This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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.
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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.
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).
"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
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.
Office Inspector General
U.S. Attorney Craig Carpenito announced, Josehp A. McCallum Jr., a member of the Newark Municipal City Council, was charged with scheming to obtain bribes and kickbacks.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Troutman Pepper Hamilton Sanders LLP
California's attorney general has released a third set of proposed modifications to the California Consumer Privacy Act (CCPA).
The Montana Department of Administration amended its provisions relating to licensing renewal fees effective for the license period January 1 through December 31, 2021.
Reverse Mortgage Daily--Chris Clow
According to officials, California’s new Department of Financial Protection and Innovation will not have enforcement authority over reverse mortgages in the the state.
Buckley LLP
California Assembly Bill 1525 enacts cannabis provisions, including the approval for banks and accountants to provide financial services to cannabis businesses are not in violation of California law and allows licensed cannabis businesses to sign a waiver permitting state or local licensing and regulatory authorities to share “application, license, and other regulatory and financial information” with a designated financial institution “for the purpose of facilitating the provision of financial services for that licensee.”
