FTC Will NOT Enforce provisions of MARS Rule
Date 7/18/2011
FTC will NOT enforce the Provisions of the MARS Rule Against Real Estate Professionals.
After many months of waiting, there is good news to report. As you can see from the memo below, the FTC will not enforce the Mortgage Assistance Relief Services (MARS) Rule against real estate professionals. However, this does not completely solve the issue. The Consumer Financial Protection Bureau takes over the rulemaking for MARS July 21, and state attorney generals can enforce the rule as written. As a practical matter, it will essentially end enforcement of this rule against real estate professionals.
NAR will provide more information on the rule this week and continue to work toward a final resolution of this issue.