This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Reverse Mortgage Daily--Chris Clow
The New York Department of Financial Services (DFS) issued updates to regulations governing both Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgage products, addressing such items as termination events, letters of credit, and counseling affidavits, among others.
DSNews--Krista Franks Brock
The New York state legislature passed AB 6976/ SB 4190 that will require mortgage servicers to provide their name and contact information at multiple points during foreclosure proceedings involving one- to four-family residential properties; the bills have been sent to the Governor for final signature.
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Colorado adopted amendments to it's Mortgage Loan Originator Licensing and Mortgage Company Registration Act (MLOLMCRA) Rules effective January 1, 2021.
Washington State Governor Jay Inslee signed proclamation 20-19.3, extending both the state of emergency and the statewide moratorium on evictions through October 15, 2020.
Weiner Brodsky Kider PC
Pennsylvania's Governor issued an Executive Order extending the suspension of foreclosure notices and staying evictions until August 31, 2020.
Buckley LLP--InfoBytes Blog
Louisiana's Governor signed HB 701, establishing the licensing and regulation of virtual currency businesses in the state.
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Buckley LLP--InfoBytes Blog
Missouri's Governor has signed SB 599, that modifies mortgage broker licensing requirements
Missouri Senate Bill 599 modifies 443.717 to provide that a mortgage loan originators prelicensing education course completed by an individual shall not satisfy the prelicensing education requirement if the course precedes an application by a certain period as established by the NMLSR, and imposes additional requirements for brokers doing business in the state; effective August 28, 2020.
Missouri House Bill 1655 allows electronic signatures to be certified by a notary with the electronic notarization process to be overseen by the Missouri Secretary of State effective August 28, 2020.
Oregon House Bill 4204 establishes temporary limitations on lenders being able to enforce default remedies on obligations secured by mortgages, trust deeds, land sale contracts or other instruments, effective June 30, 2020; includes: requirements to defer payments; escrow impound considerations; notice requirements for residential and commercial borrowers; a written notice to borrower of borrower's rights for accommodation under Act; prohibitions on fees, penalties and charges; foreclosure dismissals; and provides for actual damages in event of suit by a borrower.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
MReport – Mike Albanese
According to a report by Orlando Sentinel, Florida Governor Ron DeSantis vetoed $225 million of funding previously allocated for the State Housing Initiatives Partnership.
Oregon House Bill 4212 temporarily allows notary publics to perform notarial acts using communication technology for remotely located individuals under certain circumstances, effective June 30, 2020 through June 30, 2021.
The Nebraska Secretary of State has adopted the proposed regulations relating to the "Electronic Notary Public Act" effective immediately.
Mississippi House Bill 1156 enacts the “Revised Mississippi Law on Notarial Acts”, amending and repealing provisions of Miss. Code Ann. § 89-3-7, effective July 1, 2021.
