This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
New York Senate Bill 5642, New York Privacy Act, is now presumed dead in the latest legislative session.
CLA Residential Mortgage|Compliance Monitor--Elizabeth Dailey
The Washington Department of Financial Institutions, Division of Consumer Services recently issued a notice to licensees of temporary fee waivers under the Consumer Law Act.
Search our Compliance Calendar for current regulatory changes & updates.
Reverse Mortgage Daily--Chris Clow
New York is set to sign a new reverse mortgage bill into law that defines "deceptive practices", and may fundamentally change the way reverse mortgage business operates in the state.
North Carolina Senate Bill 529 increases the return check processing fee maximum from $25.00 to $35.00 effective for checks, refused by the payor bank because of insufficient funds or because the drawer did not have an account at that bank, dated on or after October 1, 2019.
The Indiana Department of Financial Institutions published the consumer credit fees schedule effective from July 1, 2019 through June 30, 2020.
Alaska House Bill 104 amends licensing provisions, adding new exemptions from mortgage lender, mortgage broker, and mortgage loan originator licensing requirements. These provisions are effective immediately.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Connecticut Senate Bill 320 prohibits persons other than Connecticut licensed attorneys from conducting real estate closings and prohibits mortgage lenders from inducing or requiring prospective mortgagors to use preferred attorneys or law firms. These provisions are effective on October 1, 2019.
Delaware House Bill 199 updates licensing and fee provisions for mortgage brokers and licensed lenders. These provisions are effective immediately.
The Nevada Commissioner of Mortgage Lending has adopted a regulation relating to licensure by endorsement as an escrow agent or escrow agency and addressing other licensing matters. These provisions are effective immediately.
NJ State Legislature page for S362 provides that deed restrictions on affordable housing units are not extinguished by foreclosure proceedings. These provisions are effective immediately.
ACES ENGAGE 2025 registration now open!
Join us at the Broadmoor in Colorado Springs on May 18-20, 2025.
Connecticut House Bill 6996 extends the Ezequiel Santiago Foreclosure Mediation Program until June 30, 2023 (which provisions previously expired June 30, 2019).
Connecticut Senate Bill 320 prohibit persons other than attorneys from representing the legal interests of parties in real estate closings and prohibits lenders from inducing or requiring prospective mortgagors to use preferred attorneys or law firms. These provisions are effective on October 1, 2019.
CLA Blogs--Adam Faria
Vermont Senate Bill 154 consolidates and modernizes the laws and regulations relating to non-depository licensing and compliance. These provisions are effective July 1, 2019.
Maine has enacted provisions to its Revised Uniform Fiduciary Access to Digital Assets Act effective immediately.
