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Justice Department Urges Rhode Island Senate To Continue Allowing Non-lawyers To Close Real Estate Deals
WASHINGTON, D.C. — The Department of Justice's Antitrust Division issued a letter urging the Rhode Island Senate to reject a proposed bill that would prevent non-lawyers from competing with lawyers to perform real estate closings. In the letter sent yesterday, June 30, the Department expressed concern that the bill would likely cause Rhode Island consumers and businesses to pay more for real estate closings and prevent them from benefiting from competition from out-of-state and Internet lenders that could provide more convenient closing services.
The Rhode Island House of Representatives passed the bill on June 25. If the bill is passed by the Senate and signed into law, it will end the long history of competition between Rhode Island lawyers and lay people to close real estate deals. Instead, consumers would be required to hire lawyers to represent them through the closing process.
"The bill will likely raise prices for Rhode Islanders in two ways," said R. Hewitt Pate, Assistant Attorney General in charge of the Justice Department's Antitrust Division. "Consumers who would not pay for a lawyer would have to do so; traditionally, lawyers charge more than lay providers. Second, without competition from non-lawyers, lawyers' fees are likely to increase."
The bill being considered by the Senate is House Bill No. 5936, entitled, "An Act Relating To Criminal Offenses - Law Practice." After being passed by the Rhode Island House of Representatives, the bill was referred to the Senate Commerce, Housing, and Municipal Government Committee on June 26, 2003. The bill covers virtually all real estate transactions, including residential and commercial deals and purchases, refinancing, second mortgages and other transactions.
A similar bill was introduced last year but did not become law. The Department and the Federal Trade Commission had urged the Rhode Island legislature to reject that bill.
A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving
Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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Definition:
The U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.
Escrow account
Definition:
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
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