This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
Florida Governor Ron DeSantis extended the statewide moratorium on evictions and foreclosures under Executive Orders 20-94 and 20-121 until July 1, 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
insideARM—Katie Grzechnik Neil
The governor of Nevada issued a declaration outlining “Phase Two” of the state’s COVID-19 reopening guidelines that states that any prior directive not expressly discussed in the declaration is extended to June 30, 2020.
DSnews—Mike Albanese
According to Quad-City Times, Iowa governor Kim Reynolds said that home foreclosure and rent evictions moratorium would not be extended.
MBA Newslink--Mike Sorohan
The Property Assessed Clean Energy (PACE) loan program, which allows financing for energy efficiency upgrades, has been terminated in Los Angeles County, California.
ARC 5041C adopted and filed May 20, 2020 implements, in whole or in part, Iowa Code chapter 9B establishing procedures for electronic and remote notarial acts effective July 1, 2020.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Minnesota has published revised Consumer Credit Code Adjustments for dollar amounts indexed in the Regulated Loan Act, Minnesota Statutes, Chapter 56, and the Minnesota Consumer Credit Code, Minnesota Statutes, Section 47.59, effective July 1, 2020.
Troutman Sanders LLP; Pepper Hamilton LLP
Provides alert that a new privacy law, the California Privacy Rights Act of 2020 (CPRA), known as "CCPA 2.0", will appear on the November 2020 ballot for approval.
Ballard Spahr LLP--Stefanie Jackman
A Massachusetts federal district court has issued a temporary restraining order blocking the MA Attorney General from imposing the prohibitions on instigating lawsuits and collection calls in the emergency debt collection regulation announced on March 26.
Ballard Spahr LLP--Alan S. Kaplinsky
The American Financial Services Association has filed an amicus brief in a Maine federal court in support of a judgment that two amendments to Maine’s credit reporting law in 2019, preempted by the FCRA.
