[rcooper]

A question we received: Have there been any updates to the Protecting Tenants at Foreclosure bill that would permanently extend the protections? I am currently working on updating our policy and procedures for this act. Do you suggest we keep our current policy in place? If yes, our current policy has a sunset date (December 31, 2014), should we remove this and should we add a phrase about the pending bill?
ANSWER: The Protecting Tenants at Foreclosure Act (PTFA) expired on December 31, 2014. A bill was introduced to Congress on March 13, 2015 to permanently extend the PTFA protections. We covered this issue in our blog on March 22, 2015. You can find the article linked here.

To date, there has been no further action on this bill. We are tracking its status so if there is any action we will be sure to inform the CMG.

Since the statute has expired so you are not required to continue to comply with those expired requirements. Because there hasn’t been any action since it was introduced and I haven’t heard any discussion about it, I don’t foresee any action in the near future. However, there could be and you can still provide the protections if you choose to do so. It would probably be best to weigh the pros and cons and decide what would be best for your bank.

Also, keep in mind that you will still need to comply with any other current guidance for these types of properties that your regulator may have issued or any state laws that may apply.

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