State Legislatures Across The Country Consider Pending Fraud Bills
The Mississippi state legislature is considering the passage of two bills to combat the mortgage fraud problems occurring in the state. See Rep. Martinson joins in fight against rising mortage fraud
Utah
House Bill 25 passed the House unanimously on January 26 and is now on its way to the state Senate for consideration. Under provisions of the bill, mortgage fraud would become a second-degree felony with a possible sentence of 1 to 15 years in the Utah State Prison. See Legislation makes mortgage fraud a felony.
In addition, a Senate bill, SB199, has been introduced and which would allow regulators to investigate and fine unlicensed people who misrepresent themselves as real estate agents, brokers, real estate appraisers or mortgage officers. See Utah Senate bill takes aim at mortgage fraud.
Colorado
State Attorney General John Suthers unveiled proposed legislation targeting appraisal and mortgage fraud that is fueling record foreclosures in the state on January 8. See New bill targets appraisal, mortgage fraud
Arizona
Arizona Lawmaker Introduces Legislation To Aid Prosecutors In Pursuing Mortgage Fraudsters, and
Bill targeting cash-back mortgage deals moves forward
Michigan
Michigan lawmakers considering laws to combat identity theft. See ID theft attacked by GOP's Caul, Dem Angerer
Texas
House Bill 716 is pending in the legislature and would establish specific punishments for mortgage fraud, including imprisonment for up to 20 years and fines of up to $10,000 for knowingly making false statements. The law would apply both to consumers and to mortgage industry insiders. See Tougher mortgage fraud penalties eyed.
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