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Fraud › New Legislation › Borrowers

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
Orrick, Herrington & Sutcliffe LLP

Illinois enacts law limiting liability for coerced debt

Orrick, Herrington & Sutcliffe LLP on

On August 18, Illinois enacted HB 3352, amending the state’s Collection Agency Act to add Section 9.6 and establish that “a debtor is not liable for any coerced debt.” The law defines “coerced debt” as debt incurred through...more

Sheppard Mullin Richter & Hampton LLP

California AB 3108 Creates Potential Mortgage Fraud Issue for Lenders on Owner-Occupied Mortgage Loans Made for a Business Purpose

Sheppard Mullin Richter & Hampton LLP on

California Assembly Bill 3108 became effective on January 1, 2025 and could conceivably make certain business purpose loans secured by owner-occupied property subject to mortgage fraud claims by the borrowers. The primary...more

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