Florida Passes Laws Regulating Foreclosure Rescue; Awaits Governor's Signature

In Florida, The Miami Herald reports:

• [I]n an effort to protect the growing number of homeowners [in foreclosure], the state Senate approved a foreclosure fraud bill Thursday, reining in the growing field of consultants and equity purchasers offering home-saver services to delinquent borrowers. Some have been accused of duping homeowners into signing over their property and then selling for profit or charging them stiff fees to get it back -- a scheme sometimes called equity stripping.

For more, see Foreclosure fraud bill OK'd (State lawmakers passed a bill to protect delinquent borrowers from losing their homes and money to fraudulent foreclosure rescue services) (if link expires, try here or try here).

See also the Florida Attorney General's press release on the Foreclosure Rescue Fraud Prevention Act of 2008: Attorney General McCollum Commends Legislature for Passage of Mortgage Fraud Legislation.

Go here for the new Florida foreclosure rescue fraud law (CS/HB 643E1): (bill history) (bill text). Upon Florida Governor Charlie Crist's signing the bill into law, the new law will be found in Section 501.1377, Florida Statutes and will take effect on October 1, 2008.