Us Code § 3754 - Designation of foreclosure commissioner
Full text of Us Code United States Code § 3754 — Designation of foreclosure commissioner, with citation guidance and answers to common questions.
§ 3754. Designation of foreclosure commissioner
(a) In general
The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single family mortgage.
(b) Power of sale
A foreclosure commissioner designated under this section shall have a nonjudicial power of sale.
(c) Qualifications
The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if not a natural person, the foreclosure commissioner must be duly authorized to transact business under laws of the State in which the security property is located. No person shall be designated as a foreclosure commissioner unless that person is responsible, financially sound, and competent to conduct a foreclosure.
(d) Designation procedure
(1) Written designation
The Secretary may designate a foreclosure commissioner by executing a written designation stating the name and business or residential address of the commissioner, except that if a person is designated in his or her capacity as an official or employee of a government or corporate entity, such person may be designated by his or her unique title or position instead of by name.
(2) Substitute commissioners
The Secretary may, with or without cause, designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner.
(3) Number
More than 1 foreclosure commissioner may be designated at any time.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Editorial Notes
Codification
Section is based on section 805 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
About This Section
12 U.S.C. § 3754 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 12 U.S.C. § 3754. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
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