Kentucky Legislature Passes Bill Banning NTRAPS
The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.
The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.
Program will not reduce consumer costs like Biden administration claims, say trade groups
Critics question pilot program's efficacy amidst industry shifts towards alternative solutions.
NTRAPS target seniors, low-income borrowers, consumer and title advocates say.
A number of housing associations have stated their support for the legislation, which allows for remote notarizaiton.