License Now Required For Loan Modification & Foreclosure Consultants Working With Nevada Homeowners; New Law Closes Loophole

In Las Vegas, Nevada, the Las Vegas Review Journal reports:

• The Nevada Legislature this year showed it wants to regulate the loan-modification business when it passed Assembly Bill 152. The bill [...] requires both mortgage modification and foreclosure consultants to obtain state licenses.

• An earlier law required foreclosure consultants to obtain licenses, but some operators argued that they did not need a license until the client's home went into foreclosure, said Bill Uffelman, chief executive officer of the Nevada Bankers Association. The new law appears to close that loophole by requiring consultants for loan modifications and foreclosures to obtain licenses from the Mortgage Lending Division.

For the story, see Scams prompt call for licensure in mortgage-modification business.

See also Las Vegas Sun: Regulations allow controls on loan modification industry:

• Gov. Jim Gibbons has signed emergency regulations to allow the state to impose tougher controls to stop foreclosure and loan modification scams. The regulations permit the state Division of Mortgage Lending to license loan modification and foreclosure consultant companies and their agents. [...] The state will be able to charge $750 for an application for a company and $100 additional for each branch office. And there will be a $500 a year fee for a company. An agent application fee is $185. The division must adopt permanent regulations by Aug. 27.