This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Black, Mann & Graham LLP
The Finance Commission of Texas and the Texas Credit Union Commission adopted amendments to multiple home equity lending regulations, including technical edits, updates, and repeals; effective November 26, 2020.
New York Senate Bill 4188 requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity and requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee; effective February 9, 2021.
Search our Compliance Calendar for current regulatory changes & updates.
Troutman Pepper Hamilton Sanders LLP
The Maryland Court of Appeals issued an order requiring that parties seeking to foreclose a lien on a residential property or to foreclose the right of redemption of a residential property to file a verified Declaration of Exemption from Moratorium.
New York Senate Bill 4190 requires the inclusion of the name and telephone number of the mortgage servicer for a plaintiff in a mortgage foreclosure action involving a one-to four-family residential property on the Order of Reference pertaining to such action and is effective November 11, 2020.
DS News--Phil Hall
A California referendum to change how the state's property taxes are enacted did get the votes to pass and there are some who say it would address California's housing affordability issues.
The Department of Banking and Securities published a new base figure under the Loan Interest and Protection Law of $263,975 effective January 1, 2021, for the calendar year 2021.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The Iowa Secretary of State adopted emergency rules removing the training requirement for notary publics who do not wish to perform notarial actions under Iowa Code section 9B.14A as enacted by 2019 Iowa Acts, chapter 44, section 6.
Future of Privacy Forum
The California Privacy Rights Act of 2020 passed with an implementation date of January 1, 2023.
The New York State Department of Financial Services issued guidance on September 1 to mortgage lenders and servicers that registration fees are prohibited from being charged to the mortgagor, as a registration fee is neither an attorney fee, late or delinquency fee, property valuation fee, or fee for a service rendered to a mortgagor.
Buckley
The Texas Office of the Consumer Credit Commissioner issued updated reminders for regulated lenders on how to work with consumers relating to COVID-19.
"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
Pennsylvania House Bill 2370 amends Title 57 (Notaries Public) of the Pennsylvania Consolidated Statutes, in Revised Uniform Law on Notarial Acts, further providing for authority to perform a notarial act, providing for a notarial act performed by remotely located individual and further providing for notification regarding the performance of notarial act on electronic record and selection of technology, effective immediately (October 29, 2020).
Ballard Spahr LLP--Christopher J. Willis & Richard J. Andreano, Jr.
Massachusetts federal district court has stayed HUD's 2020 rule revising its 2013 Fair Housing Act disparate impact standards.
The Michigan Department of Insurance and Financial Services published its annual licensing fees under its Mortgage Brokers, Lenders, and Servicers Licensing Act; Mortgage Loan Originator Licensing Act; and Secondary Mortgage Loan Act effective from January 1 through December 31, 2021.
Mortgage Professional America – Ryan Smith
A New York appeals court dismissed state mortgage fraud charges against Paul Manafort.
