This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Maine has modified its provisions for notice of foreclosure procedure effective September 19, 2019.
Maine has amended its laws effective September 19, 2019, governing foreclosure proceedings to ensure foreclosure sales are completed timely.
Search our Compliance Calendar for current regulatory changes & updates.
Compliance Monitor--Elizabeth Dailey
As part of Senate Bill 201, Nevada has modified several provisions relating to the MIlitary Lending Act to include required disclosures, APR requirements and the implementation of a database.
Oregon has amended its foreclosure provisions including requirements to include certain information regarding assistance that may be available to veterans of armed forces that are effective on January 1, 2020.
Vermont has modified pages 39-47 of H.27 for licensing requirements relating to application and annual renewal of licenses for mortgage lenders, mortgage brokers, mortgage loan originators and mortgage servicers.
Texas House Bill 4390 amends the provisions of privacy of personal identifying information and enacts creation of the Texas Privacy Protection Advisory Council. Provisions in this bill are effective on January 1, 2020.
"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
Oregon Senate Bill 11 enacts provisions relating to rights of redemption. These provisions are effective on January 1, 2020.
Hawaii House Bill 988 provides a 120-day temporary authority to originate loans in Hawaii for loan originators moving from a depository institution to a non-depository institution and state-licensed loan originators moving interstate. These provisions are effective on November 24, 2019.
HousingWire--Kathleen Howley
Expansive changes to rent control laws have passed in New York that, among other things, makes it more difficult to evict non-paying tenants.
Weiner Brodsky Kider PC
Tennessee House Bill 948 enacts the dismantling of the current consumer protection regulator, the Department of Commerce and Insurance Division of Consumer Affairs, and transfers that role to the Office of the Attorney General.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
Weiner Brodsky Kider PC
Colorado House Bill 19-1289 amends the Colorado Consumer Protection Actadds a definition for "recklessly” as a culpable mental state for certain violations of the Act, increases the potential penalty amount for violations of the Act, and adds new provisions.
Ballard Sparh, LLP--Philip N. Yannella
To help clients keep track of the status of enacted and proposed state laws pertaining to privacy laws, Ballard Sparh has launched a US State Privacy Law Tracker that will be updated regularly.
Florida has enacted provisions relating to notaries that include online notarizations that range from effective immediately to effective on January 1, 2020.
Texas has enacted provisions relating to the temporary authority of certain individuals to engage in business as a residential mortgage loan originator (RMLO). These provisions are effective on November 24, 2019.
