407.935. As used in sections 407.935 to 407.943, thefollowing words and phrases shall mean:
(1) "Contract", any agreement, or any term thereof, betweena foreclosure consultant and an owner for the rendition of anyservice as defined in subdivision (6) of this section;
(2) "Foreclosure consultant":
(a) Includes any person who makes any solicitation,representation, or offer to any owner to perform for compensationor who, for compensation, performs any service which the personin any manner represents will do in any manner any of thefollowing:
a. Stop or postpone the foreclosure sale;
b. Obtain any forbearance from any beneficiary ormortgagee;
c. Assist the owner to exercise any right of redemption;
d. Obtain any extension of the period within which theowner may reinstate his obligation;
e. Obtain any waiver of an acceleration clause contained inany promissory note or contract secured by a deed of trust ormortgage on a residence in foreclosure or contained in any suchdeed of trust or mortgage;
f. Assist the owner in obtaining a loan or advance offunds;
g. Avoid or ameliorate the impairment of the owner's creditresulting from the recording of a notice of default or theconduct of a foreclosure sale;
h. Save the owner's residence from foreclosure;
(b) A foreclosure consultant does not include any of thefollowing:
a. A person licensed to practice law in this state when theperson renders service in the course of his practice as anattorney at law;
b. A person licensed as a real estate broker pursuant tochapter 339, RSMo, when the person makes a direct loan or whenthe person:
(i) Engages in acts, the performance of which requirelicensure under that chapter;
(ii) Is entitled to compensation for the act performed inconnection with the sale of a residence in foreclosure or withthe arranging of a loan secured by a lien on a residence inforeclosure;
(iii) Does not claim, demand, charge, collect, or receiveany compensation until the acts have been performed or cannot beperformed because of the failure of the owner to accept an offerfrom a purchaser or lender ready, willing, and able to purchase aresidence in foreclosure or make a loan secured by a lien on aresidence in foreclosure on the terms prescribed in a listing ora loan agreement; and
(iv) Does not acquire any interest in a residence inforeclosure directly from an owner for whom the person agreed toperform the acts other than as a trustee or beneficiary under adeed of trust given to secure the payment of a loan or thatcompensation;
(v) For the purposes of this subdivision, a "direct loan"means a loan of a real estate broker's own funds secured by adeed of trust on the residence in foreclosure, which loan anddeed of trust the broker in good faith attempts to assign to alender, for an amount at least sufficient to cure all of thedefaults on obligations which are then subject to a notice ofdefault, provided that: if a foreclosure sale is conducted withrespect to the deed of trust, the person conducting theforeclosure sale has no interest in the residence in foreclosureor in the outcome of the sale and is not owned, controlled, ormanaged by the lending broker; the lending broker does notacquire any interest in the residence in foreclosure directlyfrom the owner other than as a beneficiary under the deed oftrust; and the loan is not made for the purpose or effect ofavoiding or evading the provisions of this act*;
c. A person or his authorized agent acting under theexpress authority or written approval of the department ofhousing and urban development or other department or agency ofthe United States or this state to provide services;
d. A person who holds or is owed an obligation secured by alien on any residence in foreclosure when the person performsservices in connection with the obligation or lien;
e. Any person licensed to make loans pursuant to sections367.100 to 367.215, RSMo, subject to the authority of thedirector of finance to terminate this exclusion, if after noticeand hearing, any such licensee is found to have engaged inpractices described in section 407.938;
f. Any person or entity doing business under any law ofthis state, or of the United States relating to banks, trustcompanies, savings and loan associations, credit unions, or anyperson or entity authorized under the laws of this state toconduct a title or escrow business, or a mortgagee which is aUnited States department of housing and urban developmentapproved mortgagee and any subsidiary or affiliate of the above,and any agent or employee of the above while engaged in businessof these persons or entities;
(3) "Owner", the record owner of any residence inforeclosure;
(4) "Person", any individual, partnership, corporation,association or other group, however organized;
