FOR IMMEDIATE RELEASE
November 17, 2009
MAYOR BLOOMBERG SIGNS LEGISLATION REQUIRING ADVERTISEMENTS FOR DISTRESSED PROPERTY CONSULTANTS TO INFORM HOMEOWNERS AT RISK OF FORECLOSURE OF THEIR RIGHTS
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
“The first of four bills before me today is Introductory Number 1070-A, sponsored by Council Members Sanders, Comrie, Gerson, Nelson, White, Arroyo, Lappin, Jackson, Barron, Koppell, Liu, Gennaro, Mitchell, and Weprin. Introductory Number 1070-A regulates advertisements for distressed property consultants, who offer counseling to homeowners at risk of foreclosure.
“Introductory Number 1070-A requires that every advertisement relating to distressed property consultants informs consumers of the rights guaranteed to them under State law. State law prevents consultants from performing services without a contract or accepting payment prior to completing services, and it affords other consumer protections – all in an effort to prevent bad actors from defrauding consumers.
“Regulating distressed property consultants is an important step in protecting homeowners and consumers in the City of New York, but I want to be clear: if you and your family are facing foreclosure, call 311. It is the best source for free, confidential, one-on-one foreclosure prevention services.
“I would like to thank Consumer Affairs Commissioner Jonathan Mintz, Housing Preservation and Development Commissioner Rafael Cestero, Center for New York City Neighborhoods Executive Director Mike Hickey, and all of their staff for their work on this bill. I would also like to thank the Council for approving this legislation.”
Stu Loeser/Evelyn Erskine (212) 788-2958