This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
New York Senate Bill 737 requires each and every principal creditor or debt collector, in each initial communication, to clearly and conspicuously disclose to the debtor that each communication can be provided in an alternative, reasonably accommodatable, format; effective November 7, 2021.
The Montana Department of Administration passed final rules updated licensee renewal fees for the license period January 1 to December 31, 2022.
Search our Compliance Calendar for current regulatory changes & updates.
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.
The Pennsylvania Department of Banking and Securities has adopted mortgage servicer regulations effective immediately that include definitions, early intervention requirements for certain borrowers, and loss mitigation procedures.
The Maryland Commissioner of Financial Regulation adopted amendments to Regulation .04 under COMAR 09.03.06 Mortgage Lenders, relating to requirements that mortgage lender licensees obtain and maintain physical, paper licenses, effective October 4, 2021.
California Assembly Bill 175 extends the date the trustee’s deed is recorded from within 18 calendar days after the sale to 21 calendar days, and provide that certain information to be submitted to a trustee be provided as an affidavit or declaration given under penalty of perjury (until January 1, 2026); effective January 1, 2022.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
New York Senate Bill 50001 extends the state’s moratorium on COVID-related residential and commercial evictions and foreclosures until January 15, 2022, effective September 2, 2021.
Delaware House Bill 159 modifies the locations where sheriff's sales may be conducted to provide the sheriffs with needed flexibility and modernize the sheriffs' sale process effective September 15, 2021.
As announced on 06/16/2021, the state of Connecticut modified its provisions relating to its foreclosure mediation program as well as other alternatives to foreclosure effective on October 1, 2021.
Ballard Spahr, LLP--Stefanie Jackman
During D.C.’s declared State of Public Health Emergency, bills B24-0347 and B24-0348 impacting collection activities that relate to both third-party debt collectors and creditors collecting their own debts, the bills only temporarily amend various provisions of D.C. 28-3814 while awaiting the permanent bill, B24-0357.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
New York enacted provisions for residential foreclosure protections specific to Part C, Subpart B of Senate Bill 50001.
Effective October 1, 2021, new regulations under the California Financing Law become operative: all new license applications under the California Financing Law must be submitted through NMLS on and after October 1, 2021; all licensees not yet on NMLS must transition onto NMLS by December 31, 2021; and PACE program administrators must comply with new regulatory provisions.
New Hampshire Senate Bill 134 adopts, among other things, the revised uniform law on notarial acts and the uniform real property electronic recording act effective 180 days after passage (February 12, 2022).
Ballard Spahr, LLP--Philip N. Yannella
After a little over a year of enforcing the California Consumer Privacy Act, the Office of the California Attorney General has announced updates on its CCPA enforcement efforts and new tools relating to California consumers’ right to opt out of the sale of their personal information.
