Amendment ASA1-AB690

AB690-ASA1,9,2 846.16 (1g) (a) 1. Except as provided under subd. 2. and this subdivision, the sheriff or referee may not accept less than $100 as a deposit or down payment from the purchaser at a sale of mortgaged premises. The sheriff or referee shall deliver the amount of the deposit or down payment to the clerk of court as provided in par. (b) sub. (1r) (b) 2. b., and the purchaser shall pay the balance of the sale purchase price to the clerk of court upon the confirmation of the sale as provided in sub. (2m) (b). If the highest bid is less than $100, the purchaser shall give the bid amount as a deposit or down payment, and the sheriff or referee shall deliver the entire amount to the clerk of court.

AB690-ASA1,9,9 2. If the judgment creditor is the purchaser at the a sale of the mortgaged premises, the judgment creditor may give the judgment creditor's receipt to the sheriff or referee for any sum not exceeding the sum due to the judgment creditor's judgment creditor. The judgment creditor's receipt is considered a down payment. If the judgment creditor is the purchaser and the sum due to the judgment creditor is less than the purchase price, the judgment creditor shall pay the difference to the sheriff or referee at the time of sale.

AB690-ASA1,16 Section 16. 846.16 (1g) (title) of the statutes is created to read:

AB690-ASA1,9,11 846.16 (1g) (title) Sale of mortgaged premises.

AB690-ASA1,17 Section 17. 846.16 (1g) (a) (title) of the statutes is created to read:

AB690-ASA1,9,14 846.16 (1g) (a) (title) Payment of purchase price and costs of sale; deposit or down payment.

AB690-ASA1,18 Section 18. 846.16 (1g) (b) of the statutes is created to read:

AB690-ASA1,9,20 846.16 (1g) (b) Internet-based sale. 1. A county may enact an ordinance that requires the sheriff or referee to conduct, or to engage an auctioneer registered under ch. 480 to conduct, sales of mortgaged premises in the county using an Internet-based auction. If county enacts such an ordinance, all sales of mortgaged premises in the county shall be conducted using Internet-based auctions.

AB690-ASA1,9,24 2. If a sale is conducted using an Internet-based auction, the person conducting the sale may accept payment of any amounts under par. (a) by credit card, debit card, or other electronic payment method and may charge a surcharge to the payer to recover charges associated with accepting the electronic payment.

AB690-ASA1,10,4 3. If a sale is conducted using an Internet-based auction, the person conducting the sale shall, on the Internet site on which the Internet-based auction is conducted, provide any potential bidder with a conspicuous statement identifying any lien or other encumbrance described in the notice under sub. (1) (bm) 2. e.

AB690-ASA1,19 Section 19. 846.16 (1r) (title) of the statutes is created to read:

AB690-ASA1,10,6 846.16 (1r) (title) Procedures after sale.

AB690-ASA1,20 Section 20. 846.16 (1r) (b) (title) of the statutes is created to read:

AB690-ASA1,10,8 846.16 (1r) (b) (title) Deductions from proceeds; transmittals to clerk of court.

AB690-ASA1,21 Section 21. 846.16 (1r) (c) of the statutes is created to read:

AB690-ASA1,10,12 846.16 (1r) (c) Deed held until confirmation. The clerk of court shall hold a deed delivered to the clerk of court under par. (b) 2. a. until confirmation of the sale under sub. (2m).

AB690-ASA1,22 Section 22. 846.16 (2m) (intro.) (except 846.16 (2m) (title)) of the statutes, as affected by 2017 Wisconsin Act 104, is repealed.

AB690-ASA1,23 Section 23. 846.16 (2m) (a) (title) of the statutes is created to read:

AB690-ASA1,10,16 846.16 (2m) (a) (title) Preparation of real estate transfer return.

AB690-ASA1,24 Section 24. 846.16 (2m) (am) of the statutes is created to read:

AB690-ASA1,10,20 846.16 (2m) (am) Payment of sale proceeds upon confirmation. Upon confirmation of a sale of mortgaged premises, the clerk of court shall pay to the parties entitled thereto, or to their attorneys, the proceeds of the sale.

AB690-ASA1,25 Section 25. 846.16 (2m) (b) (title) of the statutes is created to read:

AB690-ASA1,10,22 846.16 (2m) (b) (title) Payments by purchaser.

AB690-ASA1,26 Section 26. 846.16 (2m) (b) 2. a. of the statutes, as affected by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,11,2 846.16 (2m) (b) 2. a. The deed to the mortgaged premises delivered under sub. (1) (1r) (b) 2. a.

AB690-ASA1,27 Section 27. 846.16 (2m) (b) 3. of the statutes is created to read:

AB690-ASA1,11,4 846.16 (2m) (b) 3. Any part of the purchase price remaining to be paid.

AB690-ASA1,28 Section 28. 846.16 (2m) (c) (title) of the statutes is created to read:

AB690-ASA1,11,6 846.16 (2m) (c) (title) Delivery of real estate transfer return receipt.

