This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Colorado has amended its provisions relating to foreclosure sales of real property effective immediately.
The Colorado Collection Agency Board has modified its provisions in relation to its Fair Debt Collection Practices Act effective on June 30, 2021.
Search our Compliance Calendar for current regulatory changes & updates.
New Hampshire amended its provisions to clarify home state licensing requirements for mortgage loan originators effective on July 24, 2021.
Texas Senate Bill 885 amends Chapter 13, Property Code, to add Section 13.006, which provides that after the fourth anniversary of the date a quitclaim deed for real property is recorded, the quitclaim deed does not affect the question of the good faith of a subsequent purchaser or creditor and is not notice to a subsequent purchaser or creditor of any unrecorded conveyance of, transfer of, or encumbrance on the real property; effective September 1, 2021
New York Senate Bill 6362 extends the "COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020" and the "COVID-19 Emergency Protect Our Small Businesses Act of 2021" until August 31, 2021.
Florida House Bill 7061 specifies that portions of a property not used for certain purposes are not exempt from ad valorem taxation; specifying that exemptions for certain portions of property from ad valorem taxation are not affected so long as such portions of the property are used for specified purposes; exempting certain multifamily projects from ad valorem taxation; requiring, rather than authorizing, tax collectors to accept late payments of prepaid property taxes within a certain timeframe; extending the expiration date of the sales tax exemption for data center property; exempting specified items that assist in independent living from the sales tax, etc. effective July 1, 2021.
Automated compliance tests to ensure compliance on more loans in less time
Texas Senate Bill 43 enacts new Chapter 159 to the Texas Finance Code, which regulates wrap mortgage loan financing, which is defined as a loan used to purchase residential real estate that will continue to be subject to an unreleased lien that was not created by the borrower; provisions are effective January 1, 2022.
West Virginia amended their existing Standards and Guidelines for Electronic Notarization effective May 21, 2021, through August 1, 2026.
Arizona House Bill 2617 amends provisions to permit judgment liens on homestead properties and define requirements for title insurers on the sale of homestead properties subject to judgment liens effective December 31, 2021.
Weiner Brodsky Kider PC
Governor Andrew Cuomo extends both the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 and the COVID-19 Emergency Protect Our Small Businesses Act of 2021until August 31, 2021.
"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
South Carolina Senate Bill 631 enacts the South Carolina Electronic Notary Public Act, providing procedures and training requirements to become an electronic notary; effective May 18, 2021.
North Dakota Senate Bill 2103 amends provisions of the North Dakota Money Brokers Act relating to licensing exemptions for Money Brokers and Collection Agencies entities effective August 1, 2021.
Vermont Senate Bill 88 amends multiple provisions, including § 2102 Application for Licensing, § 2105 Contents of License, § 2122 Use of Other Names or Business Places, and § 2201 Licenses Required; effective May 12, 2021.
The Legal Description
California Attorney General Rob Bonta announced the arrests of 12 individuals on 133 felony counts for allegedly running a sophisticated mortgage fraud and green loan scheme, resulting in a loss of approximately $15 million over several years.
