H174 - Landlord/Tenant-Foreclosure and Eviction Changes (SL 2015-178)

Overview: S.L. 2015-178 (i) amends and enhances certain notice requirements and protections for tenants of real properties in foreclosure, (ii) allows sellers of real property under option contracts to initiate a summary ejectment action to recover damages and possession, (iii) permits the purchaser under an option contract to counterclaim for damages in the summary ejectment action, and (iv) provides that a judgment in an action to recover possession does not prevent either party from seeking monetary damages in a separate action. The act also amends the minimum requirements for a contract for deed, amends the law prohibiting foreclosure rescue transactions, and repeals provisions making a violation of the statutes governing option contracts or contracts for deed an unfair trade practice.

This act became effective October 1, 2015.