April, 2017
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Arkansas Modifies Licensing Provisions under the Fair Mortgage Lending Act
The state of Arkansas has recently enacted House Bill 1801 to amend the Fair Mortgage Lending Act (FMLA). This provision is effective on August 18, 2017 (or 91 days after adjournment of the current legislative session).
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Maryland Enacts Two Provisions Regarding Notice of Foreclosure Sale
Maryland has enacted House Bill 1048, which requires filing of a notice of foreclosure sale with the Department of Labor, Licensing, and Regulation, and House Bill 26 which provides that a person authorized to make a foreclosure sale give notice of the sale and any postponements or cancellations to the record owner of the property and to condominium or homeowners associations.
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Fannie Mae Updates Selling Guide
April 25, 2017, Fannie Mae released Announcement SEL-2017-04, describing updates to the Selling Guide on a number of topics.
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Tennessee Amends Provisions Relating to the Licensing of Non-Depository Financial Institutions
The state of Tennessee has amended provisions of its Residential Lending, Brokerage and Servicing Act affecting the licensing of certain non-depository financial institutions.
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Utah Amends Provisions under Residential Mortgage Practices and Licensing Act
The state of Utah has recently revised its Residential Mortgage Practices and Licensing Act (House Bill 196), which specifies the reporting and licensing requirements under the jurisdiction of the Division of Real Estate. These changes are effective as of May 8, 2017.
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North Dakota Enacts Provisions Regarding Uniform Fiduciary Access to Digital Assets Act
North Dakota enacted several provisions of the Uniform Fiduciary Access to Digital Assets (UFDAA). The provisions enacted permit individuals serving in certain fiduciary roles to access digital information of a user; specifically fiduciaries acting under a will or power of attorney, a decedent’s personal representative, a guardianship, a trustee and a custodian.
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Utah Enacts Uniform Fiduciary Access to Digital Assets Act
The state of Utah has recently enacted the Uniform Fiduciary Access to Digital Assets Act, which clarifies the law regarding access to digital assets in the case of death or incapacitation. The Act will become a new chapter within the Uniform Probate Code, and will be effective as of May 8, 2017.
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OCC Issues Retail Lending Booklet
April 12, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-15 “New Comptroller’s Handbook Booklet” announcing its issuance of a new “Retail Lending” booklet.
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Nebraska Amends Loan Broker Agreement Disclosure Requirements
Effective on September 1, 2017, Nebraska amended its provisions on the manner and process that a loan broker agreement must be given.
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Utah Updates Notaries Public Reform Act
The State of Utah has recently amended several provisions of the Notaries Public Reform Act, with an effective date of May 8, 2017.