License Now Required For Loan Modification & Foreclosure Consultants Working With Nevada Homeowners; New Law Closes Loophole

In Las Vegas, Nevada, the Las Vegas Review Journal reports:

• The Nevada Legislature this year showed it wants to regulate the loan-modification business when it passed Assembly Bill 152. The bill [...] requires both mortgage modification and foreclosure consultants to obtain state licenses.

• An earlier law required foreclosure consultants to obtain licenses, but some operators argued that they did not need a license until the client's home went into foreclosure, said Bill Uffelman, chief executive officer of the Nevada Bankers Association. The new law appears to close that loophole by requiring consultants for loan modifications and foreclosures to obtain licenses from the Mortgage Lending Division.

For the story, see Scams prompt call for licensure in mortgage-modification business.