This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
Troutman Pepper Hamilton Sanders LLP
California's attorney general has released a third set of proposed modifications to the California Consumer Privacy Act (CCPA).
Search our Compliance Calendar for current regulatory changes & updates.
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.”
Black, Mann & Graham L.L.P.
Tthe Finance Commission of Texas published proposed amendments to the Texas Residential Mortgage Loan Companies (7 TAC Chap.80) and Texas Mortgage Bankers and Residential Mortgage Loan Originators (7 TAC Chap. 81), with comments due by October 24, 2020.
Automated compliance tests to ensure compliance on more loans in less time
DS News – Roy Diaz
The United States Bankruptcy Court for the Southern District of Ohio announced a Mortgage Modification Mediation Program (MMM Program) to simplify negotiations and expedite the settlement process between debtors and creditors within the bankruptcy proceedings.
California Senate Bill 1148 makes substantial amendments to the mortgages and deeds of trust foreclosure laws effective January 1, 2021.
California Senate Bill 1079 makes substantial amendments to the residential property foreclosure laws effective January 1, 2021.
National Mortgage News--Amanda Fries
New York Gov. Andrew M. Cuomo is extending the foreclosure and eviction moratorium (Tenant Safe Harbor Act) to January 1, 2021.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Hawaii Senate Bill 2275 updates the laws regarding notaries public to conform to the Revised Uniform Law on Notarial Acts (2018), the Hawaii Uniform Electronic Transactions Act, other state notary laws, and current notary practices effective 1/1/2021.
The Texas Joint Financial Regulatory Agencies adopted a final rule regarding Payoff Statements effective September 20, 2020.
Buckley LLP
California Assembly Bill 1864 passed by the Legislature on August 31, enacts the enacts the California Consumer Financial Protection Law (CCFPL) and establishes the Department of Financial Protection and Innovation (DFPI) (formerly the Department of Business Oversight (DBO) effective January 1, 2021.
The Oklahoma Secretary of State has adopted permanent provisions relating to its Remote Online Notary Act, OAC 655:25-1.
