Compliance Newshub
State News

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.

DSNews--David Wharton

The State of New York Court of Appeals issued its decision in a case involving a lender's option to accelerate foreclosure, then voluntarily discontinue the foreclosure action, and its impact on the state's statute of limitations (SOL) timelines for foreclosures.

New York Senate Bill 884 amends the Reverse Mortgage Pre-Foreclosure Notice requirements to include additional information necessary to explain the mortgagor's rights in a foreclosure process, amends the information to be filed with the Superintendent to include an affirmative statement that final approval from the HUD was received to accelerate the reverse mortgage loan or that no such approval from HUD is required; and provides that authorized lenders shall comply with all applicable laws, regulations and any guidelines issued by HUD on loss mitigation for reverse mortgages, including record retention of specified loan-level data and loss mitigation data; effective on April 14, 2021.

DS News – Christina Hughes Babb

To help homeowners experiencing COVID-related struggles, Washington D.C. reopened its HomeSaver foreclosure prevention program.

Wyoming Senate File 0029 creates the Wyoming Revised Uniform Law on Notarial Acts, which repeals the Wyoming Uniform Law on Notarial Acts and allows for remote online notarization and remote ink notarization effective July 1, 2021.

The Chief Title Examiner in Massachusetts issued a memorandum addressing requirements concerning notary acknowledgments, and the Massachusetts forms of acknowledgment required by state law, as those requirements pertain to certain documents presented for registration, including powers of attorney.

The California Department of Financial Protection and Innovation (DFPI) is requesting comments on the establishment of regulations under the California Consumer Financial Protection Law (CCFPL) established by Governor Newsome on September 25, 2020; comments are due by March 8.

The Ohio Department of Commerce has announced the 2021 loan prepayment penalty adjustment in which no penalties can be imposed on prepayment or refinancing of a residential mortgage loan less than $93,119 as of January 1, 2021.

The Georgia Department of Banking and Finance adopted new licensing provisions effective January 28, 2021.

Ballard Sparh, LLP--Sarah T. Reise; Jason M. Cover

Illinois Senate Bill 1792, among other things, enacts the "Predatory Loan Prevention Act" which extends the 36% “all-in” Military Annual Percentage Rate (MAPR) finance charge cap of the federal Military Lending Act (MLA) to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity (i.e., a bank, savings bank, savings and loan association, credit union or insurance company) and amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.