[§667-29.5]  Eligible bidder; subsequent bid.  (a)  Notwithstanding any other law to the contrary, the public sale of a mortgaged property under a power of sale foreclosure process pursuant to this part shall not be deemed final until the earliest of the following:

     (1)  Fifteen days after the public sale, unless at least one or more eligible bidders submits a:

          (A)  Subsequent bid that is equal to or exceeds the amount of the latest and highest bid of the successful bidder under section 667-29; or

          (B)  Nonbinding written notice of intent to place a subsequent bid.

          The bid or written notice of intent to place a subsequent bid shall be sent to the mortgagee by certified mail, overnight delivery, or another method that allows for confirmation of the delivery date and shall be received by the mortgagee no later than fifteen days after the public sale; or

     (2)  Forty-five days after the public sale; provided that during the forty-five-day period, an eligible bidder may submit a subsequent bid in an amount that is equal to or exceeds the latest and highest bid of the successful bidder under section 667-29.

     (b)  If an eligible bidder submits a subsequent bid that is equal to or exceeds the amount of the latest and highest bid of the successful bidder under section 667-29, the eligible bidder shall be the final successful bidder and make the nonrefundable downpayment required under section 667-29.

     (c)  For the purposes of this section:

     "Eligible bidder" means:

     (1)  An eligible tenant buyer;

     (2)  A prospective owner-occupant;

     (3)  A nonprofit corporation whose primary activity is the development and preservation of affordable housing;

     (4)  A community land trust; or

     (5)  A state or county government department or agency.

     "Eligible tenant buyer" means a natural person who, at the time of a public sale, is:

     (1)  Occupying the mortgaged property as the person's primary residence;

     (2)  Occupying the mortgaged property under a rental or lease agreement; and

     (3)  Not the mortgagor or the child, spouse, or parent of the mortgagor.

     "Prospective owner-occupant" means a natural person who presents to the mortgagee an affidavit stating that the person:

     (1)  Will occupy the mortgaged property as the person's primary residence within sixty days of the deed being recorded;

     (2)  Will maintain the person's occupancy in the mortgaged property for at least one year;

     (3)  Is not the mortgagor or the child, spouse, or parent of the mortgagor; and

     (4)  Is not acting as the agent of any other person or entity in purchasing the mortgaged property. [L 2025, c 105, pt of §2]