§ 5-79-4. Violations. It is a violation for a foreclosure consultant to:
(1) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented he or she would perform;
(2) Claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason that exceeds eight percent (8%) per annum of the amount of any loan that the foreclosure consultant may make to the owner;
(3) Take any wage assignment, any lien on any type of real or personal property, or other security to secure the payment of compensation. Any such security is void and unenforceable;
(4) Receive any consideration from any third-party in connection with services rendered to an owner unless the consideration is first fully disclosed to the owner;
(5) Acquire any interest, directly or indirectly, or by means of a subsidiary or affiliate, in a residence in foreclosure from an owner with whom the foreclosure consultant has contracted;
(6) Take any power of attorney from an owner for any purpose, except to inspect documents as provided by law; or
(7) Induce or attempt to induce any owner to enter a contract that does not comply in all respects with § 5-79-3.
History of Section. (P.L. 2006, ch. 242, § 1; P.L. 2006, ch. 287, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.