3.0.0 117 2022-02-03T06:03:38Z 2022-02-03T06:03:38Z Senate S S 2009-01-06 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-01-06T21:01:29Z Foreclosure Rescue Fraud Act of 2009 111 1231 HR 2009-03-02 Referred to the Subcommittee on Commerce, Trade and Consumer Protection. Related bill CRS 2009-01-06 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S89-92) IntroReferral 2009-01-06 Sponsor introductory remarks on measure. (CR S89) IntroReferral B00100 9 Library of Congress 2009-01-06 Introduced in Senate IntroReferral 10000 9 Library of Congress K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. N C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2009-01-06 True L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2009-01-06 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2009-01-06 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2009-01-06 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2009-02-03 False Housing and Community Development Civil actions and liability Contracts and agency Fraud offenses and financial crimes Housing finance and home ownership Housing and Community Development 00 2009-01-06 Introduced in Senate 2009-02-26T18:02:19Z 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.

]]> A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. Short Titles as Introduced for portions of this bill Foreclosure Rescue Fraud Act of 2009 Display Title A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. Official Title as Introduced A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. Introduced in Senate 2009-01-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s117is/xml/BILLS-111s117is.xml 2009-01-06 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S89-92) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.