Attorney General Cortez Masto and Assembly Majority Leader Conklin ANNOUNCE NEW ‘ Foreclosure fraud reform’ bill to Take Effect OCTOBER 1
Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto and Nevada Assembly Majority Leader Marcus Conklin announced that the new ‘Foreclosure Fraud Reform’ law will take effect on October 1, 2011.
“This new law helps protect Nevadans from improper foreclosures and protects the integrity of the system for homeowners,” said Cortez Masto. “I was pleased to work with Majority Leader Conklin on this important bill that creates security, legitimacy, and transparency in the foreclosure process. Assembly Bill 284 will protect the Silver State’s housing market by ensuring homeowners and prospective purchasers can get a clean chain of title and are treated more fairly.”
“There have been widespread instances of foreclosures based on false, improper or incomplete documents throughout the nation over the past few years,” Conklin said. “This new law is part of our ongoing commitment to prevent foreclosure fraud in our state and to ensure that the Attorney General has the tools necessary to prosecute those who defraud homeowners.”
The bill gives Nevada residents access to information on the companies that hold their mortgages by requiring the documents used in the foreclosure process to be recorded in the county where the property is located. Additionally, the legislation requires a party seeking to foreclose in Nevada to record a notarized Affidavit of Authority to Foreclose that includes information showing that the party seeking to foreclose on the property has the legal right to exercise the power of sale. AB 284 also strengthens the Attorney General’s enforcement authority over foreclosure fraud, and gives property owners a new right of action to enforce their own legal rights in foreclosures