Bush Signs Junk Fax Bill

President Bush has signed a bill that allows mortgage lenders to continue to fax "rate" sheets without getting prior permission from mortgage brokers.Passed by Congress in late June, the bill (S. 714) restores an exemption for sending unsolicited faxes to individuals and entities where there is an existing business relationship. The president signed the Junk Fax Prevention Act on July 9. The act essentially nullifies a provision in a 2003 law to stop "junk" faxes that would have required lenders to get express written permission from brokers before sending a fax. Lenders and other industry groups successfully petitioned the Federal Communications Commission to postpone the effective date, which has maintained the status quo for past two years.