- Texas has pending legislation that proposes to regulate foreclosure consultants (See http://www.legis.state.tx.us/, 81R SB 354
- The State proposes to:
- Require contracts in writing with visible disclosure of terms, compensation, scope; with visible notice of risk and rights;
- Prohibits consultant to charge interest in excess of 8% on loans made to consumer; ownership interest in the foreclosed property; receive consideration from any interested 3rd party.
- TX attorneys acting in the scope of their employment are exempt from the definition of consultant.<
Loading... 