(5) "Residence in foreclosure", any real property improvedby a residential structure used or intended to be used as aresidence by not more than four families, and occupied by theowner, which is the subject of any attempt by any person toenforce an obligation, the performance of which is secured by amortgage or deed of trust encumbering the real property;
(6) "Service" includes, but is not limited to, any of thefollowing:
(a) Debt, budget, or financial counseling of any type;
(b) Receiving money for the purpose of distributing it tocreditors in payment or partial payment of any obligation securedby a lien on a residence in foreclosure;
(c) Contacting creditors on behalf of an owner of aresidence in foreclosure;
(d) Arranging or attempting to arrange for an extension ofthe period within which the owner of a residence in foreclosuremay cure his default and reinstate his obligation;
(e) Arranging or attempting to arrange for any delay orpostponement of the time of sale of the residence in foreclosure;
(f) Advising the filing of any document or assisting in anymanner in the preparation of any document for filing with anybankruptcy court;
(g) Giving any advice, explanation or instruction to anowner of a residence in foreclosure which in any manner relatesto the cure of a default in or the reinstatement of an obligationsecured by a lien on the residence in foreclosure, the fullsatisfaction of that obligation, or the postponement or avoidanceof a sale of a residence in foreclosure pursuant to a power ofsale contained in any deed of trust.
(L. 1992 S.B. 705 § 2)
*"This act" (S.B. 705, 1992) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
407.935. As used in sections 407.935 to 407.943, thefollowing words and phrases shall mean:
(1) "Contract", any agreement, or any term thereof, betweena foreclosure consultant and an owner for the rendition of anyservice as defined in subdivision (6) of this section;
(2) "Foreclosure consultant":
(a) Includes any person who makes any solicitation,representation, or offer to any owner to perform for compensationor who, for compensation, performs any service which the personin any manner represents will do in any manner any of thefollowing:
a. Stop or postpone the foreclosure sale;
b. Obtain any forbearance from any beneficiary ormortgagee;
c. Assist the owner to exercise any right of redemption;
d. Obtain any extension of the period within which theowner may reinstate his obligation;
e. Obtain any waiver of an acceleration clause contained inany promissory note or contract secured by a deed of trust ormortgage on a residence in foreclosure or contained in any suchdeed of trust or mortgage;
f. Assist the owner in obtaining a loan or advance offunds;
g. Avoid or ameliorate the impairment of the owner's creditresulting from the recording of a notice of default or theconduct of a foreclosure sale;
h. Save the owner's residence from foreclosure;
(b) A foreclosure consultant does not include any of thefollowing:
a. A person licensed to practice law in this state when theperson renders service in the course of his practice as anattorney at law;
b. A person licensed as a real estate broker pursuant tochapter 339, RSMo, when the person makes a direct loan or whenthe person:
(i) Engages in acts, the performance of which requirelicensure under that chapter;
(ii) Is entitled to compensation for the act performed inconnection with the sale of a residence in foreclosure or withthe arranging of a loan secured by a lien on a residence inforeclosure;
(iii) Does not claim, demand, charge, collect, or receiveany compensation until the acts have been performed or cannot beperformed because of the failure of the owner to accept an offerfrom a purchaser or lender ready, willing, and able to purchase aresidence in foreclosure or make a loan secured by a lien on aresidence in foreclosure on the terms prescribed in a listing ora loan agreement; and
(iv) Does not acquire any interest in a residence inforeclosure directly from an owner for whom the person agreed toperform the acts other than as a trustee or beneficiary under adeed of trust given to secure the payment of a loan or thatcompensation;
(v) For the purposes of this subdivision, a "direct loan"means a loan of a real estate broker's own funds secured by adeed of trust on the residence in foreclosure, which loan anddeed of trust the broker in good faith attempts to assign to alender, for an amount at least sufficient to cure all of thedefaults on obligations which are then subject to a notice ofdefault, provided that: if a foreclosure sale is conducted withrespect to the deed of trust, the person conducting theforeclosure sale has no interest in the residence in foreclosureor in the outcome of the sale and is not owned, controlled, ormanaged by the lending broker; the lending broker does notacquire any interest in the residence in foreclosure directlyfrom the owner other than as a beneficiary under the deed oftrust; and the loan is not made for the purpose or effect ofavoiding or evading the provisions of this act*;
