PROView - June 2008 - (Page 15)

DBPR Reforms: HB 601 contains numerous changes to programs under the jurisdiction of the DBPR, including repeal of Florida’s Uniform Land Sales Practices Act. It also increases real estate broker eligibility requirements from 12 months to 24 months. Foreclosure Fraud Victims: The meteoric rise in foreclosures has spawned a number of foreclosure rescue scams. So-called “foreclosure rescue companies” charge an upfront fee, usually $1,000 or more, to solve a homeowners’ foreclosure problems, then do little or nothing, pocketing the money. HB 643 requires foreclosure rescue companies to enter into a written contract with consumers that clearly articulates which services will be provided, as well as payment terms and total charges. The contract must also provide a three-day right of cancellation period. The bill also bans foreclosure consultants from demanding payment before promised services are delivered. Crackdown on Mortgage Fraud: Last year, 70 to 80% of the almost 300,000 foreclosures in Florida involved mortgage fraud. HB 743 increases the penalty for involvement in a mortgage fraud scheme from a third-degree felony to a second-degree felony. Those found guilty could now face up to 15 years in prison. The legislation also requires law enforcement agencies to promptly notify county property appraisers when the agency finds probable cause that mortgage fraud or other fraud has inflated or could artificially inflate the value of the property. Based upon a conviction of mortgage fraud or other fraud affecting the value, the property appraiser will now have the ability to reassess all the properties affected by the fraud. State Budget: The state budget provides funding for Everglades restoration ($50 million), two new appraiser positions within the Division of Real Estate to ensure Florida appraisers meet federal guidelines, and $400,000 to combat unlicensed activity. Disappointments: There were only a few disappointments for REALTORS® this session. The state budget raises the filing fee for evictions from $75 to $265, the first increase in 20 years. And SB 482, an effort to prevent the Legislature from diverting more than $7 million in trust funds to general revenue next year, got derailed in the final two hours of the session. For more information and regular updates on important legislative and political issues that impact your business, visit http://farlegislative.org. Together We Have a Voice. A Strong Voice. Join Us. Visit www.TampaBayRealtor.com/ rpac PINELLAS REALTOR® ORGANIZATION June 2008 15 http://farlegislative.org http://www.TampaBayRealtor.com/rpac

Table of Contents Feed for the Digital Edition of PROView - June 2008

PROView - June 2008 Contents Chairman’s Notes Sustainable Lifestyles Greening the Not-So-New House Green Renovation Checklist Green Building Tips Going Green PROActive You Have 30 Seconds to Prove Your Value Marketplace Analysis Home Sales Report PRO Biz Calendar of Events & Programs New Members and Affiliates

PROView - June 2008

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