Thursday, June 5, 2008

With the passing of House Bill 2791 which was signed by our governor on March 31, 2008, with an effective date of June 12, 2008, the real estate community, as well as other professional, are "UP IN ARMS". Known as the beefed up "Anti-Equity Skimming Act" it is intended to prevent further victimization of distressed property owners. It carries severe penalties for "violators" and it has a "sweeping net" to broaden the scope of potential "violators" and "deep pockets" to provide remedies for the victims. It is sure to catch some "professional" off guard. Look for my summary of this new legislation on my website Public Service page in the next few days at http://www.richardseward.com/.
by RDS

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