This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
House Bill 124 enacts provisions for electronic recording of documents and remote notarizations effective January 1, 2021.
Housingwire--Julia Falcon
The Pennsylvania House passed House Bill 2412 ito allow real estate services to be conducted across the state including in-home showings and inspections.
Search our Compliance Calendar for current regulatory changes & updates.
Buckley LLP--InfoBytes Blog
Nine states announced a multi-state initiative to provide student loan relief options for borrowers with commercially-owned Federal Family Education Loan Program loans and privately held student loans not covered by the CARES Act.
The South Carolina Department of Consumer Affairs published changes to its Consumer Protection Code dollar amounts effective July 1, 2020 to June 30, 2022.
Ballard Spahr LLP--John L. Culhane, Jr.
Massachusetts, New Jersey, Connecticut, Illinois, and Vermont will be joining a multi-state initiative providing relief to borrowers with student loans that are not covered by the CARES Act.
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.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
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.
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.
"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
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.
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.
