Nevada NOD Filings Plunge; Changes to AB 284 Considered

NV AG Cortez Masto

Several Banks have held discussions with Nevada Attorney General Catherine Cortez Masto regarding amendments to AB 284.  AB 284, signed into law in 2011, mandated that NODs must include an affidavit of authority to foreclose which is signed by the trustee, the beneficiary or its authorized agent. The affidavit must be signed under penalty of perjury and made with personal knowledge of everything in the affidavit.  The law also provided a felony penalty for getting it wrong.

Cortez Masto has said the law was not intended to prevent legitimate foreclosures.  However, NOD’s in Nevada plummeted from 5,750 in August of 2011 to 40 in October of 2011. There were 878 in September of 2012. 
Discussions center on changing the affidavits to eliminate ambiguities in the language of the bill and to reduce fears of criminal or civil liability.

Read Las Vegas Sun article