New Jersey Revised Statutes § 46:10b-58 - Violations Relative To Foreclosure Consultants.

46:10B-58 Violations relative to foreclosure consultants.

6.It is a violation of this act for a foreclosure consultant to:

a.claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed every distressed property service the foreclosure consultant contracted to perform and has secured the distressed property relief for the owner;

b.claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason, in excess of two monthly mortgage payments of principal and interest, or the most recent quarterly property tax installment on the distressed property, whichever is less;

c.take a wage assignment, a lien of any type on real or personal property, or other security to secure the payment of compensation. Any agreement to take such security is void and unenforceable;

d.receive any consideration from any third party in connection with distressed property services rendered to an owner;

e.acquire any interest, directly or indirectly, or by means of a subsidiary or affiliate in a distressed property from an owner with whom the foreclosure consultant has contracted;

f.accept any power of attorney from an owner for any purpose, except to inspect documents as provided by law; or

g.induce or attempt to induce an owner to enter a contract that does not comply in all respects with sections 4 and 5 of this act.

L.2011, c.146, s.6.

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Last modified: October 11, 2016