- Iowa regulates foreclosure consultants under the Consumer Foreclosure Protection Act; (see http://legis.delaware.gov/LIS/lis144.nsf/vwLegislation/SB+252/$file/legis.html?open)
- The State:
- Requires written contract with full disclosure and statutory notices and language specified
- Provides for cancellation in writing for any reason within 3 days
- Prohibits up front fees; Prohibits any waivers; Prohibits securing payment with a security interest in the property;
- Prohibits arbitration
- Caps fees at 8% of loan amount
- Voids any terms that prohibit owner from contacting professionals for advice
- Provides for criminal penalties;
- Provides for civil remedy within 4 years of violation of act
- Licensed attorneys are exempt from definition of foreclosure consultant
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