People who call themselves foreclosure consultants must register with the state Attorney General’s office and post a $100,000 bond by July 1 or be in violation of state law, subject to criminal penalties of up to a year in jail and fines ranging from $1,000 to $25,000 per violation, says California Attorney General E. Brown Jr.
“California is awash with con artists who prey on vulnerable families facing foreclosure,” says Mr. Brown. “By forcing foreclosure consultants to submit detailed information to my office and post a $100,000 bond, this registry will help bring long-overdue transparency to this shadowy world.”
All foreclosure consultants operating in California must post a $100,000 bond and register with Mr. Brown’s office by July 1, and submit the following information:
• Name, address, and telephone number;
• All names, addresses, telephone numbers, websites, and e-mail addresses used or proposed to be
used in connection with their business;
• Copies of all advertising;
• Copies of each different contract the consultant will use with consumers; and,
• A copy of its $100,000 bond.
