Compliance Calendar

California Senate Bill 531 amends the Rosenthal Fair Debt Collection Practices Act to require the original creditor or owner of debt to notify a consumer within five days of the sale or assignment of the debt to someone else, provide detailed information about the debt upon written request, notify consumers of their rights to request this information in their first written communication to a debtor, and provide certain disclosures when collecting on time-barred debts; effective July 1, 2022.

Financial institutions and consumer credit. Provides that a reference to federal law in: (1) the first lien mortgage lending act; (2) the Uniform Consumer Credit Code (UCCC); or (3) the Indiana Code title governing financial institutions; is a reference to the law as in effect December 31, 2021 (versus December 31, 2020, under current law).

Amends the provisions in the UCCC governing authorized finance charges for consumer loans (other than supervised loans) and for supervised loans to specify that:

(1) the entire section governing finance charges for consumer loans (other than supervised loans) does not apply to supervised loans; and

(2) the loan finance charge for a supervised loan must be: (A) contracted for between the lender and the debtor; and

(B) calculated by applying a rate not exceeding the authorized rate to unpaid balances of the principal.

Amends provisions in the UCCC concerning permitted additional charges for guaranteed asset protection (GAP) agreements for:

(1) consumer credit sales; and

(2) consumer loans; to specify that the average retail value for a used motor vehicle that is the subject of a GAP agreement is to be determined by using a third party valuation service provider customarily relied upon in the used motor vehicle commercial market (versus by using the National Automobile Dealers Association average retail value, under current law).

Amends the Indiana Code section concerning the department's duties of confidentiality with respect to certain information concerning financial institutions to specify that those duties apply to all regulated entities licensed or registered with the department. Specifies that the required fidelity coverage for credit unions:

(1) applies to those directors, officers, and employees of the credit union who have access to money or bonds of the credit union; and

(2) must be approved annually by the credit union's board of directors as to the amount and form.

Amends the statute governing money transmitters to:

(1) provide that a "payment instrument" does not include a "stored value account"; and

(2) remove the definition of "stored value account". Changes references to a "federal savings and loan association" to a "federal savings association" for purposes of the statute concerning mergers, consolidations, and conversions involving federal savings associations and savings associations chartered in Indiana, to specify that a federal savings association may convert into a savings association chartered in Indiana.

The state of Vermont enacted provisions that prohibit racially and religiously restrictive covenants in deeds effective on July 1, 2022.

The governor of the state of Vermont signed HB512 on June 2, 2022, enabling the recording of electronic documents and allowing for notaries to provide acknowledgments for remotely located individuals effective July 1, 2022.

Dollar amounts indexed in the Regulated Loan Act, Minnesota Statutes, Chapter 56, and the Minnesota Consumer Credit Code, Minnesota Statutes, Section 47.59, will increase effective July 1, 2022.

The state of Virginia has amended several of its real estate provisions, including those relating to mortgage brokers, the misuse of the power of attorney, and residential property disclosures. These updates are effective as of July 1, 2022.

This Lender Letter contains the COVID origination policies previously published that are still in effect with changes and removes all prior COVID policies that expired in 2021 and 2020.

July 6

▪ Removed the suspension of bulk acquisitions. We will consider bulk transactions on a limited basis, with a focus on providing a channel for liquidity for smaller lenders.

▪ Updated the allowable delivery timeframe for Homestyle Renovation loans to align with the 15-month time period permitted in the Selling Guide for completion of the renovation.

In this Selling Guide Bulletin, Freddie Mac announces updates to Loan Product Advisor, COVID-19 requirements, Guide Form 1103, Manufactured home, and Mortgage insurance.

Fannie Mae has published an updated version of its Appraisal Waivers Frequently Asked Questions.

The Texas Financial Regulatory Agencies adopted amendments to the “business day” definition in §153.1(2) of the Home Equity Lending Interpretations.

On July 14, 2022, the U.S Department of Veterans Affairs published a Valeri Newsflash that includes updates to the Disaster VA Servicing Handbook M26-4, VA partial Claim program, and Partial Claim Denied Report.

In this bulletin, Freddie Mae announced an update to ACE eligibility for cash-out refinance transactions and introduced the ACE+ Property Data Report (PDR), which goes into effect July 17, 2022.

Freddie Mac has updated certain requirements related to ACE+ PDR requirements, superseding and replacing those announced in Bulletin 2022-6 and effective for Loan Product Advisor submissions on or after July 17, 2022.

Consumer Financial Protection Bureau is amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), to address recent legislation that assists consumers who are victims of trafficking.

The Department of Veterans Affairs released this circular to clarify when an appraisal is required for VA-guaranteed loans and announces new procedures for alternative valuation methods.

The Department of Veterans Affairs released this circular to update the footnote for the Termite Infestation Probability map in section 2.