§ 5-79-4 - Violations.
SECTION 5-79-4
§ 5-79-4 Violations. – (a) It is a violation for a foreclosure consultant to:
(1) Claim, demand, charge, collect, or receive anycompensation until after the foreclosure consultant has fully performed eachand every service the foreclosure consultant contracted to perform orrepresented he or she would perform;
(2) Claim, demand, charge, collect, or receive any fee,interest, or any other compensation for any reason which exceeds eight percent(8%) per annum of the amount of any loan which the foreclosure consultant maymake to the owner;
(3) Take any wage assignment, any lien on any type of real orpersonal property, or other security to secure the payment of compensation. Anysuch security is void and unenforceable;
(4) Receive any consideration from any third-party inconnection with services rendered to an owner unless the consideration is firstfully disclosed to the owner;
(5) Acquire any interest, directly, or indirectly, or bymeans of a subsidiary or affiliate in a residence in foreclosure from an ownerwith whom the foreclosure consultant has contracted;
(6) Take any power of attorney from an owner for any purpose,except to inspect documents as provided by law; or
(7) Induce or attempt to induce any owner to enter a contractwhich does not comply in all respects with § 5-79-3.