This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
The Legal Description (Free Article)
The Connecticut Bar Association has issued a white paper providing guidance on which aspects of the real estate closing are considered an Unauthorized Practice of Law (UPL), for purposes of the UPL law established in October 2019.
Black, Mann & Graham L.L.P
The one-year seasoning period for refinancing an existing loan made under Article XVI, Section 50(a)(6) of the Texas Constitution as either a new Texas Home Equity Loan or as a no cash-out rate/term refinance ("F2 Conversion”, is currently waived as a result of the Coronavirus pandemic if the homestead is located within an area that has been declared a ‘disaster’ by the Governor or the President of the United States, and if the homeowner on oath requests the closing less than one year from the original closing due to the disaster.
Search our Compliance Calendar for current regulatory changes & updates.
Housingwire--Sarah Wheeler
New York state will allow real estate professionals to recommence in-person showings, appraisals and inspections.
Kentucky House Bill 154 establishes KRS Chapter 390, Kentucky Uniform Powers of Appointment Act effective July 14, 2020.
The Hill--
New Jersey Gov. Phil Murphy (D) announced that he and dozens of financial institutions have reached an agreement on a 90-day grace period for mortgage payments and foreclosure initiations amid the coronavirus outbreak.
Georgia Realtors--Darrell Sutton, President of the Georgia Bar Association
The Supreme Court of Georgia has issued an order temporarily suspending such requirement that an attorney to be physically present at the closing of a real estate transaction and in close proximity to the parties to the transaction, allowing instead that a lawyer may participate in and supervise the closing of a real estate transaction by way of video conference.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
West Virginia House Bill 4748 increases fees that private nongovernment notary publics may charge for notarial acts effective June 5, 2020.
West Virginia House Bill 2086 amends provisions under the Uniform Real Property Electronic Recording Act effective May 28, 2020.
South Dakota Senate Bill 148 adopts the Uniform Power of Attorney Act effective July 1, 2020.
Indiana House Bill 1353 makes various changes to the statutes regarding financial institutions and consumer credit effective July 1, 2020.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
Indiana Senate Bill 395 makes multiple amendments the Uniform Consumer Credit Code (UCCC) that range in effective date from immediately to July 1, 2020.
Maine has enacted House Paper 1407 amending the Preservation of Abandoned Property provisions effective June 15, 2020.
Indiana Senate Bill 340 amends Ind. Code Ann. § 32-21-2-3(a)(1), requiring that “conveyance, a mortgage, or in instrument in writing to be recorded must be” both acknowledged by the grantor and proved before certain persons (e.g., a notary public), effective July 1, 2020.
DSNews--Seth Welborn
New York Governor Andrew Cuomo has announced a 90-day mortgage relief plan for New York homeowners, including postponing or suspending foreclosures, waiving mortgage payments based on financial hardship, prohibiting negative reporting to credit bureaus, providing a grace period for loan modification, and prohibiting late payment fees or online payment fees.
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