This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
Weiner Brodsky Kider PC
Virginia passed House Bill (HB) 2229, reenacting and amending the Virginia Residential Landlord and Tenant Act effective July 1, 2021.
Automated compliance tests to ensure compliance on more loans in less time
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.
New York Senate Bill 2508 PART LL extends the "covered period" for forbearance of residential mortgage payments from March 7, 2020, until the latter of December 31, 2021, or the date on which COVID-19 Executive Orders continue to apply in the county of the qualified mortgagor's residence.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The Oklahoma Department of Consumer Credit has published its annual changes in dollar amounts set forth in the Uniform Consumer Credit Code effective July 1, 2021.
The Illinois Predatory Loan Prevention Act, signed March 23, enacts a Predatory Loan Prevention Act (PLPA) APR rate cap of 36% calculated under the rules for the Military Lending Act Annual Percentage Rate (MAPR) and applies to consumer loans (including mortgages).
Tennessee House Bill 421 amends the Industrial Loan and Thrift Companies Act (ILTCA) TCA Title 45, Chapter 5 to increase existing fees, and add additional fees, that an industrial loan and thrift company, industrial investment company, or industrial bank may charge to service various loans; effective July 1, 2021.
DS News--Jane Bond, Managing Partner, McCalla Raymer Leibert Pierce's Florida Litigation Group
Florida's Supreme Court issued Amendment 10 to the Comprehensive COVID-19 Emergency Measures for Florida Trial Courts, which requires the Chief Judges of each Florida Circuit Court to issue an administrative order directing the Circuit Court Judges to “actively manage their civil cases.”
