This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Colorado Senate Bill 96 enacts authorization for notaries public to perform notarial acts using audio-video communication, and, in connection therewith, making an appropriation; effective December 31, 2020.
Weiner Brodsky Kider PC
The NY Department of Financial Services (DFS) issued FAQs and an industry letter that provides guidance on 3 NYCRR Part 419, Servicing Mortgage Loans: Business Conduct Rules.
Search our Compliance Calendar for current regulatory changes & updates.
Weiner Brodsky Kider PC
In advance of the Indiana Uniform Consumer Credit Code (UCCC) effective July 1, 2020, the Indiana Department of Financial Institutions (DFI) has issued an advisory letter and related FAQs providing guidance to lenders and sellers on the changes.
Ballard Spahr, LLP – Jason M. Cover
In the Superior Court of the District of Columbia, Attorney General Karl A. Racine filed a complaint against Elevate Credit, Inc. alleging violations of D.C. Consumer Protection Procedures.
insideARM – Katie Grzechnik Neill
For the third time, Connecticut extended its no-action policy, which relaxes the branch office licensing requirement for debt collectors who are working remotely due to the COVID-19 pandemic.
Buckley LLP--InfoBytes Blog
California Executive Order N-52-20 grants an additional 60-day extension to submit real estate license renewal applications, fees, and continuing education requirements.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Buckley LLP--InfoBytes Blog
Missouri Executive Order 20-08 extends remote notary authorization through August 28, 2020.
DSnews – Seth Welborn
According to the Illinois Policy report, the Illinois housing market was one of the weakest in the nation before 2020.
Louisiana House Bill 274 provides for the execution of electronic notarial acts, recordation of tangible copies of electronic acts, limitations relative to remote online notarization, definitions, rulemaking, duties of notaries public, and recordkeeping requirements, generally effective August 1, 2020 with some noted exceptions.
Vermont House Bill 643 amends Vermont’s banking law repeal 8 V.S.A. § 2456 and amends licensing provisions under 8 V.S.A. § 2100 et. al., effective July 1, 2020.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Mississippi Senate Bill 2427 amends the Mississippi's S.A.F.E. Mortgage Act effective July 1, 2020 to extend and clarify the time period during which mortgage brokers are required to maintain their books, accounts and records, and to clarify the type of estimate of costs provided to the borrower.
Ballard Spahr LLP – Jermy T. Rosenblum
A Colorado state district court has ruled that a non-bank assignee of loans made by a state bank cannot charge the same interest rate that the state bank assignor can charge under Section 27(a) of the Federal Deposit Insurance Act (12 U.S.C. § 1831d(a)).
National Mortgage News – Lorraine Mirabella
Home sales plunged in the Baltimore area in May.
insideARM – Katie Grzechnik Neill
The Commissioner of Nevada’s Department of Business and industry, Financial Institution Division, allows collections agencies to re-open after Nevada’s governor issued a declaration last week to extended the outbound collection ban until June 30.
