Amend the bill in section 1 in §6203-A in subsection 1 in the 16th and 17th lines (page 1, lines 20 and 21 in L.D.) by striking out the following: "a business, commercial or agricultural purpose." and inserting the following: ' a one or more of the following purposes: business, commercial or agricultural purpose.'

Amend the bill in section 1 in §6203-A in subsection 2 in the 2nd line (page 2, line 16 in L.D.) by striking out the following: "subsection 1" and inserting the following: ' subsection subsections 1 and'

Amend the bill in section 7 in §501-A in the first paragraph in the 5th line (page 7, line 18 in L.D.) by striking out the following: " section 6203-A" and inserting the following: ' chapter 713, subchapter 3'

summary

This amendment clarifies that a power of sale foreclosure may be used only if a mortgage deed executed on or after October 1, 1993 states that it is given primarily for one or more of the following purposes: business, commercial or agricultural. The deed is not required to name all 3 purposes.

This amendment amends the bill to retain a cross-reference to existing notice requirements.

This amendment clarifies a cross-reference to provisions listing foreclosure procedures.