Statehouse) May 16, 2007-Governor Mitch Daniels has signed House Enrolled Act 1717 (HEA 1717), co-authored by State Representative Woody Burton (R-Greenwood). The legislation revises the regulations of licensure and registrations of mortgage brokers in order to reduce fraud in the business. "Enacting this law will help eliminate 'fly-by-night' internet mortgage lenders who offer freebie deals that tend to scam consumers," said Burton. "Until now, there has been a lack of regulation for mortgage lenders. Numerous reputable mortgage companies have fully supported this legislation that will create more regulation in the field." With the Governor's signature, the law will require all applicants for a mortgage broker license to be subjected to a national criminal history background check. The act also establishes continuing education requirements for licensed mortgage brokers. HEA 1717 will become effective on July 1, 2007. "We have been working on this bill for nearly three years now, and I am proud to see it signed into law," he said. Burton represents House District 58, which includes portions of Johnson County. He encourages constituents to contact him by mail at State Representative Woody Burton, 200 W. Washington St., Indianapolis, 46204. Contact him by phone at (317) 232-9824 or by email at H58@in.gov. |
