Loan Modification Firms, Foreclosure Rescue Operators Show Little Interest In Complying With Licensing Requirements Under New Nevada Law

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

• Mortgage modification and foreclosure consultants are showing little interest in complying with a new Nevada law that requires them to obtain licenses. The law took effect on July 1, and Gov. Jim Gibbons issued emergency regulations for licensing on July 8. The Mortgage Lending Division gave consultants in the field until Aug. 9 to submit completed applications. The division expects to accept the applications on a temporary basis while it prepares permanent regulations.

• So far, only four mortgage or foreclosure consulting services have applied, and all four applications were returned because they were incomplete, the division reported Wednesday. The attorney general's office can take civil or criminal action against modification and foreclosure consultants who operate without a license, spokeswoman Edie Cartwright said.

For the story, see New license law, little action (Just four mortgage modification and foreclosure services seek permit).