US Congress House Bill 1231 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 11-0)
Status: Introduced on February 26 2009 - 25% progression, died in chamber
Action: 2009-03-02 - Referred to the Subcommittee on Commerce, Trade and Consumer Protection.
Text: Latest bill text (Introduced) [PDF]

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 by such third party with respect to the foreclosure, unless such consideration is fully disclosed in writing before such services are rendered; (4) accepting any wage assignment, lien, or other 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 and such loan is at risk of foreclosure.Subjects any foreclosure consultant who fails to comply with this Act to liability for actual and punitive damages and attorneys' fees.Empowers the Federal Trade Commission (FTC) and the states to enforce this Act.

Foreclosure Rescue Fraud Act of 2009

Rep. Andre Carson [D-IN]	Rep. Susan Davis [D-CA]	Rep. Bob Filner [D-CA]	Rep. Barney Frank [D-MA]
Rep. Paul Hodes [D-NH]	Rep. Dennis Kucinich [D-OH]	Rep. Gregory Meeks [D-NY]	Rep. Gwen Moore [D-WI]
Rep. Janice Schakowsky [D-IL]	Rep. Jose Serrano [D-NY]	Rep. Albio Sires [D-NJ]

Date	Chamber	Action
2009-03-02		Referred to the Subcommittee on Commerce, Trade and Consumer Protection.
2009-02-26		Referred to House Energy and Commerce
2009-02-26		Referred to House Financial Services
2009-02-26		Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

SB117 (Related) 2009-01-06 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S89-92)

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/1231/all-info
Text	https://www.congress.gov/111/bills/hr1231/BILLS-111hr1231ih.pdf