Several members of the House Financial Institutions Committee reviewed Sen. Tallian’s SB 582 concerning settlement conferences in residential foreclosures sponsored by Rep. Burton and Rep. Riecken. Rep. Burton explained his intent to propose amending several provisions of HB 1181 concerning residential foreclosures into this bill. As amended, the bill would establish an interim study committee on nonjudicial foreclosures and make several changes to the statute governing settlement conferences in residential mortgage foreclosure actions. For the purposes of the settlement conference statute, the bill defines a “loss mitigation package” as a set of documents the debtor must provide in order for the creditor to make underwriting decisions and authorize the Indiana Housing and Community Development Authority to specify the components of documents required. The bill provides that the loss mitigation documents and the debtor’s contact information cannot be disclosed under the Public Records Act. If a debtor requests a settlement conference, the debtor is instructed to submit the loss mitigation package to the creditor and the court thirty (30) days before the settlement conference, and requires the creditor to send the debtor (by certified mail) a payment record substantiating the default and an itemization of all amounts claimed by the creditor as owed on the mortgage. Furthermore, the court may issue an order requiring the debtor to continue to make monthly payments if the debtor continues to occupy the mortgaged dwelling; payments must be held in trust for the parties by the clerk of the court or in an attorney trust account and only disbursed upon order of the court. The amendment would also permit, if a mortgage is delinquent for at least forty-five (45) days, the creditor to visually inspect the property to determine whether the property is vacant or abandoned, and contains several provisions related to the vacancy and abandonment determination. Testimony was received. Rep. Burton explained that the hearing was for informational purposes only, and the committee took no formal action on the bill.