About Asset Management

Asset Management means to manage, oversee or direct actions taken to maintain any real property, including, without limitation, any actions taken to preserve, restore or improve the value and to lessen the risk of damage to the property on behalf of a client before a foreclosure sale or in preparation for liquidation of real property owned by the client pursuant to a foreclosure sale.

Client means: 1. A bank, mortgage broker, mortgage banker, credit union, thrift company or savings and loan association, or any subsidiary thereof that is authorized to transact business in this State; 2. A mortgage holding entity chartered by Congress; or 3. A federal, state or local governmental entity, for whom an asset management company provides asset management.

Asset Management Company Certificate of Registration

A Certified Registered Asset Management Company is a person, limited-liability company, partnership, association or corporation which, for compensation and pursuant to a contractual agreement, power of attorney or other legal authorization, engages in asset management on behalf of:

1. A bank, mortgage broker, mortgage banker, credit union, thrift company or savings and loan association, or any subsidiary thereof which is authorized to transact business in this State;
2. A mortgage holding entity chartered by Congress; or
3. A federal, state or local governmental entity.

If an asset management company is not a natural person, the company must designate a natural person (on the company registration form) as a qualified employee to act on behalf of the asset management company.

    Qualified employee means:

• (a) A director, officer, member, employee, manager or trustee of a partnership, corporation or limited-liability company designated by the partnership, corporation or limited-liability company to act on the behalf of the partnership, corporation or limited-liability company; or
• (b) A person designated by a sole proprietorship

Each Principal, General Partner, Officer, Director, Trustee, Manager, and/or Registered Agent must register as an Asset Management Company Principal separately from the company registration. If the management company is not a natural person, a natural person must also register as a principal.

Permit to Engage in Asset Managet

A permitted Asset Manager means a person engaged in the business of asset management who is an employee or independent contractor of a registered asset management company.

Authorized services of behalf of a client:

Following all applicable laws, an asset manager may, on behalf of an asset management company:

• Secure real property once it has been determined to be abandoned and all notice provisions have been complied with.
• Provide maintenance for real property in foreclosure, including landscaping and pool maintenance.
• Clean the interior or exterior of real property in foreclosure.
• Provide repair or improvements for real property in foreclosure.
• Remove trash and debris from real property in foreclosure and the surrounding property.
• Dispose of personal property abandoned on the premises of a residence in foreclosure after the eviction of a homeowner or tenant of a homeowner.
• Evict a real property owner or tenant after the time has passed during which the real property owner may redeem the real property in foreclosure.
• Seize real property in foreclosure.