California Attorney General Issues Directive to Foreclosure Consultants

California Attorney General Brown Issues Directive to Foreclosure Consultants

Attorney General Edmund G. Brown Jr. issued a directive today that forces “foreclosure consultants” to register with the Attorney General’s office and post a $100,000 bond by July 1, 2009.

According to the press release issued by the AG’s office, the foreclosure consultants that fail to comply “will be in violation of state law, subject to criminal penalties of up to a year in jail and fines ranging from $1,000 to $25,000 per violation”.

“California is awash with con artists who prey on vulnerable families facing foreclosure,” Brown said. “By forcing foreclosure consultants to submit detailed information to my office and post a $100,000 bond, this registry will help bring long-overdue transparency to this shadowy world.”

…………………………………….

Those providing the proper information will receive a Certificate of Registration from the State Attorney General, however, the AG’s office may “refuse to issue, or choose to revoke, a company’s Certificate of Registration if the foreclosure consultant has made any misstatement in its registration form, has been convicted of fraud or misrepresentation, has been convicted of a violation of the state’s foreclosure consultant laws, California’s false advertising, unfair or deceptive practices laws or other laws dealing with mortgages,” the press release said.

If a registered company subsequently violates the law related to providing services as a foreclosure consultant, a court can order that restitution be paid from the proceeds of the $100,000 bond. 

Time is of the essence, because the AG’s office says: “foreclosure consultants should send in their registration application and materials as soon as possible so they can be reviewed and approved prior to July 1st.”

You can find a copy of the forms required to register at: http://ag.ca.gov/register.php under the “Foreclosure Consultant Registry.”

For a full copy of the AG’s Directive and for explanation by the blog author, click on the link below.

[via mandelman matters]

http://lawvibe.com/california-attorney-general-brown-issues-directive-to-foreclosure-consultants/#ixzz0oDPR9VvV

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