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Can you summarize HIRS Chapter 480E?
TRADE REGULATION AND PRACTICE > Mortgage Rescue Fraud Prevention Act
Short Summary
The Mortgage Rescue Fraud Prevention Act, part of the Hawaii Revised Statutes, aims to protect Hawaii consumers from individuals who offer services claiming to provide relief from mortgage loan obligations or other liens or encumbrances on their properties. The act seeks to safeguard consumers facing foreclosures, liens, or encumbrances who may be in desperate financial situations. It requires persons offering assistance to provide full and complete disclosure of their services in written contracts and grants consumers the right to cancel the contract at any time before all services have been performed. The act also governs distressed property consultant contracts, requiring them to include a notice of the right to cancel the contract before distressed property owners sign. It further grants distressed property owners the right to cancel distressed property consultant contracts without penalty or obligation. The act also regulates distressed property conveyance contracts, requiring them to include a notice of the right to cancel the contract without penalty or obligation. Distressed property owners have the right to cancel distressed property conveyance contracts within a specified time period. The act also governs distressed property leases, requiring them to be in writing and fully disclose the rights and obligations of the distressed property lessor and lessee. Distressed property consultants and distressed property purchasers are prohibited from engaging in unfair or deceptive acts or practices. The act also provides for penalties for violations of the federal mortgage assistance relief services rules. Overall, the Mortgage Rescue Fraud Prevention Act aims to protect distressed property owners and regulate the activities of distressed property consultants, purchasers, and lessors in Hawaii.
Whom does it apply to?
The act applies to distressed property consultants, distressed property owners, and distressed property purchasers.
What does it govern?
The Mortgage Rescue Fraud Prevention Act governs the regulation and prevention of mortgage rescue fraud in Hawaii.
What are exemptions?
Exemptions are provided for individuals and entities acting under the authority of the federal Department of Housing and Urban Development, licensed attorneys, certified public accountants, and licensed real estate brokers or salespersons.
What are the Penalties?
The document does not specify any penalties for non-compliance or violations.
Jurisdiction
Hawaii