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House approves Uniform Assignment of Rents Act changes
Summary
The Utah House passed Senate Bill 54 to standardize notices and receiver procedures for lenders taking assignments of rents as security on rental property, aligning state rules with a national uniform law. The bill passed on third reading with no recorded opposition.
The Utah House of Representatives approved Senate Bill 54 on third reading on March 4, 2009, a measure the sponsor said standardizes how lenders take and notice assignments of rents when financing rental property. Representative King, identified in the record as the House sponsor, told colleagues the bill establishes standards for notice, the appointment of receivers in mortgage real‑property cases and the interaction of assignees and assignors, bringing Utah into alignment with a uniform model used in other states.
Representative King said the bill addresses situations in which a lender that finances an apartment building or other rental property takes, in addition to a mortgage on the real property, an assignment of the rents generated by the property as loan security. "This bill makes some more uniform how notice of that assignment of rents is given," the sponsor said on the floor, summarizing the measure's principal aim.
Clerk statements on the floor recorded the bill as passing the House on third reading with 69 yes and 0 no. The bill was signed by the Speaker and returned to the Senate for the President's signature.
The action completes the House's third‑reading consideration; the bill will return to the Senate for any further action required there.
