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Article: ATTORNEY GENERAL MADIGAN UTILIZES NEW LAW TO SUE MORTGAGE RESCUE COMPANY

Article from:
US Fed News Service, Including US State News
Article date:
September 14, 2007
Copyright

The Illinois Attorney General issued the following news release:

Attorney General Lisa Madigan today filed a lawsuit against a Florida-based mortgage rescue company for allegedly violating Illinois ' recently-enacted Mortgage Rescue Fraud Act, as well as the Consumer Fraud and Deceptive Business Practices Act.

The new act was initiated by Madigan in 2006 and became law in January 2007. It prohibits mortgage rescue companies from requiring payment from consumers prior to completing all the terms of a rescue contract. It also requires rescue businesses to fully disclose to a homeowner the exact terms and nature of the proposed rescue services and their rights to cancel the contract.

Madigan's ...

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