AB690-ASA1,29 Section 29. 846.16 (3m) (a) (intro.), 1. and 2. of the statutes, as affected by 2017 Wisconsin Act 104, are renumbered 846.16 (3m) (intro.), (am) and (bm) and amended to read:

AB690-ASA1,11,15 846.16 (3m) Transmittal to register of deeds. (intro.) Upon the court confirming the a sale of mortgaged premises and upon compliance by the purchaser with the terms of the sale and the payment of any balance of the sale price to be paid, unless otherwise ordered by the court, the clerk of court shall do one of the following to transmit the deed to the mortgaged premises received under sub. (1) (1r) (b) 2. a. to the register of deeds for recording:

AB690-ASA1,11,19 (am) Deliver the deed to the mortgaged premises received under sub. (1) (1r) (b) 2. a., the receipt for submitting a transfer return under s. 77.22, the amount due under s. 59.43 (2) to record the deed and any other document required to record the deed, and the transfer fee, if any, to the register of deeds.

AB690-ASA1,12,2 (bm) Notify the register of deeds that the deed to the mortgaged premises received under sub. (1) (1r) (b) 2. a., the receipt for submitting a transfer return under s. 77.22, the amount due under s. 59.43 (2) to record the deed and any other document required to record the deed, and the transfer fee, if any, are available in the clerk's office. If a register of deeds is notified under this subdivision paragraph, the register of deeds shall retrieve the documents and fees from the clerk of courts within a reasonable period of time.

AB690-ASA1,30 Section 30. 846.16 (3m) (b) of the statutes, as created by 2017 Wisconsin Act 104, is renumbered 846.16 (2m) (as) and amended to read:

AB690-ASA1,12,17 846.16 (2m) (as) Effect of deed upon confirmation. Upon Unless the deed is destroyed as provided in sub. (4) (a), upon confirmation of the a sale of mortgaged premises, the deed executed under sub. (1) (1r) (a) shall vest in the purchaser, the purchaser's assigns, or personal representatives all the right, title, and interest of the mortgagor, the mortgagor's heirs, personal representatives, and assigns in and to the premises sold and shall be is a bar to all claim, right of equity of redemption therein, of and against the parties to such the action, their heirs, and personal representatives, and against all persons claiming under them subsequent to the filing of the notice of the pendency of the action in which such judgment was rendered; and the purchaser, the purchaser's heirs, or assigns shall be let into the possession of the premises so sold on production of such the deed or a duly certified copy thereof of the deed, and the court may, if necessary, issue a writ of assistance to deliver such that possession.

AB690-ASA1,31 Section 31. 846.16 (4) (title) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,12,21 846.16 (4) (title) No confirmation of sale; effect of failure to comply with confirmation requirements; resale.

AB690-ASA1,32 Section 32. 846.16 (4) (a) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,13,6 846.16 (4) (a) If any of the requirements under sub. (2m) (a) and (b) are not satisfied and the purchaser is not the judgment creditor, the court shall order the purchaser to forfeit the amount of the purchaser's deposit or down payment delivered to the clerk of court under sub. (1r) (b) 2. b., and the clerk of court shall pay that amount shall be paid to the parties who that would be entitled to the proceeds of the sale as ordered by the court. The court shall also order that the mortgaged premises be resold. The clerk of court shall destroy the deed executed to the defaulting purchaser under sub. (1r) (a), and it shall be that deed is of no effect.

AB690-ASA1,33 Section 33. 846.16 (4) (b) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,13,13 846.16 (4) (b) If any of the requirements under sub. (2m) (b) and (c) are not satisfied and the purchaser is the judgment creditor, the court may order the purchaser to forfeit the greater of the purchaser's deposit or $500 , and order the purchaser to comply with sub. (2m) (b) and (c) so that the mortgaged property may be sold to the purchaser.

AB690-ASA1,34 Section 34. 846.16 (4) (c) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,13,21 846.16 (4) (c) If the court does not confirm the a sale of the mortgaged premises for a reason other than a failure to satisfy a requirement under sub. (2m) (a), (b), or (c), the clerk of court shall return the deposit or down payment delivered to the clerk of court under sub. (1r) (b) 2. b. to the purchaser, and the court shall order the mortgaged premises to be resold. The clerk of court shall destroy the deed received under sub. (1) (1r) (b) 2. a., and it shall be that deed is of no effect.

AB690-ASA1,35 Section 35. 846.165 (1) of the statutes is renumbered 846.165.

AB690-ASA1,36 Section 36. 846.165 (2) of the statutes is renumbered 846.16 (2m) (ae) and amended to read:

AB690-ASA1,14,7 846.16 (2m) (ae) Determination of fair value of mortgaged premises. In case the If mortgaged premises sell for less than the amount due and to become due on the mortgage debt and costs of sale, there shall be is no presumption that such the mortgaged premises sold for their fair value, and no sale shall be confirmed and the court may not confirm the sale or render a judgment for deficiency rendered, until the court is satisfied that the fair value of the mortgaged premises sold has been credited on the mortgage debt, interest, and costs.

AB690-ASA1,14,8 (End)