State Mortgage Compliance
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Louisiana Amends Provisions Regarding Trusts
The state of Louisiana has recently updated its Trust Code, through House Bill No. 286, which is effective August 1, 2016. One of the revisions applies to the situation where a beneficiary dies before the settlor (the person who created the trust). The update expands the category of parties to whom the settlor may shift […]
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Hawaii Adopts Amendments Regarding MLO and Mortgage Servicing Licensing
The State of Hawaii has enacted Senate Bill 2850 which amends its mortgage loan originators law and mortgage servicers law. The purpose of the bill is to bring consistency to the terminology of the chapters, to bring clarity to the scope of each chapter and to update references to federal law in the chapters. The […]
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New York Amends and Enacts Foreclosure Provisions
New York recently amended and enacted several statutory provisions that relate to foreclosures. These provisions take effect on December 20, 2016. Settlement Conferences First, there are some changes that effect mandatory settlement conferences for foreclosure actions on real property of which the defendant is a resident. The legislation states that at the conference, parties should […]
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Georgia Adopts Various Provisions Applicable to Residential Mortgage Act
The Georgia Department of Banking and Finance adopted various provisions with respect to the Residential Mortgage Act including licensing fees, examinations and renewals, advertising requirements, maintenance of records, and administrative fines. These provisions are effective on July 10, 2016. Chapters 80-5 and 80-11: Financial Institutions and Brokers and Lenders 80-5-1-.07 License Renewal Periods and Requirements […]
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South Carolina Revises Consumer Protection Codes
The state of South Carolina General Assembly 121st Session, 2015-2016, enacted provisions regarding its Consumer Protection Code. These provisions cover a wide array of changes and are effective immediately. Selected changes can be found below, see bottom for state link. SECTION 1. Section 37-1-201(1) of the 1976 Code This provision amends the definition of a […]
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South Carolina Powers of Attorney
Effective on January 1, 2017, South Carolina enacted incorporations and amendments to its South Carolina Uniform Power of Attorney Act (Act). This was done largely by adopting large provisions of the Uniform Power of Attorney Act (UPOAA) while noting some key differences. Section I will provide a brief outline of the foundations of the power […]
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New Hampshire Amends Provisions Regarding Mortgage Servicers
RSA 397-A Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers 397-A:1 Definitions XII. “Mortgage banker” means a person not exempt under RSA 397-A:4 who, for compensation or gain, or in the expectation of compensation or gain, whether such compensation or gain is direct or indirect: (a) Makes or originates a mortgage loan as payee on […]
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Montana Surety Bond Requirements for Mortgage Brokers and Lenders
Effective June 18, 2016, entities applying for a mortgage broker or mortgage lender license for the first time in Montana, with no prior business history or a business history of less than one year at the time of application, are now required to purchase a surety bond in the amount of $25,000.00. Previous to this […]
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Colorado Amends Provisions Related to Debts Secured by Real Property
Colorado House Bill 16-1356 amends Colorado Revised Statutes 38-35-124 and most notably adds sections 4(a) and (b). These new provisions cover the satisfaction of a debt secured by real property. C.R.S. 38-35-124(4)(a) This provision covers the satisfaction of a debt secured by real property where the indebtedness has been satisfied by the debtor but the […]
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Massachusetts Adopts Provisions Regarding Unfair and Deceptive Acts and Practices in Consumer Transactions
Effective immediately, the Massachusetts Office of Consumer Affairs and Business Regulations has adopted revisions to 209 CMR 40.00 in order to bring Massachusetts regulations regarding Unfair and Deceptive Practices in Consumer Lending in line with their counterpart Federal regulations. The primary revisions affect High Cost Mortgage Disclosures, High Cost Mortgage Limitations, and Prohibited Practices in […]