Texas State Legislators Looks To Protect Reverse Mortgage Borrowers
Navi Persaud
Jun 02, 2021
A Texas House Bill has been introduced to prevent false, misleading or deceptive advertising by reverse mortgage lenders.
Regulation and compliance is a growing concern for companies throughout the mortgage industry. For the reverse mortgage industry, lenders are under the microscope for false, misleading or deceptive advertising. The Texas House Bill 1129 is looking to protect reverse mortgage borrowers against the aforementioned dangers.
“It basically aims to define the parameters of what qualifies as deceptive advertising, while also listing that a piece of material found to be in violation of the proposed law would constitute a violation of Texas’ Business & Commerce Code as a deceptive trade practice,” according to a report from Reverse Mortgage Daily.