Sacramento, CA — California will begin the New Year with a series of laws that increase protections for home buyers and punish brokers that mislead borrowers.
New statutes going into effect January 1st make it a crime to give inaccurate information during the mortgage application process, require individual loan officers to register with the state, and mandate that banks inform potential borrowers of all their loan products.
The laws were enacted in response to the recent housing downturn.
Written by bjhansen@mlode.com.
This post was last modified on 12/31/2009 4:47 pm