Colorado reveals the prevention of real estate fraud proposals
New legislation mortgage fraud prevention, including the writings of the insurance contracts for consultants and partitioning equity investors are set up in Colorado, based on the results of the mortgage fraud Task Force, State official said Thursday.”This year, the FBI has identified as one of Colorado Top Ten-mortgage fraud ‘hot spots’ on the country,” Colorado Attorney General John Suthers said. “This is unacceptable, and thanks to the work of Mortgage and market partitioning Fraud Task Force, we are trying to remove from the list Colorado.
Mortgage fraud is growing at the national level, where the number of reports of suspicious activities to the Federal Bureau of Investigation in 2004, nearly triple during the year 2003, according to an FBI report released in May. About 15000 of these reports were submitted during the year 2004, and more than 20000 in 2005.
According to the Federal Agency of financial services supervision of institutions, up 10 percent of all mortgage applications $ 3 trillion dollar annual market for residential property, some form of equipment deception. States of measures to fight against this trend, with Georgia’s new housing appropriations bill fight against fraud was signed into law by Georgia 5 Dir Sonny Perdue.
Colorado’s Mortgage and market partitioning Fraud Task Force recommended that the legislation requires that advisers and partitioning Equity investors to provide written contracts with the owners.
The task force also recommended that these written contracts describe in detail the benefits and conditions of a transfer of ownership of property in segregation. Finally, the Task Force recommended that owners will be notified in writing of his right to withdraw or terminate such contracts.
Among the legislative recommendations, offences can be criminally prosecuted under the Colorado Consumer Protection Act, and some crimes are misdemeanors imprisonment of one year in prison and / or a fine of $ 25000.
Republican Rep. Tom Massey and Democratic Sen. Jennifer Veiga is sponsor of the next session of the legislation, Suthers said.
“Mortgages and partitioning fraud is a strengthening of consumer confidence problem here in Colorado,” Massey, also works as a broker, said in a statement. “I am pleased to Attorney General Suthers is a side view, what can be done against the rising tide of consumer deception.”
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