This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Effective immediately, amendment provides that failure to send a copy of the notice of foreclosure or to file an affidavit as required results in a fine of $500 payable to the ward in which the property is located.
Ballard Sparh, LLP--Michael R. Guerrero
The California Department of Business Oversight (DBO) has issued proposed regulations to require consumer-like disclosures on certain commercial financing products, including small business loans, merchant cash advances, and factoring.
Search our Compliance Calendar for current regulatory changes & updates.
Illinois Senate Bill 1624 amends the Personal Information Protection Act to require the reporting of certain breaches. These provisions are effective on January 1, 2020.
Reverse Mortgage Daily--Chris Clow
Oregon has a new law, H.B. 2587, passed in July that could possibly lead to greater scrutiny from HUD.
Ballard Sparh, LLP--Consumer Finance Monitor
New Jersey Senate Bill 1149 was signed into law on July 30, imposing licencing requirements on student loan servicers, creating a new oversight office within the NJ Department of Banking and Insurance, and enacting various other servicing requirements and prohibited actions.
Reverse Mortgage Daily--Chris Clow
Effective this September, reverse mortgages with at least 40% equity interest can file for the state’s tax deferral program.
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CLA Residential Mortgage Compliance Monitor--Zachary Pearlstein
Rhode Island has revised the Uniform Fiduciary Access to Digital Assets Act to allow a custodian to manage digital assets while also adding privacy protections for account owners and and companies that hold the digital assets.
North Carolina Senate Bill 420 enacts the North Carolina Servicemembers Civil Relief Act, that among other things extends federal SCRA provisions to members of the North Carolina National Guard serving on state active duty and to members of the National Guard of other states serving on state active duty who reside in North Carolina. The majority of provisions are effective immediately.
Black, Mann & Graham, L.L.P. has published a memorandum that summarizes bills from the 2019 Legislative Session that are effective on or after September 1, 2019 that have impact to our industry.
Ballard Spahr LLP--Olivia L. Kratzke & James Kim
NYDFS has announced the creation of a new Research and Innovation Division which will stay abreast of the changes in financial technology and will also be charged with licensing and the supervision of digital currency companies and protect consumers’ data rights.
"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
DSNews--Seth Welborn
California is proposing a vacancy tax be levied on homes that are vacant or occupied for a minimal amount of time year, the results of which would be used to fund homeless services.
The Georgia Department of Banking and Finance has adopted several final rules. These provisions are effective on July 29, 2019.
Ballard Sparh LLP--Alan S. Kaplinsky
New York has passed Senate Bill 3704 amending plain language requirements to include consumer contracts of up to $250,000, and Senate Bill 2302 prohibiting credit reporting agencies from using or reporting information about consumers from social networks.
Black, Mann & Graham, L.L.P. has issued a memorandum summarizing bills from the 2019 Texas Legislative Session that are effective immediately and of interest to our industry.
