This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Buckley InfoBytes Blog
The governor of California signed a bill that establishes a requirement for a creditor to refund the unearned portion of a guaranteed asset protection waiver (GAP waiver) automatically when the loan is terminated early.
The California Commissioner of Financial Protection and Innovation is proposing to adopt regulations implementing the Student Loan Servicing Act (Act), Financial Code section 28100, et seq., and the Student Loans: Borrower Rights Law, Civil Code section 1788.100, et seq.
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California Senate Bill 633 removes the exception regarding co-signer notices where the persons are married to each other from existing law which requires each creditor who obtains the signature of more than one person on a consumer credit contract to deliver to specified persons prior to those persons becoming obligated on the contract a notice in English and Spanish.
WBK Financial Services Update
The South Carolina Department of Consumer Affairs has indicated that the interim regulatory guidance that allowed mortgage originators to work remotely from unlicensed locations will be rescinded effective January 1, 2023. Starting January 1, 2023 mortgage loan originators licensed in South Carolina by the Department of Consumer Affairs must work from licensed locations.
The annual dollar amount adjustments under the Indiana Consumer Credit Code (IUCCC) have been published and the new amounts will go into effect January 1, 2023.
The state of Virginia has amended several of its real estate provisions, including those relating to mortgage brokers, the misuse of the power of attorney, and residential property disclosures pursuant to House Bill 1153 effective July 1, 2022.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The New York Department of Financial Services has issued Guidance with the purpose of alerting Institutions that the Department will evaluate whether Institutions are engaged in deceptive or unfair practices with respect to overdraft and NSF fees in future Consumer Compliance and Fair Lending examinations.
Rhode Island has amended law provisions on notarial acts to allow for remote notarizations with House Bill 7363.
On July 8, 2022, Gov. Roy Cooper signed House Bill 776, which revived the emergency remote notarization statute (N.C. Gen. Stat. 10B-25) through June 30, 2023, and concurrently enacted an entirely new and permanent remote notarization law (N.C. Gen. Stat. 10B-134 et seq.).
This bill, recommended by the General Statutes Commission, would allow judicial sales and execution sales to be postponed up to 90 days, aligning the postponement authority for judicial and execution sales with that of sales under a contractual power of sale clause.
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The Kansas Secretary of State adopted temporary rules relating to electronic notarization. These provisions are effective immediately.
The Finance Commission of Texas and the Texas Credit Union Commission ("commissions") adopts amendments to §153.1 (relating to Definitions) in 7 TAC, Chapter 153, concerning Home Equity Lending.
Dollar amounts indexed in the Regulated Loan Act, Minnesota Statutes, Chapter 56, and the Minnesota Consumer Credit Code, Minnesota Statutes, Section 47.59, will increase effective July 1, 2022.
The Final Rule implementing South Carolina's Electronic Notary Public Act were published in the South Carolina Register on June 24, 2022, effective immediately.
