Enacts the "Home Equity Fraud Act" to control improper activities by home improvement contractors and finance companies.

The "Home Equity Fraud Act" aims to protect senior citizens and minority homeowners from predatory lending practices. It prohibits mortgage brokers or agents from acting as home improvement contractors. The act provides additional protections for mortgagors and homeowners, including a right to cancel home improvement contracts within fifteen business days. It also mandates disclosures from mortgage brokers and requires affirmative defenses in foreclosure actions for certain mortgagors. The act takes effect on October 1.

Enacts the "Home Equity Fraud Act" to control improper activities by home improvement contractors and finance companies.

The "Home Equity Fraud Act" aims to protect senior citizens and minority homeowners from predatory lending practices. It prohibits mortgage brokers or agents from acting as home improvement contractors. The act provides additional protections for mortgagors and homeowners, including a right to cancel home improvement contracts within fifteen business days. It also mandates disclosures from mortgage brokers and requires affirmative defenses in foreclosure actions for certain mortgagors. The act takes effect on October 1.