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Senate Bill 767 |
Senate Author: Ellis |
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Effective: 9-1-11 |
House Sponsor: Alvarado |
Senate Bill 767 amends the Business & Commerce Code to expand the regulation of certain residential foreclosure consulting services. The bill requires each contract for the purchase of the services of a foreclosure consultant by a homeowner of a residence in foreclosure to be in writing, dated, and signed by each homeowner and the foreclosure consultant. The bill requires a foreclosure consultant, before entering into a contract with such a homeowner for the purchase of the services of a foreclosure consultant, to provide the homeowner written notice containing language specified by the bill.
The bill identifies the foreclosure consultants to whom its provisions apply and sets out certain restrictions on compensation or consideration for foreclosure consulting services. The bill also describes certain prohibited conduct, provides for the retention of records, and makes it a Class C misdemeanor to violate the bill's provisions.