This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Buckley Infobytes Blog
The New York Department of Financial Institutions has issued a letter delaying the effective date of the Commercial Financing Disclosure provisions pursuant to Article 8 of the New York Financial Services Law until implementing regulations have been issued and regulatory guidance is provided regarding the standardized disclosures.
Ballard Spahr, LLP- Consumer Finance Monitor- Christopher J Willis
Bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner, according to the ruling of a California appellate court.
Search our Compliance Calendar for current regulatory changes & updates.
The New Jersey Department of Banking and Insurance has updated its definition of a “high-cost home loan” under the Home Ownership Security Act of 2002 raising the maximum principal amount of a loan that may be considered under this definition to $527,669.59 effective on or after January 2, 2022.
Consumer Finance Monitor - Christopher J. Willis
On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant is a natural person from 9% to 2% effective April 30, 2022.
Effective January 6, 2022, the Texas Joint Financial Regulatory Agencies adopted home equity lending provisions to specify electronic disclosures requirements and describe Texas Constitution, Article XVI, Section 50’s applicability to out-of-state financial institutions.
The state of Oregon foreclosure moratorium will expire tomorrow, December 31, 2021.
ACES ENGAGE 2025 registration now open!
Join us at the Broadmoor in Colorado Springs on May 18-20, 2025.
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.
.
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.
"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
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.
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.
