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District of Columbia Code Division VII. Property. § 42-815.03. Establishment of Foreclosure Mediation Fund.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)(1) There is established as a nonlapsing special fund, the Foreclosure Mediation Fund (“Fund”), into which shall be deposited the fees and penalties generated by the foreclosure mediation program, the District's share of proceeds from the February 2012 consent judgments between the federal government and participating states; and any future designated settlements or funds.

(2) The Fund shall be used for one or more of the following purposes:

(A) Payment of mortgage-related or foreclosure-related counseling;

(B) Mortgage-related or foreclosure-related legal assistance or advocacy;

(C) Mortgage-related or foreclosure-related mediation;

(D) Outreach or assistance to help current and former homeowners secure the benefits for which they are eligible under mortgage-related or foreclosure-related settlements or judgments; and

(E) Enforcement work in the area of financial fraud or consumer protection.

(b) All funds deposited into the Fund, and any interest earned on those funds, shall not revert to the unrestricted fund balance of the General of the District of Columbia at the end of a fiscal year, or at any other time, but shall be continually available for the uses and purposes set forth in subsection (a) of this section, subject to authorization by Congress.

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Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 42-815.03. Establishment of Foreclosure Mediation Fund. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-42-815-03/

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