YOUR BUSINESS AUTHORITY
House Bill 2188, sponsored by Rep. David Pearce, creates civil and criminal penalties for fraudulent mortgage practices and makes consumers more aware of the mortgage process.
• Gives the Real Estate Commission and Real Estate Appraisers Commission power to suspend or revoke licenses for mortgage fraud;
• Makes mortgage fraud a class C felony;
• Improves consumer protection laws to protect against scams; and
• Provides the Division of Finance commissioner the power to prohibit offenders from doing real estate lending in Missouri.
A free hotline also has been established to report fraud and obtain information to avoid foreclosure. The hotline operates within the Department of Insurance, Financial Institutions and Professional Registration’s consumer credit section and can be reached at (888) 246-7225.
Click here for SBJ’s Special Report: Mortgage Fraud in the Ozarks about the FBI's investigation into fraudulent mortgage practices in southwest Missouri. [[In-content Ad]]
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