State Mortgage Compliance
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Utah Amends Provisions Regarding Anti-Discrimination and Fair Housing Acts
By Matthew Dailey, J.D.The state of Utah amended multiple provisions regarding the state Anti-Discrimination and Fair Housing Acts. Senate Bill 296 modifies definition provisions related to employment and housing discrimination, including defining “employer,” “gender identity,” and “sexual orientation.” The bill also added sexual orientation and gender identity under prohibited discrimination provisions regarding residential real estate-related […]
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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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New York Adopts Force-Placed Insurance Regulation
By Margaret Wright, J.D.Effective February 6, 2015, New York has adopted regulations concerning force-placed insurance. As a result of an investigation, the New York State Department of Financial Services had found that current force-placed insurance practices were resulting in excessive force-placed insurance rates, inadequate notice to consumers and questionable business practices and relationships.Notice RequirementThe new […]
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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 […]
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Massachusetts Updates Truth in Lending Regulations
By Margaret Wright, J.D.The Code of Massachusetts Regulations Truth in Lending section (209 CMR 32) has recently been amended to align to recent Federal Regulation Z updates. Many states, including Massachusetts, have adopted their own Truth in Lending regulations as permitted to do so where the regulations are substantially similar to Regulation Z and adequately […]
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Pennsylvania Modifies Provisions Regarding Powers of Attorney
by: Lee Greenberg The state of Pennsylvania recently modified provisions regarding powers of attorney in House Bill No. 1429. Some of the provisions are effective immediately while others are effective on January 1, 2015. House Bill No. 1429 requires a power of attorney to be dated, and it must be signed by the principal or by […]
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California Amends Mortgage Loan Originator Education Requirements
by: Lee Greenberg The state of California recently amended provisions regarding mortgage loan originator education requirements in Senate Bill No. 1459. The new legislation becomes effective on January 1, 2015. Under the law, an applicant for a mortgage loan originator license is required to complete at least 20 hours of approved prelicensing education. Prelicensing education courses […]