On May 24, AARP celebrated the signing of SB 770, Residential Loan Alternative Agreements, into law. This will protect homeowners from the predatory practice of filing unfair real estate fee agreements in property records, known as Non-Title Record Agreements for Personal Service (NTRAPS). The purchase of a home is often the most important investment a person will make, and this new law will provide additional safeguards to ensure this investment is protected against predatory business practices like NTRAPS.
We applaud the swift legal action taken by Florida Attorney General Ashley Moody to protect Floridians, and for working with the Florida Legislature on this critical legislation. On November 29, 2022, Attorney General Moody filed a complaint for injunctive relief and civil penalties against Florida-based MV Realty for deceptive, unfair and unconscionable business practices that have led to 40-year contracts, liens and lawsuits for homeowners.
Following the lawsuit, the Florida Legislature filed SB 770 and HB 861, Residential Loan Alternative Agreements, to provide legal protections against this type of unfair real estate agreement.
“This is a great example where we see legislative and legal solutions come together to play an important role to protect the vulnerable consumers,” said Samar Jha, Government Affairs Director at AARP National office. “Americans 50+ are often targeted for fraud, and this is a step in the right direction to protect older adults.”
“AARP Florida applauds Attorney General Ashley Moody for taking the lead against deceptive real estate practices,” said AARP Florida Director of Advocacy Zayne Smith. “This new law will assist in the prosecution of companies that violate the newly defined uses of residential loan alternative agreements while creating a level playing field for consumers.”
You can learn more about the unethical practices of MV Realty, as well as other frauds and scams, by listening to AARP’s podcast: The Perfect Scam.
If you or someone you know has been a victim of fraud, you are not alone. AARP’s trained fraud specialists provide support and guidance on what to do next and how to avoid scams in the future. The AARP Fraud Helpline, 877-908-3360, is free and available to anyone. We also offer online support sessions for further support.
If you’re 50+ and have been impacted by one of these unfair real estate agreements, we want to hear from you. Contact email@example.com to tell us your story.
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