Maryland Homeowner Protection Act

HB 58
Department of Legislative Services
Maryland General Assembly
2008 Session
FISCAL AND POLICY NOTE
House Bill 58 (Delegate Barnes)
Environmental Matters
Real Property - Foreclosures - Homeowner's Right to Rescind Sales Contract

This bill grants a homeowner the right to rescind a contract for the sale of a residence in foreclosure within three business days after the contract is executed.

Fiscal Summary

State Effect: The bill would not directly affect State finances or operations. If the Attorney General’s Office receives fewer than 50 complaints per year stemming from the bill, the additional workload could be handled with existing resources.

Local Effect: None.
Small Business Effect: Potential minimal.

Analysis
Bill Summary: The bill applies to a homeowner, who is defined as the record owner of a residence in foreclosure, or an individual occupying the residence under a use and possession order at the time an order to docket or a petition to foreclose is filed. A residence in foreclosure is defined as residential real property consisting of not more than
four single-family dwelling units, one of which is occupied by the owner, or the owner’s spouse or former spouse under a use and possession order, as the individual’s principle place of residence and against which an order to docket or a petition to foreclose has been
filed.

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