This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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.
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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.”
Mississippi Senate Bill 2638 amends Section 89-3-1, Mississippi Code Of 1972, to provide a recording procedure for electronic documents in counties that do not have electronic capability effective July 1, 2021.
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New Mexico Senate Bill 365 enacts changes to the prohibitions and requirements relating to certain adjustable-rate home loans effective June 18, 2021.
Washington Senate Bill 5077 provides authority to licensed companies to allow licensed mortgage loan originators to work from their residences without the company licensing the residence as a branch office of the company effective July 24, 2021.
Arkansas Senate Bill 149 amends the Fair Mortgage Lending Act (FMLA) to clarify the qualifications for licensing; provide a process to allow loan officers to work remotely, modify the process for a change of name or address of a licensee; require licensees to establish cybersecurity policies and procedures; and other updates; effective August 2, 2021.
New Mexico Senate Bill 12 repeals the Notary Public Act and Uniform Law on Notarial Acts which are replaced by a new Revised Uniform Law on Notarial Acts which includes Remote Online Notarizations; effective January 1, 2022.
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Virginia House Bill 2229 amends Virginia's Residential Landlord and Tenant Act effective to address the occupancy allowances for a tenant after the date of the foreclosure sale; effective July 1, 2021.
West Virginia Senate Bill 469 permits the appearance by video for purpose of notarial acts, permanently authorizing remote online notarizations effective June 17, 2021.
West Virginia Senate Bill 42 enacted provisions relating to foreclosure actions involving abandoned properties under its Zombie Property Remediation Act effective June 16, 2021.
The state of Minnesota has modified its statutes relating to reverse mortgage loan notices.
