This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Illinois HB 4270 creates a statutory form for special warranty deeds to standardize the most common form of deed used in commercial real estate practice and is effective January 1, 2023.
Buckley Infobytes Blog
The New York Department of Financial Services (NYDFS) issued an industry letter on May 17, reminding all institutions engaged in reverse mortgage lending in the state that existing regulatory framework for reverse mortgages will also apply to cooperative apartment loans made after Section 6-O*2 of the New York Banking Law takes effect on May 30.
Search our Compliance Calendar for current regulatory changes & updates.
Buckley Infobytes Blog
Illinois Senate Bill 3971 amends the Illinois Banking Act and Savings Bank Act to further protect the confidentiality of customer financial records, including guidance on the disclosure of financial records in response to subpoenas, warrants, and other court-related requests, effective immediately.
New York Assembly Bill 1508 expands the market for reverse mortgages by allowing borrowers who are age 62 or older to obtain reverse mortgages on cooperative apartments.
Solo Funds was issued a cease and desist order for asking consumers to pay a voluntary “tip” for a small loan, but then only giving loans to those who pay tips.
A New York federal judge temporarily enjoined New York sheriffs from Chautauqua, Erie, and Niagara counties, refusing to enforce judgment executions which seek to collect judgment interest “calculated with the interest rate in effect at the time the judgment was obtained."
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
The Illinois Department of Financial and Professional Regulation adopted provisions relating to its Predatory Loan Prevention Act effective on August 1, 2022.
On April 6, 2022, Florida enacted House Bill 925 (HB925, or the Florida Bill) facilitating the transition away from LIBOR and sets standards for the replacement of LIBOR in contracts governed by Florida law where there is no fallback provision or insufficient fallback language is provided.
Colorado passed SB 22-086, effective April 7, 2022, increasing the amount of the state’s homestead exemption to a minimum of $250,000 (rather than $75,000) if the homestead is occupied as a home by an owner or an owner’s family. The amount is higher in certain circumstances based on the household members' demographics related to age and disability.
Valuation Review
The FTC has approved the final consent order with the LREAB (Louisiana Real Estate Appraisers Board), wherein the board cannot adopt a fee schedule for appraisal services or take any other actions that have the effect of raising, stabilizing, or fixing compensation levels for appraisal services, and must also rescind its rule in the Louisiana Administrative Code, known as Rule 31101, which effectively set minimum fees for real estate appraisals.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
Fannie Mae has revised the instructions to the Texas security instrument (Form 3044 Instructions) to correct a MERS related authorized change and updated the North Carolina security instrument (Form 3034 Instructions) to correct a typographical error in an authorized change.
Mayer|Brown Legal Update - Jeffrey P. Taft, Krista Cooley, Francis L. Doorley & Daniel Pearson
Utah has enacted a Truth-In-Lending like disclosure requirement for commercial transactions similar to New York, but with an additional registration requirement, effective January 1, 2023.
insideARM - ARMInsider Newsletter- March 24, 2022
A statutory report posted to the California Department of Financial Protection and Innovation (DFPI) website indicates it has collected close to $1 million in restitution for consumers, fielded hundreds of additional complaints related to the law, and launched more than 100 investigations using its expanded authority under the California Consumer Financial Protection Law (CCFPL).
FDIC State Profiles is a quarterly summary of banking and economic conditions in each state.
