This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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The Final Rule implementing South Carolina's Electronic Notary Public Act were published in the South Carolina Register on June 24, 2022, effective immediately.
The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule affirming states’ abilities to protect their residents with limited preemption by implementing their own fair credit reporting laws that are stricter than the federal Fair Credit Reporting Act (FCRA).
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The California Department of Financial Protection and Innovation (DFPI) has proposed regulations pertaining to consumer complaints and inquiries under the California Consumer Financial Protection Law (CCFP).
Due to the current interest rate environment, the State of Vermont Department of Financial Regulation has suspended the disclosures for high cost mortgage loans required by Title 9, Section 104 of the Vermont Statutes Annotated (“Section 104”) until January 1, 2023.
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The state of Louisiana amended its provisions by removing the population limitation regarding blighted or abandoned property effective on August 1, 2022.
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A recent memorandum disposition has been issued in relation to an appeals court case in the Ninth Circuit, reversing a prior decision about retroactive consent to record a user's website interaction.
The California Office of Administrative Law (OAL) approved the Department of Financial Protection and Innovations (DFPI) proposed commercial financing disclosure regulations issued pursuant to Senate Bill 1235to become effective on December 9, 2022.
The governor of the state of Vermont signed HB512 on June 2, 2022, enabling the recording of electronic documents and allowing for notaries to provide acknowledgments for remotely located individuals effective July 1, 2022.
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Louisiana amended its provisions regarding remote online notarial acts effective on August 1, 2022.
Maryland House Bill 962 amends the Personal Information Protect Act to require a business that maintains personal information of an individual residing in the State to implement and maintain reasonable security procedures and practices that are appropriate to the nature of the personal information maintained; and altering certain requirements related to notifications of breaches of the security of systems, including the circumstances under which the owner or licensee of certain computerized data is required to notify certain individuals of a breach.
The state of Maryland modified its provisions relating to notarial acts that include fees and the use of communication technology effective immediately.
The state of Vermont enacted provisions that prohibit racially and religiously restrictive covenants in deeds effective on July 1, 2022.
