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December 5, 2009

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Controls on mortgage brokers pass Assembly

Monday, May 3, 1999 | 9:59 a.m.

CARSON CITY -- A bill that is hoped will stop mortgage broker schemes such as the Harley Harmon investment scandal in which millions of dollars were lost has passed the Assembly 36-3 and is on its way to the Senate.

Assemblyman David Goldwater, D-Las Vegas, said Friday Assembly Bill 64 gives the state Financial Institutions Division and the state attorney general the authority to investigate mortgage brokers and agents who must now register with the state.

Goldwater related a case where a woman came to his office with her investment documents, which were found to be worthless.

"She left my office on food stamps and rent assistance," he said. "It happened to a lot of constituents."

He said the blame lies with Harmon, who was never charged with any crime. "It was wrong what he did to people ... how he misled state agencies."

Goldwater was chairman of a subcommittee that investigated the Harmon case last year.

Assemblywoman Vonne Chowning, D-North Las Vegas, said the bill gives needed protection to consumers. It requires licensing of mortgage agents, some of whom "don't even know how to fill out a cost sheet." She said she hopes this will "clean up the mess" in closing some mortgages.

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