Welcome to the Legal Section of C.A.R. Online, where REALTORS® legal needs are met with the latest information and legal updates. Look below for the latest legal news during the last two weeks. You'll see Regulatory News, new Realegals®, and What's Hot announcements. If you missed a news announcement this year, look under 2012 Newsunder the left-hand navigation tabs
Scam Watch The "Scam Watch" feature will provide you with a summary of all the latest short sale and foreclosure scams. Included is a "Scam Resources" feature to provide you with tools to assist your clients in avoiding scams. Check back frequently since this feature is updated on a regular basis.
Attorney Outreach Calendar C.A.R. attorneys visit real estate offices and local associations throughtout the state providing an opportunity for a live discussion of current legal issues as well as training sessions on the use of new C.A.R. standard forms.
May 1, 2013 Legal Article: In the years leading up to the housing crisis of 2008, the training and qualification standards for loan originators varied widely, and compensation was frequently structured to give loan originators strong incentives to steer consumers into more expensive loans. The Dodd-Frank Wall Street and Consumer Protection of 2010 includes provisions to address these problems including strengthening loan originator qualification requirements and requiring new regulation for industry compensation practices. The Consumer Financial Protection Bureau (CFPB) issued final rules, to implement Dodd-Frank and revised Regulation Z to implement amendments to the Truth in Lending Act (TILA). This Q&A will review the new regulations and requirements.
May 1, 2013 Legal Article: The Consumer Financial Protection Bureau (CFPB) has issued new rules (rule) that amend Regulation Z, which implements the Truth in Lending Act (TILA). The rule requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay a loan secured by a dwelling before providing a loan.
This rule becomes effective on January 10, 2014. This Q&A will review those aspects of the new rule most relevant to REALTORS®.
April 22, 2013 (revised) Legal Article: The Home Ownership and Equity Protection Act of 1994 (HOEPA) is a federal anti-predatory lending law that imposes disclosure requirements and other restrictions on certain high cost loans.
REALTORS® with C.A.R. now have instant access to more than 20 sample letters written by C.A.R. attorneys. These letters are in response to the most common situations that C.A.R.’s Legal Hotline receives as requests from members to help them prepare a document that can be used to address certain issues arising in a real estate transaction.