"Although I support the prohibition of individuals charging advance fees for mortgage loan modifications, I do not agree with the provision of this bill that will only allow fees to be collected if a modification is successful. This could adversely affect legitimate businesses that provide loan modification services. As such, I am signing SB 94 that accomplishes this prohibition against advance fees without unnecessarily harming legitimate companies."
The law applies to mortgages on primary residences and does not restrict the ability of attorneys and consultants to collect advance fees for modification of commercial mortgages.
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