New York State Home Equity Theft Prevention Act Becomes Effective

(revised 8-11-07)
The New York State Home Equity Theft Prevention Act ("HETPA") became effective on February 1. The New York State Banking Department has posted on their website an HETPA information sheet with information for those seeking foreclosure advice and assistance, including links to consumer information (rights under the law, how foreclosure rescue scams work, sample ads by foreclosure rescue operators). Also available are the following links to information for industry professionals:

1. Text of the law (includes RPL Sec. 265-a; RPAPL Sec. 1303; Banking Law Sec 595-a (subdivision 1, paragraphs (e), (f), (g), and (h))
2. Help for Homeowners in Foreclosure Notice
3. Notice of Right to Cancel Contract
4. Notice of Contract Cancellation form
5. Form letter from Deputy Superintendent of Banks to the industry
6. Homeowner Payment Accounting Form
7. Homeowner Payment Accounting Form - Instructions

Links to online reference articles on the HETPA can be found in my January 22 HETPA post.

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