On July 8, 2009, Governor Jim Gibbons signed emergency regulations that require all persons conducting loan modification and foreclosure consulting activities to have state licenses.

The emergency regulations are effective immediately.  The Governors act was authorized by Assembly Bill 152, which was passed in the last Legislative Session.  AB 152 modified Nevada Revised Statute 645F, and required the Commissioner of Mortgage Lending to adopt regulations to license the loan modification and foreclosure consulting companies.  The emergency regulations were promulgated recently and the Governors signature made them effective.

In  addition to the license, loan modification and foreclosure consultants now must follow specific operating rules and regulations. 

Read the rest of this blog post at the Black & Lobello Blog:

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