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House Bill 1645


House Bill 1645

ARCHIVE (2009)

Latest Information

 

DIGEST OF INTRODUCED BILL


Mortgage fraud and regulated professions. Amends the law concerning the disclosures that a credit service organization must provide to a buyer to reflect changes in the federal Fair Credit Reporting Act concerning the circumstances under which a consumer is entitled to a consumer report without charge from a consumer reporting agency. Amends the statute concerning mortgage rescue protection fraud to provide that certain: (1) financial institutions; (2) government sponsored enterprises; (3) government agencies; and (4) other persons; are subject to the requirement that a mortgagee provide certain notice to a mortgagor at the time of filing a complaint in a foreclosure action. Requires a foreclosure consultant to retain all records related to services performed on behalf of a homeowner for at least three years after the termination or conclusion of the foreclosure consultant contract. Prohibits a person from engaging in, or soliciting to engage in, a real estate or mortgage transaction without a permit or license required by law. Prohibits a person from making certain representations with respect to: (1) a mortgage or real estate transaction; or (2) the property that is the subject of the transaction; if the representation is not true and the person knows or reasonably should know that the representation is not true. Provides that the board that regulates a licensed profession may not approve the surrender of a practitioner's license if the attorney general's office: (1) has filed an administrative complaint concerning the practitioner's license; and (2) opposes the surrender. Provides that a practitioner who has been subjected to disciplinary sanctions may be required to pay the costs of any real estate review appraisal obtained in connection with the
Current Status:
 In Committee - first House
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