On June 24, the governor of Rhode Island signed into law H 5811 to amend the Secure and Fair Enforcement for Mortgage Licensing Act of 2009. The amendment changes the law to prohibit an individual who is licensed as both a Rhode Island real estate agent and mortgage loan originator from being compensated for both the sale of the property and the origination or referral of the loan in securing the property. The act has maintained prohibitions against fraudulent, deceptive or unfair practices in mortgage transactions.
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