New California Law Creates Registration, Bonding Procedure For Foreclosure Consultants; Addresses Foreclosure Surplus Scams

In Sacramento, California, the Central Valley Business Times reports:

• Legislation designed to protect homeowners and homebuyers in California and help establish a more accountable lending environment, was signed into law Thursday by Gov. Arnold Schwarzenegger.

Among the bills signed into law by the Governor is:

• AB 180 by Assembly Speaker Karen Bass, D-Los Angeles. This measure provides a registration and bonding process for foreclosure consultants and prohibits a foreclosure consultant from entering into an agreement to assist an owner in arranging the release of surplus funds after the trustee's sale is conducted.

For the story, see California toughens laws to protect homeowners and homebuyers.