This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
The state of Oregon foreclosure moratorium will expire tomorrow, December 31, 2021.
The state of New York has amended provisions regarding electronic notarization with an effective date of June 20, 2022, authorizing the use of video and audio conference technology in identifying individuals for electronic notarization.
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Search our Compliance Calendar for current regulatory changes & updates.
New York Senate Bill 1579, "The Good Neighbor Act", requires a plaintiff including a lender, an assignee or a mortgage loan servicer in a mortgage foreclosure action to maintain the subject property.
insideARM- John Bedard
An Advisory Opinion has been published by the Administrator of the Colorado Uniform Consumer Credit Code which clarifies the State’s interpretation of the Colorado Fair Debt Collection Practices Act as it relates to Regulation F
The California DFPI is extending the deadline for licensees to transition onto NMLS until March 15, 2022 under the California Financing Law.
Effective January 1, 2022, the declared rate is 3.25% for determining whether a loan is a high-rate/high-point loan under Vermont law.
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Reverse Mortgage Daily- Chris Clow
The NY state assembly has announced that reverse mortgage borrowers are eligible to apply for direct relief through the NY Homeowner Assistance Fund.
Effective January 1, 2022, California amended its provisions regarding revocable transfer on death deeds that include definitions relating to the beneficiary, real property, subscribing witness, and unsecured debts.
The state of Wyoming adopted requirements regarding its Uniform Consumer Credit Code, effective immediately.
The Wyoming Secretary of State adopted terms relating to notarial acts that include remote notarizations, effective immediately.
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Reverse Mortgage Daily – Chris Clow
New York Governor signed Reverse Mortgage Co-operative bill that allows seniors aged 70 or older living in New York state to take out a reverse mortgage loan on co-operative living space.
All notarial officers will be required to get new official stamps to meet new legal requirements, keep a mandatory journal of notarial acts, and pass a training examination before being recommissioned.
Comments are requested by the California DFPI and due on December 20, 2021 regarding a proposal to require registration for the following industries: debt settlement services; student debt relief services; education financing; and wage-based advances.
Buckley
The Utah Department of Commerce’s Division of Real Estate recently amended its Residential Mortgage Practices and Licensing Rules to update licensee application qualifications, eliminate certain misdemeanor convictions as a basis for disqualification, update timing requirements for background check components and make further technical edits effective October 26, 2021.
