This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Mortgage Professional America – Candyd Mendoza
Rocket Mortgage introduced a new program designed to increase homeownership in the city of Detroit.
New York Senate Bill 5785 amends the real property actions and proceedings law, in relation to foreclosure of mortgages, to remove references to make the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four-family dwellings effective January 1, 2022.
Search our Compliance Calendar for current regulatory changes & updates.
New Jersey Assembly Bill 4250 Revises law concerning notaries and notarial acts and authorizes electronic signatures effective October 20, 2021.
Illinois has amended its provisions relating to its Notary Public Act that include remote notarial acts, and electronic notarial acts and forms and amendments to its Uniform Real Property Electronic Recording Act, effective on January 1, 2022 ; or (2) the date on which the Office of the Secretary of State files with the Index Department of the Office of the Secretary of State a notice that the Office of the Secretary of State has adopted the rules necessary for implementation; except that, the changes made to specified provisions of the Illinois Notary Public Act take effect July 1, 2022.
On July 23, 2021, Governor Gavin Newsom proclaimed a state of emergency in Plumas County due to the Dixie Fire and Fly Fire, in Butte and Lassen counties due to the Dixie Fire, and in Alpine County due to the Tamarack Fire; consequently, Acting Commissioner of Financial Protection and Innovation Christopher S. Shultz has determined that an extraordinary situation exists and has issued a proclamation authorizing state-chartered banks to close any or all of their offices in affected areas until the Commissioner determines the extraordinary condition has ended.
Illinois Senate Bill 255 amends the Mortgage Foreclosure Article of the Code of Civil Procedure to provide that the order confirming the sale of property may approve the mortgagee's fees and costs (i) arising between the entry of the judgment of foreclosure and the confirmation hearing, and (ii) incurred on or after the date of execution of an affidavit stating the amount due and prior to the judgment but not included in the judgment, those costs and fees to be allowable to the same extent as provided in the note and mortgage; effective July 9, 2021.
"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
Illinois Senate Bill 47 amends the title of the "Illinois Residential Real Property Transfer on Death Instrument Act" to the "Real Property Transfer on Death Instrument Act", revises definitions, permits the transfer of real property by a transfer on death instrument to a trustee of a trust under certain circumstances, changes the rules under which real property that is subject to a transfer on death instrument is transferred, provides that a transfer on death instrument may be renounced by the owner's surviving spouse, other changes to provisions regarding rights of creditors; limitations; and preparation of a transfer on death instrument or its revocation, and additional conforming changes; effective January 1, 2022.
Colorado Senate Bill 190 enacts the Colorado Privacy Act effective July 1, 2023.
Connecticut Senate Bill 848 implements the Department of Banking's recommended changes to the banking statutes concerning financial institutions and consumer credit licenses effective October 1, 2021.
Colorado House Bill 1282 enacts the Colorado Nonbank Mortgage Servicers Act subjecting mortgage servicers to regulation by an assistant attorney general, including the requirements of notification, record keeping, reporting, examinations, inspections, and enforcement effective January 1, 2022.
Automated compliance tests to ensure compliance on more loans in less time
The Indiana Department of Financial Institutions published a list of authorized Consumer Credit Fees for the period July 1, 2021, to June 30, 2022.
Ohio House Bill 110, among other things, amends provisions regarding licensing requirements including application and renewal fees effective September 30, 2021.
Missouri Senate Bill 106 modifies provisions regarding reasonable and bona fide third-party fees incurred for remote or electronic filings or fees sustained through interest and penalties following a judgment effective August 28, 2021.
Florida House Bill 483 clarifies that supervising witnessing of an electronic record by an online notary public is a notarial act; specifies the applicability of online notarization procedures to the supervision of witnessing of electronic record; modifies witnessing procedures; revises statutory forms for an affidavit for acceptance of & reliance upon power of attorney, for notice of election relating to the descent of homestead property, for self-proof of will or codicil, for disposition of certain assets at death, & for petition of summary relief for sale or transfer of property owned by absentee, to reflect means of notarization effective July 6, 2022.
