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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 selling officers (PSOs), clarifying foreclosure processing language and allowing digital versus print-only advertising for foreclosure sales. Tony Fiore, legislative counsel for auction.com, said the amendment reflected months of work with stakeholders including the Ohio Auctioneers Association, the Ohio Association of Realtors, the Ohio Bankers League and others.
Fiore and other witnesses said allowing digital advertising, shortening some appraisal and sale timelines and expanding reliable PSO use in all counties would help produce higher sale prices, more third-party buyers and quicker resolution for neighborhoods affected by foreclosed properties. Bridal Davis and Chris Davis of the Ohio Auctioneers Association and Auction Ohio also testified in support, describing the goal of enabling broader MLS and agent marketing for properties sold at PSO-driven sales.
The committee adopted the amendment without objection and proponents asked the full Senate to pass SB 135 as amended so the House and Senate can reconcile final text and send a bill to the governor. Written proponent testimony from Lehi Sheriff Sales and Beth Rose was noted. No roll-call vote on final passage occurred in the committee at this hearing.
