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Senate passes mortgage-rescue licensing bill requiring written contracts and licensing of loan rescue actors
Summary
First substitute House Bill 53 requires licensing for those involved in mortgage-rescue and loan-modification services, requires written contracts, and sets standards for performance; the Senate passed the measure and returned it to the House.
The Senate approved first substitute House Bill 53, which the sponsor described as a consumer-protection measure aimed at mortgage-rescue and loan-modification services. Senator Adams told the body the bill "requires that those that are involved in the mortgage rescue process be licensed and according to what they do," and requires a written contract and that the parties perform under that contract.
Senators moved the bill to passage and the president signed it in open session; the enrolled measure was returned to the House for further action or concurrence on amendments. The sponsor framed the changes as straightforward licensing and contract requirements to protect homeowners engaging with rescue or modification services.