c. A person or his authorized agent acting under theexpress authority or written approval of the department ofhousing and urban development or other department or agency ofthe United States or this state to provide services;
d. A person who holds or is owed an obligation secured by alien on any residence in foreclosure when the person performsservices in connection with the obligation or lien;
e. Any person licensed to make loans pursuant to sections367.100 to 367.215, RSMo, subject to the authority of thedirector of finance to terminate this exclusion, if after noticeand hearing, any such licensee is found to have engaged inpractices described in section 407.938;
f. Any person or entity doing business under any law ofthis state, or of the United States relating to banks, trustcompanies, savings and loan associations, credit unions, or anyperson or entity authorized under the laws of this state toconduct a title or escrow business, or a mortgagee which is aUnited States department of housing and urban developmentapproved mortgagee and any subsidiary or affiliate of the above,and any agent or employee of the above while engaged in businessof these persons or entities;
(3) "Owner", the record owner of any residence inforeclosure;
(4) "Person", any individual, partnership, corporation,association or other group, however organized;
(5) "Residence in foreclosure", any real property improvedby a residential structure used or intended to be used as aresidence by not more than four families, and occupied by theowner, which is the subject of any attempt by any person toenforce an obligation, the performance of which is secured by amortgage or deed of trust encumbering the real property;
(6) "Service" includes, but is not limited to, any of thefollowing:
(a) Debt, budget, or financial counseling of any type;
(b) Receiving money for the purpose of distributing it tocreditors in payment or partial payment of any obligation securedby a lien on a residence in foreclosure;
(c) Contacting creditors on behalf of an owner of aresidence in foreclosure;
(d) Arranging or attempting to arrange for an extension ofthe period within which the owner of a residence in foreclosuremay cure his default and reinstate his obligation;
(e) Arranging or attempting to arrange for any delay orpostponement of the time of sale of the residence in foreclosure;
(f) Advising the filing of any document or assisting in anymanner in the preparation of any document for filing with anybankruptcy court;
(g) Giving any advice, explanation or instruction to anowner of a residence in foreclosure which in any manner relatesto the cure of a default in or the reinstatement of an obligationsecured by a lien on the residence in foreclosure, the fullsatisfaction of that obligation, or the postponement or avoidanceof a sale of a residence in foreclosure pursuant to a power ofsale contained in any deed of trust.
(L. 1992 S.B. 705 § 2)
*"This act" (S.B. 705, 1992) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
407.935. As used in sections 407.935 to 407.943, thefollowing words and phrases shall mean:
(1) "Contract", any agreement, or any term thereof, betweena foreclosure consultant and an owner for the rendition of anyservice as defined in subdivision (6) of this section;
(2) "Foreclosure consultant":
(a) Includes any person who makes any solicitation,representation, or offer to any owner to perform for compensationor who, for compensation, performs any service which the personin any manner represents will do in any manner any of thefollowing:
a. Stop or postpone the foreclosure sale;
b. Obtain any forbearance from any beneficiary ormortgagee;
c. Assist the owner to exercise any right of redemption;
d. Obtain any extension of the period within which theowner may reinstate his obligation;
e. Obtain any waiver of an acceleration clause contained inany promissory note or contract secured by a deed of trust ormortgage on a residence in foreclosure or contained in any suchdeed of trust or mortgage;
f. Assist the owner in obtaining a loan or advance offunds;
g. Avoid or ameliorate the impairment of the owner's creditresulting from the recording of a notice of default or theconduct of a foreclosure sale;
h. Save the owner's residence from foreclosure;
(b) A foreclosure consultant does not include any of thefollowing:
a. A person licensed to practice law in this state when theperson renders service in the course of his practice as anattorney at law;
b. A person licensed as a real estate broker pursuant tochapter 339, RSMo, when the person makes a direct loan or whenthe person:
