House Committee Passes Act 137 Reform Bill

On Friday, April 3, the House Judiciary Committee approved an amended version of Senate Bill 34, SD1, a bill which reforms the Mortgage Rescue Fraud Prevention Act (Act 137) to exclude licensed real estate brokers and salespersons from the definition of distressed property consultants. The bill will now go to a conference committee to work out the differences between the House and Senate versions.

This is a REALLY big deal for seller's of distressed properties.  Since this law was passed property owners could only hire attorneys for help... ironically if you are in a distressed situation you most likely don't have the $$$ to hire one.  So you were caught.  Should this new legislation pass this will be a great move in getting people help.