This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
New Mexico Senate Bill 365 enacts changes to the prohibitions and requirements relating to certain adjustable-rate home loans effective June 18, 2021.
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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.
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.
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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.
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California begins accepting applications for their COVID-19 Rent Relief Program to aid landlords and renters who have unpaid rental debt due to the pandemic.
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Arizona Senate Bill 1115 revises the uniform law on notarial acts to incorporate provisions for electronic notarizations; effective June 30, 2022.
South Dakota Senate Bill 193 revises provisions regarding remote notarization, including defining video communication technology requirements and providing a prescribed form for the certificate of acknowledgment of a document executed; effective July 1, 2021.
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The California attorney general announced the approval of additional regulations implementing the California Consumer Privacy Act (CCPA), including a requirement to notify consumers of their right to opt-out via offline communications; providing an opt-out icon for businesses to use in addition to posting a notice of right to opt-out; and require companies to use opt-out methods that are “easy” for consumers to execute and that require “minimal” steps to opt-out.
New Jersey Assembly Bill 1063 enhances homeowner notification of foreclosure mediation program requirements by stating that obtaining the assistance of a trained foreclosure prevention and default mitigation counselor is a prerequisite to participation in mediation and clarifying that the homeowner-borrower is not required to pay any fees in order to participate in mediation; effective September 1, 2021.
