This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Texas House Bill 2533 permits licensed appraisers to perform evaluations rather than full appraisals for financial institutions where full appraisals are not required by federal guidelines and permits lenders to use both employee-conducted evaluations and automated valuation systems; effective June 15, 2021.
Maine House Paper 1033a/L.D. 1399 continues temporary modification of certain in-person notarization and acknowledgment requirements and develops the permanent implementation of remote and online notarization effective June 23, 2021.
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The Montana Division of Banking and Financial Institutions amended its rules that implement the Montana Mortgage Act (MMA) effective June 12, 2021.
Maine Senate Paper 205 enacts an Act to protect consumers against predatory lending practices effective September 28, 2021.
The Mississippi Secretary of State adopted provisions amending fees for notarial acts effective July 1, 2021.
Florida House Bill 121 clarifies that notary public is entitled to select particular technology in performing a notarial act with respect to electronic record; authorizes notary public's contract or employer to require the use of particular technology; revises limitations on notary public fees; revises certain registration requirements for online notaries public; authorizes notaries public to use audio-video communication technology to remotely swear in individuals who testify & new attorneys admitted to The Florida Bar; requires the remote online notarization service provider to retain audio-video communication recordings of online notarizations; authorizes RON service provider to delegate this duty to secure repository under certain conditions; clarifies that online notary public is entitled to select his or her remote online notarization service provider; authorizes notary public's contract or employer to require the use of particular RON service provider effective January 1, 2022.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
Maine LD 1066 (SP 334) is an act to clarify the definition of a "mortgage servicer" in the laws governing mortgage foreclosures, effective September 28, 2021.
Texas Senate Bill 1900 amends provisions regarding requirements for maintenance and location of offices under its Residential Mortgage Loan Company Licensing and Registration Act effective September 1, 2021.
Connecticut House Bill 5310 expands the data privacy breach notification statute to protect consumers effective October 1, 2021.
Oregon Senate Bill 765 makes permanent provisions allowing notary public to perform notarial act using communication technology for remotely located individual under certain circumstances effective June 15, 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
Nevada Assembly Bill 237, among other things, requires that in the case of a foreclosure sale, which is the sale by foreclosure of any real property, notice must be given to each person who has recorded a request for a copy of a notice of default or notice of sale with respect to the mortgage or other lien being foreclosed, each other person with an interest in the real property whose interest or claimed interest is subordinate to the mortgage or other lien being foreclosed, and an association that has recorded a request for a copy of a deed upon a foreclosure sale; effective January 1, 2022.
Connecticut Senate Bill 891 makes the Ezequiel Santiago Foreclosure Mediation Program permanent and requires that certain alternatives to foreclosure be made available to certain mortgagors; effective October 1, 2021.
Connecticut Senate Bill 986 makes revisions to the Connecticut Uniform Trust Code, Rule Against Perpetuities, Connecticut Uniform Power of Attorney Act, Connecticut Business Corporation Act, and Revised Nonstock Corporation Act.
Hawaii Senate Bill 385 enacts the 2018 Uniform Trust Code which is intended to consolidate statutes relating to trusts under one comprehensive umbrella; repeals the Uniform Trustees' Powers Act, Uniform Prudent Investor Act, and laws regarding trust administration under the Uniform Probate Code effective January 1, 2022.
