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Indiana Governor Takes Action Protecting Homeowners

Indiana governor Mitch Daniels is looking to protect Indiana homeowners. Governor Daniels is signing HB 1541 to restrict private transfer fees or Wall Street Home Resale Fees.

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The new law, sponsored by Indiana State Representative Mike Speedy, places a ban on these fees, which could take away from one's home equity, lower home resale values and provide more obstacles to the home buying process.

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""These fees infringe on property rights and may hurt Indiana consumers,"" said Rep. Speedy. ""They have no place in the Indiana real estate market. We've made sure that when a homeowner buys a new property, he or she owns that home free and clear.""

Indiana is now the 28th state to have restricted the use of Wall Street Resale Fees.

The bill is the latest in a series of government actions to limit Wall Street Home Resale Fees. Indiana joins Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Virginia and Washington in restricting the dangerous fees.

On another level, the Federal Housing Finance Agency has proposed rule that would prevent government-sponsored entities from investing in mortgages with these fees.

""In passing this law, the Indiana Legislature is protecting homeowners from these predatory fees,"" said Wendy Gibbons, president-elect and Government Affairs Committee chairperson, for the Indiana Land Title Association. ""This law safeguards the real estate market and protects the property rights of Indiana homeowners.""

About Author: Abby Gregory

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