(i) Engages in acts, the performance of which requirelicensure under that chapter;
(ii) Is entitled to compensation for the act performed inconnection with the sale of a residence in foreclosure or withthe arranging of a loan secured by a lien on a residence inforeclosure;
(iii) Does not claim, demand, charge, collect, or receiveany compensation until the acts have been performed or cannot beperformed because of the failure of the owner to accept an offerfrom a purchaser or lender ready, willing, and able to purchase aresidence in foreclosure or make a loan secured by a lien on aresidence in foreclosure on the terms prescribed in a listing ora loan agreement; and
(iv) Does not acquire any interest in a residence inforeclosure directly from an owner for whom the person agreed toperform the acts other than as a trustee or beneficiary under adeed of trust given to secure the payment of a loan or thatcompensation;
(v) For the purposes of this subdivision, a "direct loan"means a loan of a real estate broker's own funds secured by adeed of trust on the residence in foreclosure, which loan anddeed of trust the broker in good faith attempts to assign to alender, for an amount at least sufficient to cure all of thedefaults on obligations which are then subject to a notice ofdefault, provided that: if a foreclosure sale is conducted withrespect to the deed of trust, the person conducting theforeclosure sale has no interest in the residence in foreclosureor in the outcome of the sale and is not owned, controlled, ormanaged by the lending broker; the lending broker does notacquire any interest in the residence in foreclosure directlyfrom the owner other than as a beneficiary under the deed oftrust; and the loan is not made for the purpose or effect ofavoiding or evading the provisions of this act*;
c. A person or his authorized agent acting under theexpress authority or written approval of the department ofhousing and urban development or other department or agency ofthe United States or this state to provide services;
d. A person who holds or is owed an obligation secured by alien on any residence in foreclosure when the person performsservices in connection with the obligation or lien;
e. Any person licensed to make loans pursuant to sections367.100 to 367.215, RSMo, subject to the authority of thedirector of finance to terminate this exclusion, if after noticeand hearing, any such licensee is found to have engaged inpractices described in section 407.938;
f. Any person or entity doing business under any law ofthis state, or of the United States relating to banks, trustcompanies, savings and loan associations, credit unions, or anyperson or entity authorized under the laws of this state toconduct a title or escrow business, or a mortgagee which is aUnited States department of housing and urban developmentapproved mortgagee and any subsidiary or affiliate of the above,and any agent or employee of the above while engaged in businessof these persons or entities;
(3) "Owner", the record owner of any residence inforeclosure;
(4) "Person", any individual, partnership, corporation,association or other group, however organized;
(5) "Residence in foreclosure", any real property improvedby a residential structure used or intended to be used as aresidence by not more than four families, and occupied by theowner, which is the subject of any attempt by any person toenforce an obligation, the performance of which is secured by amortgage or deed of trust encumbering the real property;
(6) "Service" includes, but is not limited to, any of thefollowing:
(a) Debt, budget, or financial counseling of any type;
(b) Receiving money for the purpose of distributing it tocreditors in payment or partial payment of any obligation securedby a lien on a residence in foreclosure;
(c) Contacting creditors on behalf of an owner of aresidence in foreclosure;
(d) Arranging or attempting to arrange for an extension ofthe period within which the owner of a residence in foreclosuremay cure his default and reinstate his obligation;
(e) Arranging or attempting to arrange for any delay orpostponement of the time of sale of the residence in foreclosure;
(f) Advising the filing of any document or assisting in anymanner in the preparation of any document for filing with anybankruptcy court;
(g) Giving any advice, explanation or instruction to anowner of a residence in foreclosure which in any manner relatesto the cure of a default in or the reinstatement of an obligationsecured by a lien on the residence in foreclosure, the fullsatisfaction of that obligation, or the postponement or avoidanceof a sale of a residence in foreclosure pursuant to a power ofsale contained in any deed of trust.
(L. 1992 S.B. 705 § 2)
*"This act" (S.B. 705, 1992) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
