More about Paul McSheffrey
Paul McSheffrey, JD, is a senior regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at the New England School of Law. He is admitted to the Bar in both Massachusetts and New York.
Blog Posts by Paul McSheffrey:
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Colorado Amends Laws Regarding Internet or Electronic Foreclosure Sales
September 21, 2015By Paul McSheffrey, J.D.Recently enacted Colorado House Bill 15-1142 amends provisions regarding foreclosure sales by public trustee. The changes concern the option for a trustee to conduct a foreclosure sale via the internet or other electronic method. Colorado Revised Statutes, 38-37-104 (1)(b)(X) revises the maximum fee that a public trustee may charge. A […]
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Vermont Amends Consumer Protection Laws
By Paul McSheffrey, J.D.The state of Vermont has recently made changes to several consumer protection laws. Senate Bill 73 amends rules including rent-to-own agreements, financial literacy, and the Security Breach Notice Act. Rent-to-Own AgreementsSenate Bill 73 modified 9 V.S.A. § 41b regarding rent-to-own agreements of merchandise. This section provides definitions, limits, and requirements for rent-to-own […]
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Oregon Amends Provisions Regarding Payoff Statements and Borrower Obligations under Real Estate Loan Agreements
By Paul McSheffrey, JDJuly 8, 2015 The Oregon legislature recently passed House Bill 3244, amending Oregon statute ORS 86.157. These changes concern payoff statements and the obligations of borrowers under real estate loan agreements. The definitions found within 86.157(1)(a)-(g) have been amended. The definitions for “borrower” and “lender” now include an assignee or successor in […]
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Virginia Recording and Title Provisions Amended
By Paul McSheffrey, J.D.Tenancy by the EntiretiesThe Virginia legislature has recently adopted changes to statutes regarding tenants by the entireties. Under 55-20.2(B) property held by a husband and wife as tenants by the entireties and conveyed to their revocable or irrevocable trusts shall have the same immunity from the claims of their separate creditors as […]
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West Virginia Revises Provisions Regarding Deeds of Trust and Modification Charges
By Paul McSheffrey, J.D.Trustee Real Estate Sales With Senate Bill No. 418, the West Virginia legislature has enacted provisions regarding the sale of real estate by a trustee under a deed of trust. Section 38-1-7(b) of the Code of West Virginia, 1931 now provides that a defendant in a civil action to recover a deficiency […]
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Colorado Changes Property Tax Escrow Requirements to Match Federal Law and Regulations
By Paul McSheffrey, J.D. With Senate Bill 15-142, the Colorado legislature has recently adopted changes to state property tax escrow requirements. The bill aligns Colorado law with the Federal Real Estate Settlement Procedures Act (RESPA). Colorado Revised Statutes, 39-1-119(1) now requires that all funds held in escrow for the payment of property taxes in excess […]
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Colorado Alters Homestead Exemption Recordation Requirements
By Paul McSheffrey, J.D.Colorado House Bill 15-1069 makes changes to the information required to be included in recorded homestead exemption filings. Under Colorado Revised Statutes, 38-41-202(4), if a homestead has been created by the owner of the property and/or their spouse by recording in the county clerk and recorder of the county where the property […]
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Wyoming Modifies Uniform Trust Code
by Paul McSheffrey, J.D.The Wyoming legislature has recently adopted changes to the Uniform Trust Code with Enrolled Act No. 59. Section 4-10-504(g) has been added to clarify that a discretionary distribution from a discretionary trust creates no property interest in the beneficiary. There is no property interest created, regardless of whether the discretionary distribution is […]
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Montana Adopts Changes to Mortgage Licensing Laws
by Paul McSheffrey, J.D.With Senate Bill No. 98, the Montana legislature has recently adopted changes to its state mortgage licensing laws. The amendments include changes to definitions, licensing requirement clarifications, changes to experience requirements, and clarifications to control persons required to meet licensing requirements. Several definitions have been added or changed under 32-9-103. The definition […]
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Maryland Revises Foreclosure Procedures for Residential Property
By Paul McSheffrey, J.D. The Maryland Commissioner of Financial Regulation has recently amended provisions under COMAR 09.03.12 relating to foreclosure procedures for owner-occupied residential property. These changes conform Maryland regulations with recent changes to federal regulations. There are now Notice of Intent to Foreclose forms that conform to new federal regulations regarding the foreclosure referral […]