Homeowner and Homebuyer Protection Act - SB 1015

• Prohibits foreclosure rescue scams where transferees pay less than 50% of a property's fair market value to homeowners in default, with exemptions for family members, government agencies, banks, and licensed mortgage lenders.

• Requires lease-option contracts to be in writing with specified contents (party names, property description, option fees, cure rights), recorded within five business days, and give purchasers a three-day cancellation right and once-per-year right to cure defaults.

• Requires contracts for deed to be in writing with detailed disclosures including sales price, payment terms, property conditions, existing liens, and tax/insurance obligations, recorded within five business days, with purchasers having three-day cancellation rights and cure rights.

• Mandates sellers hold clear title or meet specific conditions for encumbered property, limits late fees to 4% of past-due payments, requires annual account statements, and prohibits forfeiture without proper 30-day notice and opportunity to cure.

• Makes violations of lease-option and contract-for-deed requirements unfair trade practices enforceable under consumer protection law; effective October 1, 2010.