This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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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.
Arizona Senate Bill 1115 revises the uniform law on notarial acts to incorporate provisions for electronic notarizations; effective June 30, 2022.
Search our Compliance Calendar for current regulatory changes & updates.
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.
The Illinois Department of Financial and Professional Regulation has adopted provisions relating to its Real Estate License Act
"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
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.
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.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
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.
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.
