June, 2016
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2017 HOEPA and QM Loans
On June 17 2016, the Consumer Financial Protection Bureau (CFPB) announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations that will apply to certain consumer credit transactions in 2017. The adjustments are based on the percentage change in Consumer Price Index. The notice addresses the thresholds […]
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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 […]
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Connecticut Amends Financial Institution Regulations
The Connecticut state legislature recently passed House Bill 5571: “An Act Concerning Banking and Consumer Protections.” The Act includes 93 Sections with varied effect dates amending and revising statutory provisions relating to financial institutions. The areas receiving the most attention under the Act include: Purchases and Sales of Securities The sections concerning securities outline the […]
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South Carolina Enacts Provisions Regarding Uniform Fiduciary Access to Digital Assets Act
The General Assembly of South Carolina has recently enacted the Uniform Fiduciary Access to Digital Assets Act, effective immediately. The purpose of this Act is to provide clarification regarding the accessing of digital assets in the event of death or incapacitation. Digital assets include, but are not limited to, email accounts and their contents, social […]
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Colorado Amends Statutes Related to Foreclosure Sales
Various provisions related to foreclosure sales under Article 38 have been modified by the state of Colorado. No substantive modifications have been made but portions of Article 38 have been repealed to preserve the legislative intent and meaning of the law. The following have been repealed: Colorado Revised Statutes 38-38-101(1)(h) C.R.S. 38-38-101 states that a […]
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Oklahoma Revises Mortgage Holder Release Requirements
By Brian Castine Although multiple updates across various statutes occurred in Bill NO. 3201, the following pertains to mortgage holder release requirements. The State of Oklahoma has reduced the number of days that the mortgagee is afforded to release a mortgage without incurring a penalty. The mortgage must now be released by the holder within […]
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New Hampshire Amends Provisions Regarding Debt Adjustment Services
New Hampshire amended its provisions relating to debt adjustment services. These provisions are effective on January 1, 2017. Chapter 399-D Debt Adjustment Services Definitions Included in these amendments are definitions for several terms. IV. “Debt adjustment” means: a) Providing debt management advice or counseling to consumers for direct or indirect compensation; b) Creating debt management plans for […]
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Maryland Mortgage Lender License Application Investigation Fee Reduced
Effective July 1, 2016 the mortgage lender license application investigation fee is reduced from the current rate of $100 to $1. MD Fin Inst Code § 11-507 (2013) requires that any applicant for a Mortgage Lenders license shall pay the Commissioner of Financial Regulation a nonrefundable investigation fee. Currently, the Code of Maryland Regulations (COMAR) […]
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Idaho Updates the Residential Mortgage Practices Act
By Julio Suarez, J.D.Effective as of March 25, 2016 Idaho adopted provisions updating its Residential Mortgage Practices Act (the Act). These updates include federal law reincorporation and streamlined processes for lenders as well as brokers. Provided InformationThe amendments incorporated into the Act allow for temporal requirements to shift along with the regulations and laws. Previously, […]