More about Adam Faria
Adam Faria, JD, is a regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at Suffolk University Law School. He is admitted to the bar in Massachusetts and New Hampshire.
Blog Posts by Adam Faria:
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Massachusetts Updates Mortgage Licensing Provisions
Effective immediately the Massachusetts Division of Banks has updated the provisions of 209 CMR 41 in order to clarify and reduce reporting requirements in part due to the NMLS.
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California Updates Various Provisions
California has passed Assembly Bill 1650 which amends its real estate licensee advertising requirements to require additional disclosures. Existing law requires that, where a real estate licensee publishes, circulates or distributes in any newspaper or periodical or by mail any matter pertaining to any activity for which a license is required, that the advertisement disclose: that the licensee is performing an act for which a real estate license is required, the licensee’s license identification number, and, in the event the licensee is also a mortgage loan originator, his or her NMLS license number.
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Rhode Island Amends Foreclosure and Homestead Exemption Statutes
The State of Rhode Island has recently passed an act relating to Mortgage Foreclosure and Sale. Rhode Island has amended RIGL Ch. 34-27 Mortgage Foreclosure and Sale by adding Section 34-27-8 Requirement of affidavit from certain tax exempt entities. The amended statute affects the sale of residential property by a mortgagee.
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Alaska Amends Provisions Regarding Mortgage Loan Originator Licensing
Effective as of January 1st, 2017, the Alaska legislature amended provisions regarding mortgage loan lenders’ and originators’ licensing requirements in addition to the inclusion of a “registered depository institution” in the Act. The following focuses on the inclusion of the latter entity throughout the amended provisions.
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Hawaii Fiduciary Access to Digital Assets Act
Effective Immediately Hawaii has enacted Senate Bill 2298, the ‘Uniform Fiduciary Access to Digital Assets Act’. The Act allows a fiduciary acting under a will or power of attorney, a personal representative of a decedent, a conservator, or a Trustee of a trust to compel disclosure of a digital asset from a custodian who stores […]
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The District of Columbia Revises its Notary Public Regulations
On June 15, 2016, the District of Columbia Office of the Secretary repealed and replaced Ch. 24 of Title 17 of the District of Columbia Municipal Regulations dealing with Notaries Public. The revised rules are effective July 1, 2016. 2400 Appointment of Notaries The District of Columbia Office of the Secretary, Office of Notary Commissions […]
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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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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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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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Maryland Updates Mortgage Loan Officer Licensing Requirements
By Adam Faria, J.D.Effective July 1, 2016, Maryland Senate Bill 87 amends certain Mortgage Loan Officer licensing requirements as they relate to fingerprints for use by the Criminal Justice Information System Central Repository of the Department of Public Safety and Correctional Services (Central Repository). Senate Bill 87 also repeals the requirement that the Commissioner waive […]