(at the request of House Interim Committee on Consumer Protection)
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Bill Title:
Relating to interests in residential real properties; and declaring an emergency.
Catchline/Summary:
Imposes duties and restrictions on foreclosure consultants. Imposes duties and restrictions on foreclosure consultants. Requires that provision of foreclosure consulting services to homeowners be pursuant to written contract. Makes violation of foreclosure consulting laws unfair trade practice. Makes violation of foreclosure consulting laws criminal offense with maximum penalty of one year's imprisonment, $10,000 fine, or both. Applies to agreements for foreclosure services homeowner enters into 90 or more days after effective date of Act.
Imposes duties and restrictions on equity purchasers. Requires that conveyance of homeowner equity in residence in foreclosure be pursuant to written contract. Makes violation of equity conveyance laws unlawful practice. Makes violation of equity conveyance laws criminal offense with maximum penalty of one year's imprisonment, $10,000 fine, or both. Creates private cause of action for damages arising from violation of equity conveyance laws. Applies to equity conveyance agreements equity seller enters into seven or more days after effective date of Act.
Requires sending of notice of home loss danger to grantor of trust deed in residential property for which notice of foreclosure is filed. Requires that notice of home loss danger contain telephone numbers for grantor access to loan information and consultant services. Specifies effect of failure to send notice of home loss danger. Applies to residential trust deed properties for which statutory notice of sale is sent 90 or more days after effective date of Act.
Requires Department of Consumer and Business Services to adopt rules specifying statewide telephone contact number and website address where grantors of residential trust deeds receiving notice of home loss danger may find possible sources of information and assistance.
Declares emergency, effective on passage.
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HB 3630
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