April, 2016
-
Kentucky Adopts Rules under the Mortgage Licensing and Registration Act and Modifies Provisions Relating to Notary Fees
The Kentucky Department of Financial Institutions implemented rules under the Mortgage Licensing and Regulation Act (MLRA) including; claims of exemption, licensing and registration, and report of condition. Kentucky Revised Statutes Chapter 286.8 governs mortgage loan companies and brokers. KRS 286.8-140(1) gives the commissioner the power to promulgate administrative rules necessary to accomplish the basic purpose of […]
-
Indiana Amends Definitions under SCRA, Amends UCCC Dollar Amounts
Indiana has amended the definitions for “active duty” and “military service”. This is important because certain benefits, rights, and protections are afforded to active duty military service members under the Servicemembers Civil Relief Act and the Federal Uniformed Services Employment and Reemployment Rights Act. Also, the Indiana UCCC dollar amounts have been amended, as required […]
-
Indiana Adopts Provisions Regarding Pre-licensing Education Requirements and Amends Definition of NMLSR
By Robert Harrison, J.D.The Indiana Department of Financial Institutions adopted provisions concerning pre-licensing education requirements as well as the definition of the term “Nationwide Multistate Licensing System and Registry” or “NMLSR”. These provisions are effective immediately. Pre-licensing Education RequirementsThe prelicensing education requirements in Indiana are governed by 750 IAC 9-3-5. Indiana has added two provisions […]
-
Idaho Amends Trustee Definition
Effective July 1, 2016, the Idaho House of Representatives House Bill No. 503 amends Section 45-1502 of An Act Relating to Trust Deeds to revise the definition of “Trustee.” Idaho has expanded the definition of Trustee. The State of Idaho maintains the previous definition as a person who has received real property by way of […]
-
State of Virginia Amends Requirements for Real Estate Settlement Agents
The state of Virginia has amended provisions for its real estate settlement agents. These changes take effect on July 1, 2016. Code section 55-525.16 has been revised to include a definition of the term “closing disclosure.” The legislation defines closing disclosure as follows: “the combined mortgage loan disclosure statement of final loan terms and 48 […]
-
South Carolina Publishes Notice Regarding Dollar Amounts under Consumer Protection Code
The South Carolina Department of Consumer Affairs published a notice in the State Register that there will be no changes to the dollar amounts under the Consumer Protection Code. Dollar amounts in the Consumer Protection Code are subject to change on July 1 of every even numbered year based on the changes in the Consumer […]
-
Indiana Amends Provisions Regarding Financial Institutions
The General Assembly of the State of Indiana has recently passed House Enrolled Act No. 1181, amending various sections of the Indiana Code concerning financial institutions, effective July 1, 2016. SECTION 25. IC 28-7-1-12, AS AMENDED BY P.L.35-2010, SECTION 153, IS AMENDED TO READ AS FOLLOWS Sec. 12. Every credit union and every affiliate of […]
-
Colorado Modifies Provisions Regarding MLO Disclosure Law
The General Assembly of the State of Colorado has recently modified its provisions regarding mortgage loan originator disclosure law, aligning state law with recent changes in Federal Law. The updated provisions, which are effective immediately, state that a mortgage loan originator’s disclosures must comply with all applicable requirements of: THE FEDERAL “TRUTH IN LENDING ACT”, […]