07/21/2008 GAAS:563:08 FOR IMMEDIATE RELEASE Print Version | Email / Share
Gov. Schwarzenegger Signs Consumer Protection Legislation
Shielding Californians from Identity Theft, Unlicensed Real Estate Brokers
Strengthening
protections for California consumers, Governor Arnold Schwarzenegger today
signed AB 372 by Assemblymember Mary Salas (D-Chula Vista)
reducing barriers to obtain a security freeze on consumer credit reports and SB
1448 by Senator Jack Scott (D-Pasadena) increasing penalties for acting or
advertising as a real estate broker or salesperson without a
license.
"As Governor, I will
continue to ensure California consumers are protected from
deceitful and irresponsible practices. And, with today's action, we are helping
consumers to make informed decisions on how to protect themselves and shielding
them from dishonest predators," said Governor Schwarzenegger.
Identity theft is one of
the fastest growing financial crimes in the U.S. and nearly
10 million Americans fall victim to it each year. Unfortunately, most consumers
are unaware of one of the best ways to protect against identity theft - placing
a security freeze on their credit report. AB 372 aims to ensure all consumers
are informed of their right to place a security freeze on their credit report
while also making it more accessible and affordable.
Specifically, AB 372
requires a credit reporting agency to disclose the right of a consumer to place
a security freeze on their credit report, requires a credit reporting agency to
place a freeze within three days of a request, allows consumers to request a
freeze by regular written mail instead of certified mail and lowers the fee a
credit reporting agency may charge to place a freeze from $12 dollars to $10 or
$5 for consumers 65 and older.
SB 1448 will help deter
unlicensed individuals from attempting to practice real estate law in California by increasing
monetary penalties. It doubles the fine of an unlicensed person acting in a
capacity that requires a real estate license to $20,000 and increases the fine
for an unlicensed corporation from $50,000 to $60,000. Additionally, it
authorizes portions of these fines to go to the Real Estate Fraud Prosecution
Trust Fund in counties throughout the state to enhance the capacity of local law
enforcement to deter, investigate and prosecute real estate fraud
crimes.
More
information on how to protect against identity theft can be found on the
California Office of Privacy Protection Web site at http://www.oispp.ca.gov/consumer_privacy/identitytheft.asp.
To file a complaint against a real estate broker or salesperson or check on
actions taken against unlicensed persons please visit the Department of Real
Estate Web site at http://www.dre.ca.gov/cons_home.html.
