Senate approves mortgage fraud legislation

Senate Bill 1059, sponsored by Sen. Kevin Engler, R-Farmington, now goes to the House of Representatives for consideration.

The legislation:

• Gives the Real Estate Commission and Real Estate Appraisers Commission the power to suspend or revoke licenses for mortgage fraud;

• Makes mortgage fraud a class C felony punishable by up to 10 years in prison;

• Enhances consumer protection laws to protect people from scams; and

• Gives the Division of Finance commissioner power to prohibit offenders from doing real estate lending in the state.

“We must protect Missouri families from deceitful lenders seeking to turn the American dream of homeownership into a financial nightmare,” Gov. Matt Blunt said in a news release.[[In-content Ad]]