proponent testimony from representatives of auction.com, the Ohio Auctioneers Association and others who said the changes would modernize parts of Ohio's foreclosure process.
Vice Chair Reynolds moved to adopt the amendment, which committee staff described as clarifying conflict-of-interest provisions for private…
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