This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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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.
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.
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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.
Arkansas Senate Bill 340 regulates the witnessing of certain documents by a notary public, allows for remote witnessing of certain documents by a notary public, and declares an emergency effective April 30, 2021.
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Washington House Bill 1108 extends the mediation and certain other pre-foreclosure requirements under the Deeds of Trust Act and the Foreclosure Fairness Act (FFA) to residential real property of up to four
units and removes the requirement that a property be owner-occupied; modifies the mediation exemption under the FFA for the 2021 and 2022 calendar years to provide that whether or not a beneficiary must participate in mediation is determined by the number of the beneficiary's trustee sales that occurred in 2019; modifies the remittance requirement under the FFA for the 2021 and 2022 calendar years to provide that whether or not a beneficiary must remit a fee is determined by the number of notices of trustee's sale that were recorded on its behalf in 2019; effective dates range from May 3, 2021, to June 30, 2023.
Iowa House File 583 establishes the “Private Primary Residential Flood Insurance Model Act” to provide for the protection of lives and property from floods and to encourage a private primary residential flood insurance (primary flood) market to provide consumer choices and alternatives to the existing national flood insurance program (NFIP) effective on July 1, 2021.
Oklahoma House Bill 2548 enacts the Uniform Power of Attorney Act effective on November 1, 2021.
Indiana House Bill 1255 amends provisions relating to powers of attorney, trusts, notary, and recording requirements effective April 29, 2021.
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Virginia passed House Bill (HB) 2229, reenacting and amending the Virginia Residential Landlord and Tenant Act effective July 1, 2021.
Oklahoma House Bill 2397 amends Section 1, Chapter 222, O.S.L. 2015 (36 O.S. Supp. 2020, Section 5008), which relates to release of mortgage affidavits by title insurance officer or agents and removes the requirement that written approval of the title insurance company shall appear on the affidavit if executed by an agent effective on November 1, 2021.
Oklahoma House Bill 2398 amends 46 O.S. 2011, Section 15, as last amended by Section 19, Chapter 210, O.S.L. 2016 (46 O.S. Supp. 2020, Section 15), authorizes an agent of a mortgagor to make written requests to a holder of mortgage effective on November 1, 2021.
Kansas Senate Bill 106 enacts the revised uniform law on notarial acts and repeals the uniform law on notarial acts effective January 1, 2022.
