This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
USFN-- Joseph A. Camillo, Jr., Esq.
New Hampshire Governor Christopher T. Sununu issued an emergency order to prohibit all judicial and non-judicial foreclosure actions during the duration of the State of Emergency declaration; no eviction proceedings shall be initiated, order issued or enforced for the duration of the State of Emergency.
Idaho House Bill 401 amends, repeals, and adds to existing law to revise the regulations and requirements for licensing for mortgage lenders, effective July 1, 2020.
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The New York Department of Financial Services has put provisions in place on an emergency premise in relation to reverse mortgage loans.
Massachusetts Division of Banks amended the regulations governing the procedures and requirements for the licensing and supervision of mortgage loan originators, which went into effect on January 10, 2020.
Vermont Senate Bill 110 creates a chief privacy officer; to direct the State to conduct a privacy audit concerning the collection and use of citizens’ data; to adopt a student online privacy protection act; to expand the definition of personally identifiable information subject to the Security Breach Notice Act and ensure consumer notice of a data breach; and to require internet service providers to provide notice concerning the potential sharing of private data.
Ohio announces loan prepayment penalty adjustment, in which no penalties on prepayment or refinancing of a residential mortgage loan may be assessed on loans of less than $92,566, effective January 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.
West Virginia House Bill 4353 relating to the use of post-criminal conduct in professional and occupational initial licensure decision making effective May 19, 2020.
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New York Govenor Andrew Cuomo declared a state of emergency due to the spread of coronavirus, which impacts the state’s new telemarketing bill, the "Nuisance Call Act," which went into effect on March 1, 2020 and prohibits “knowingly making unsolicited sales calls to any individual in a city, county, town or village during a declared state of emergency”, and may last through September 7, 2020.
Wisconsin Assembly Bill 293 repeals and replaces Chapter 137 of Wisconsin’s Statutes with a new Chapter 140, which promulgates the requirements for notarial certificates, effective May 1, 2020.
DSNews--Mike Albanese
Michigan Gov. Gretchen Whitmer signed House Bill 5124, Pay As You Stay (PAYS), into law to help Michigan homeowners struggling to pay property taxes stay in their homes by providing affordable payment plans and eliminating penalties, interest, and fees to manage their taxes.
Automated compliance tests to ensure compliance on more loans in less time
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The proposed law would overhaul the state’s DBO, expand its consumer protection authority and encourage developments of new financial products.
The Conference of State Bank Supervisors (CSBS) has release a nationwide roll out of the State Examination System (SES) that will support networked supervision among state regulators; standardize workflow, business rules and technology across states; facilitate secure collaboration between licensees and their regulators; help examiners focus more attention on higher-risk cases; and move state supervision towards more multistate exams and fewer single-state efforts.
MReport--Mike Albanese
Recently introduced Washington Senate Bill 6536 would, if passed, ban single-family zoning in up to 90 cities, including Seattle, similar to measures taken by Oregon in 2001.
Troutman Sanders LLP--Ronald I. Raether Jr., Wynter L. Deagle, Sadia Mirza, Anne-Marie Dao
The California Attorney General released modifications to the proposed regulations implementing the California Consumer Privacy Act (CCPA).
