To enact sections 121.086 and 2303.32 of the Revised Code to require the Director of Commerce to establish a residential foreclosure tracking system and prepare an annual report on residential foreclosure filings and sales in each county.

Section 1. That sections 121.086 and 2303.32 of the Revised Code be enacted to read as follows:

Sec. 121.086.  (A) The director of commerce shall develop by rule a residential foreclosure tracking system for tracking and reporting the following information for residential foreclosures in each county in this state:

(1) The number of residential foreclosure filings made by mortgage holders;

(2) The number of residential properties for which a court of common pleas has confirmed a sale by a county sheriff pursuant to an order of sale;

(3) The type of each residential property reported under divisions (A)(1) and (2) of this section, to include single family homes (including manufactured and mobile homes), an individually owned unit in a condominium development, residential properties with two to four separate living units, and multifamily properties that contain more than four separate living units.

(B) The director shall establish the tracking system to be based on a unique tracking number that a clerk of courts assigns to a residential property at the time a mortgage holder files for a foreclosure action on that property. At the time of filing, the clerk shall confirm that the foreclosure action is filed by a mortgage holder and is not a tax foreclosure filing. The clerk also shall record the type of residential property for which each filing is made.

(C) The director annually shall prepare a report based on the residential foreclosure tracking system and make that report available on the department of commerce web site. The report shall include for each county and for the state the number of foreclosure filings that mortgage holders have made for residential properties, the number of residential properties foreclosed by a mortgage holder for which a court confirmed a sale by the sheriff at auction, and the types of residential properties that are the subject of these foreclosure filings and sales.

(D) As used in this section, "residential property" means a structure intended to serve as living quarters for human habitation or a structure that contains separate living quarters intended for human habitation. "Residential property" does not include a transitory residence such as a hotel, hospital, or college dormitory.

Sec. 2303.32.  (A) When a mortgage holder makes a foreclosure filing on a residential property, the clerk of the court where the filing is made shall record the information required under the residential foreclosure tracking system established pursuant to section 121.086 of the Revised Code. The clerk shall assign a unique number to each such residential property in compliance with the tracking system.

(B) The clerk of each court where a foreclosure filing is made or where a sale of a foreclosed home is confirmed shall prepare a quarterly report to the director of commerce. The report shall include the number of residential foreclosure filings made by mortgage holders and the number of sales of foreclosed residential properties the court has confirmed, as well as any other information the director requires for the tracking system. The clerk shall limit the report to residential properties foreclosed by mortgage holders and shall not include tax foreclosures.