State Mortgage Compliance
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Virginia Modifies Real Estate Provisions
The state of Virginia has amended several of its real estate provisions, including those relating to mortgage brokers, the misuse of the power of attorney, and residential property disclosures. These updates are effective as of July 1, 2022.
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Wisconsin Enacts Provisions Regarding Financial Institutions
The state of Wisconsin has recently enacted provisions regarding financial institutions, which include temporary authority to act as a mortgage loan originator while a license application is pending. Provisions in this bill range from effective immediately to effective on May 2, 2021.
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New Jersey Issues Bulletin Regarding 2020 High-Cost Home Loan Dollar Adjustment
The New Jersey Department of Banking and Insurance has issued a bulletin setting out the maximum principal amount for loans that may be considered “high-cost home loans” under the New Jersey Home Ownership Security Act of 2002. The adjusted dollar amount is effective for loan applications received on or after January 1, 2020.
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Colorado Enacts MLO Licensing Provisions
The Colorado Division of Real Estate has adopted provisions regarding the temporary authority to act as a mortgage loan originator. These provisions are effective immediately.
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New York Adopts Reverse Mortgage Provisions
New York has enacted provisions relating to the regulation of reverse mortgages that are issued pursuant to the Federal Home Equity Conversation Mortgage Program. These provisions are effective as of March 5, 2020.
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Texas Enacts Licensing Provisions
The Texas Finance Commission has adopted provisions regarding licensing requirements for certain licensees. These provisions are effective immediately.
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Illinois Modifies Foreclosure Provisions
Illinois has amended its provisions regarding notice of foreclosure. These provisions are effective immediately.
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Illinois Modifies Personal Information Protection Act Provisions
The state of Illinois has modified its provisions regarding notice of breach under its Personal Information Protection Act. These provisions are effective as of January 1, 2020.
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Rhode Island Enacts Provisions Regarding Revised Uniform Fiduciary Access to Digital Assets Act
The state of Rhode Island has recently enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective immediately.
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Nevada Enacts Licensing Provisions
The Nevada Department of Business and Industry, Division of Mortgage Lending has adopted several provisions regarding licensure by endorsement of escrow agents and agencies. These provisions are effective immediately.