Law Will Require Distressed Property Consultants to Disclose Regulations in Advertisements
City Hall, October 28, 2009 – In response to a proliferation of unscrupulous foreclosed property consultants in New York City, the members of the City Council will vote on legislation requiring these businesses to disclose recently enacted state regulations on any printed advertisements. With increasing rates of foreclosures and loan defaults, the State passed regulatory laws in August 2008 prohibiting distressed property consultants from collecting any payment prior to the completion of services as well as prohibiting them from performing services without a written contract with the property owner.
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