Indiana investigates real estate brokers, agents

The Indianapolis Star newspaper reports that Indiana Attorney General Steve Carter is "mounting a vigorous prosecution of real estate brokers and salespeople in the state," with 640 active investigations of brokers and sales agents.

"The crackdown ... follows a year in which his office brought disciplinary complaints against 170 appraisers," the newspaper reports. Carter's office lodged complaints against 188 real estate professionals in 2006, compared to 17 in 2004.

Tim Reed, chairman of the state's Real Estate Commission, said in the article that there are a number of investigations related to land contracts and rent-to-own schemes. The state passed an Indiana Homeowner Protection Act in 2004 in response to predatory lending practices, and consumer complaints have fueled many investigations.

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