2009 Louisiana Laws TITLE 40 Public health and safety :: RS 40:600.25.1 Mortgage foreclosure counseling

§600.25.1.  Mortgage foreclosure counseling

A.(1)  The Louisiana Housing Finance Agency, hereinafter referred to as the agency, may establish a program to provide free mortgage foreclosure counseling and education to homeowners who have defaulted or are in danger of defaulting on the mortgages on their homes. If the agency determines to establish a program, the agency may work with the office of financial institutions, and the office of financial institutions shall cooperate with the agency to effectuate the purposes of this Section.

(2)  The agency may enter into an agreement with any public, private, or nonprofit entity to carry out any part of the mortgage foreclosure counseling and education program.

(3)  The program may include a central toll-free telephone number that homeowners may call to receive mortgage foreclosure counseling and education.

(4)  The agency may award grants for the training of counselors who will provide mortgage foreclosure counseling and education from funds appropriated by the legislature for that purpose or any other funding available for that purpose.

(5)  The agency may establish standards for the certification of counselors who will provide mortgage foreclosure counseling and education.

B.  The program shall be funded through self-generated funds of the agency; however, the agency may solicit contributions and grants from the private sector, nonprofit entities, and the federal government to assist in carrying out the purposes of this Section.

C.  The agency shall annually submit a report to the Senate Committee on Commerce, Consumer Protection and International Affairs and the House Committee on Commerce on the operation of the mortgage foreclosure counseling and education program and shall include a summary of the mortgage foreclosure rates and trends in Louisiana and the United States.

Acts 2008, No. 228, §1, eff. June 16, 2008.