More about Robert Harrison
Blog Posts by Robert Harrison:
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Ohio Loan Prepayment Penalty Adjustment for 2018
The Ohio Department of Commerce announced its annual loan prepayment penalty adjustment for 2018.
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Oregon Adopts Temporary Administrative Order Regarding Mortgage Servicer Licensing
The Mortgage Loan Servicer Practices Act necessitates that Oregon mortgage servicers attain a license from the Department of Consumer and Business Services (DCBS) by January 1, 2018. In order to provide time for the application process, a temporary rule has been adopted to create a licensing program in advance of the January 1, 2018 compliance date. This temporary rule adopted by Oregon sets application requirements for obtaining a license, requirements for corporate surety bonds and irrevocable letters of credit, and application and renewal fees. The rule also clarifies which entities are exempt from licensing.
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Vermont Issues Declared Rate for 2018
The Vermont Commissioner of Taxes issued a memo regarding the average prime loan rate charged by banks for 2018. This rate is the basis for determining whether a loan is a high-rate/high-point loan.
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Illinois Amends and Repeals Certain Provisions of the Residential Mortgage License Act
The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend certain portions of its Residential Mortgage License Act. The changes to Title 38 of the Illinois Administrative Code Section 1050 are effective immediately.
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Ohio Amends Required Disclosure at Closing
The Ohio Office of Attorney General, Consumer Protection, amended provisions relating to the required disclosure at closing. These provisions are effective on July 20, 2017.
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Vermont Enacts Provisions Regarding Home Loan Escrow Accounts
Through Senate Bill 136, the state of Vermont enacted provisions regarding home loan escrow accounts. This bill adopted miscellaneous consumer protection provisions. For the purpose of this article, we will focus on the amendments to home loan escrow account provisions that are effective July 1, 2017.
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Maine Amends Various Provisions Related to Mortgage Loan Servicers and Foreclosure
The state of Maine amended its provisions under its Consumer Credit Code applicable to mortgage loan servicers and also amended its provisions relating to hearing and judgment under foreclosure proceedings by civil action.
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Vermont Amendments to Provisions Regarding Licensed Lenders and Loan Servicers
The state of Vermont modified multiple provisions through House Bill 182 that includes amendments regarding licensed lenders and loan servicers. Provisions in this bill range from effective immediately to effective on July 1, 2017; unless noted otherwise, the amendments discussed in this article are effective immediately.
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Vermont Enacts Provisions Regarding Uniform Voidable Transactions Act
The state of Vermont enacted provisions through House Bill 35 regarding its Uniform Voidable Transactions Act. These provisions are effective on July 1, 2017.
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Vermont Enacts Provisions Regarding Revised Uniform Fiduciary Access to Digital Assets Act
Vermont House Bill 152 revises the Vermont Revised Uniform Fiduciary Access to Digital Assets Act by adding Sec. 1. 14 V.S.A. chapter 125. The act clarifies the law regarding access to digital assets in the case of death or incapacitation and grants fiduciaries access to a user’s online accounts, correspondences, and other computer files, if specified in his or her will, trust, or similar agreement. These provisions are effective on July 1, 2017.