This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
The Illinois Department of Financial and Professional Regulation has adopted provisions relating to its Real Estate License Act
Arkansas House Bill 1455 amends the law concerning the conveyance of real property by Power of Attorney by replacing the reference of "letters of attorney" with "power of attorney" effective August 2, 2021.
Search our Compliance Calendar for current regulatory changes & updates.
Virginia Senate Bill 1327 provides for various protections for homeowners and tenants of manufactured home parks, among which includes prohibiting a trustee from selling a property in a foreclosure sale without sending notice of the sale to the owner and signing an affidavit attesting to such notification and increasing the notice period for a foreclosure sale from 14 to 60 days effective October 1, 2021.
Virginia House Bill 2064 modifies provisions relating to the recording of electronic documents; including compliance with the provisions of the Uniform Real Property Electronic Recording Act, requires an electronic notarial certificate to include the county or city in the Commonwealth where the notary public was physically located and indicate whether the notarization was done in person or by remote online notarization, and provides for additional forms of "satisfactory evidence of identity" when a notary is using video and audio communication; effective July 1, 2021.
Virginia House Bill 2175 provides for various protections for homeowners and tenants of manufactured home parks, including in the case of a deed of trust conveying owner-occupied residential real estate, prohibiting a trustee of such deed of trust from selling such property in a foreclosure sale without receiving an affidavit signed by the party that provided notice of the sale to the owner confirming that such notice was sent to the owner, with a copy of such notice attached to the affidavit; and increasing the notice period for a foreclosure sale from 14 to 60 days and requiring such notice to provide the grantor with information regarding housing counseling; effective October 1, 2021.
Virginia Senate Bill 1392 enacts the Consumer Data Protection Act (CDPA), which in similarity to California's CCPA/CRPA, establishes a framework for controlling and processing consumers’ personal data; effective January 1, 2023.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Reverse Mortgage Daily – Chris Clow
Nationstar Mortgage will pay $500,000 in the Reverse Mortgage Disclosure dispute as a result of the New York Office Attorney General's settlement.
The Washington Department of Licensing published a permanent rule to incorporate changes required by SB 5641 to establish rules for remote notarization being performed by licensed Washington notaries effective March 14, 2021.
Wyoming House Bill 8 consolidates consumer credit provisions governing supervised loans into existing law for consumer loans; authorizing sales finance activities for specified licensees; providing for refunds upon termination of consumer credit sales and loans; exempting supervised financial institutions from specified notification and fee requirements; providing payoff calculations by assignees; amending the scope and applicability of the Wyoming Uniform Consumer Credit Code; making conforming amendments; repealing obsolete provisions; authorizing rulemaking; specifying applicability; effective July 1, 2021.
On February 18, 2021, the Texas Office of Consumer Credit Commissioner updated OCCC Advisory Bulletin B20-2 continues to encourage lenders to work with consumers impacted by COVID-19, provides a reminder of requirements for using electronic signatures, and provides guidance on conducting regulated lending activity from unlicensed locations; through March 31, 2021.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
Virginia House Bill 1882 that a deed of trust that has been recorded and secures indebtedness or other obligations under a loan document may be amended, modified, supplemented, or restated from time to time, without the necessity of recording an amendment to such deed of trust; and requires that the interest rate of a prior mortgage be stated on the first page of a refinance mortgage effective July 1, 2021.
New Jersey Assembly Bill 2964 requires all creditors that acquire title to non-owner occupied residential property following foreclosure to notify the municipality and common interest community effective February 22, 2021.
Inside ARM –Mike Bevel
Effective immediately, Washington State work from home rules for collection agencies are now permanent.
Indiana House Bill 1056 amends the requirements for instruments and conveyances to be recorded, adds instances in which an instrument is considered validly recorded for purposes of providing constructive notice, and defines certain terms, effective February 17, 2020.
