This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Wisconsin Senate Bill 457 includes temporary authority to act as a mortgage loan originator while a license application is pending, among other things.
DSNews--Seth Welborn
The New York City Department of Housing Preservation and Development's task force has identified more than 3,000 "zombie homes" lingering from the Great Recession.
Search our Compliance Calendar for current regulatory changes & updates.
The Montana Department of Administration amended its provisions relating to licensing renewal fees.
Ballard Spahr LLP--Anthony C. Kaye & Abran Vigil
A motion has been filed by the Commissioner of the Financial Institutions Division of the Nevada Department of Business and Industry and the Nevada Attorney General to dismiss a lawsuit filed in Nevada federal court by three trade groups to challenge a Nevada amendment that allows an applicant that does not have a credit history to use the credit history of the their spouse during the marriage.
DS News--Seth Welborn
Pacific Legal Foundation is urging the Michigan Supreme Court to stop a state law that allows counties to make a profit from foreclosure sales.
Washington Department of Financial Institutions has adopted rules to implement amendments (Sec. 106 of S. 2155, Public Law No. 115-174) to the federal SAFE Act, enact changes to the rules for student education loan servicing, and technical changes for clarity and consistency, effective November 24, 2019.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Black, Mann & Graham LLP
The Finance Commission of Texas adopted amendments to the conditional pre-qualification and conditional loan approval forms attached to §§80.201 and 81.201 as Forms A and B effective May 1, 2020.
The Department of Banking and Securities published a new base figure under the Loan Interest and Protection Law of $260,404 effective January 1, 2020, for the calendar year 2020.
Effective January 1, 2020, the declared rate is 5.5% for determining whether a loan is a high-rate/high-point loan under Vermont law.
Ballard Spahr LLP--John L. Culhane, Jr.
New York Department of Financial Services' new student loan servicing law, Article 14-A, is effective and being implemented.
"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
The Commissioner of Business Oversight is seeking comments on proposed regulations under the California Financing Law to implement the regulatory requirements of licensure, including provisions related to the enrollment and oversight of PACE solicitors and PACE solicitor agents, and transitioning all applicants and licensees onto NMLS for obtaining and maintaining a license under the California Financing Law.
Ballard Sparh, LLP--Philip N. Yannella; Gregory P. Szewczyk
This article examines the very broad definition of data breach under California's CCPA and risks associated with providing personal information of a consumer to the wrong party in response to a customer request.
DSNews--Seth Welborn
In a recent Legal League 100 webinar, discussed what servicers need to know when handling Florida foreclosures and REO, and the impacts of code enforcement issues and liens.
Ballard Sparh, LLP--Philip N. Yannella; Kim Phan; Gregory P. Szewczyk; Katie Morehead
The California Attorney General’s Office released its proposed CCPA Regulations that addresses a number of important technical compliance issues.
