Sacramento Report
September 20, 2011
Governor Brown Signs Bill Targeting Reverse Mortgage Scams
Governor Brown has signed AB 793 (Eng), a bill that prohibits insurance agents and brokers from participating with, employing, or making referrals to individuals involved in the sale of reverse mortgages with the sole purpose of cross-selling inappropriate and unsuitable non-casualty insurance products. The bill does not prevent an agent or broker from offering title insurance, hazard, flood, or other peril insurance, or other similar products that are customary and normal under a reverse mortgage loan.
