A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes.

Summary

Foreclosure Rescue Fraud Act of 2009 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding power of attorney from any homeowner, except to inspect documents; (3) receiving consideration from a third party in connection with services rendered to a homeowner regarding the foreclosure, unless such consideration is fully, clearly, and conspicuously disclosed before such services are rendered; (4) accepting any security to secure compensation for services rendered regarding foreclosure of the residential real property; or (5) acquiring any interest in the residence of a homeowner with whom the consultant has contracted. Sets forth contract requirements. Permits a homeowner to cancel such contract without penalty or obligation. Declares void and unenforceable: (1) any waiver by a homeowner of the protections provided in this Act; and (2) any contract that does not comply with this Act. Requires a loan servicer to notify a homeowner of the dangers of fraudulent activities associated with foreclosure if the servicer finds that the homeowner has failed to make two consecutive payments on a residential mortgage loan at risk of foreclosure. Subjects a foreclosure consultant who fails to comply with this Act to liability for actual and punitive damages and for attorneys' fees. Empowers the Federal Trade Commission (FTC) and the states to enforce this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 6 January 2009

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S89-92)

   Source: IntroReferral

2. 6 January 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S89)

   Source: IntroReferral

3. 6 January 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 January 2009 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 January 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 January 2009

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 6 January 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Kohl, Herb [D-WI] · D · Sponsor
• Sen. Collins, Susan M. [R-ME] · R · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Boxer, Barbara [D-CA] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Foreclosure Rescue Fraud Act of 2009