More about Paul McSheffrey
Paul McSheffrey, JD, is a senior regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at the New England School of Law. He is admitted to the Bar in both Massachusetts and New York.
Blog Posts by Paul McSheffrey:
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Maryland Enacts Provisions Regarding the State Trust Act
by: Paul McSheffrey With House Bill 83, the Maryland legislature has recently enacted provisions regarding the State Trust Act. The Bill provides for the codification of Maryland’s trust laws at Title 14.5 of the Maryland Trust Act. The Act applies to express charitable or non-charitable trusts, as well as trusts created in accordance with a […]
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Maryland Revises Statutes Regarding Interest on Escrow Accounts and Savings Accounts Created for a Specific Purpose
by: Paul McSheffreyWith Senate Bill 583, the Maryland legislature has revised commercial and financial statutes relating to escrow accounts created in connection with loans secured by a first mortgage or deed of trust on residential property. Section 12-109(b)(1) now contains a new minimum interest rate payable to borrowers with such escrow accounts. A lending institution […]
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Iowa Enacts Provisions Regarding Uniform Power of Attorney Act
by: Paul McSheffreyWith Senate File 2168, the Iowa legislature has enacted the Uniform Power of Attorney Act. Beginning with the new section 633B.101, the act covers various subjects relating to powers of attorney including execution, jurisdiction, nomination of a conservator or guardian, when effective, termination, duties of a principal’s agent, and judicial relief available. The […]
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Maryland Amends Owner Occupied Foreclosure Sales and Notary Public Fees
by: Paul McSheffreyForeclosure Sale of Owner Occupied Residential Real Property Maryland has amended provisions regarding residential real property foreclosure with House Bill 595. Under 7-105.1(N-1), if a certified community development financial institution makes an offer to a secured party to purchase owner-occupied residential property, no person may require as a condition of the sale any […]
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Iowa Modifies Real Estate & Consumer Loans and Security Freeze Protections
by: Paul McSheffreyThe Iowa legislature has amended various provisions with House File 2324. Among the provisions affected include those relating to residential real estate loan charges, monetary limits specified in the consumer credit code, loan charge limits for one or two family homes occupied by the borrower, debt collectors, and the sale of title insurance. […]
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South Dakota Enacts the Uniform Real Property Electronic Recording Act
by: Paul McSheffreyAlong with Senate Bill No. 68, the South Dakota legislature has adopted the Uniform Real Property Electronic Recording Act. In addition, the Act provides for a funding source and revises some provisions regarding electronic recording. Some state laws require a document to be original, be on a tangible medium, be in writing, or […]
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Missouri Adopts Rules Requiring the Creation of an Account with NMLS for Residential Mortgage Loan Brokers
by: Paul McSheffreyThe Missouri Department of Insurance, Financial Institutions and Professional Registration recently amended 20 CSR 1140-30.240 regarding supervision of residential mortgage loan brokers. The changes require that before applying for or renewing a Missouri Residential Mortgage Loan Broker License, the applicant must register with the Nationwide Mortgage Licensing System and Registry (NMLS). Each applicant […]
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Oregon Adopts Consumer Finance Licensing Rules
by: Paul McSheffreyThe Oregon Department of Consumer and Business Services has adopted rules establishing the process for accepting consumer finance licensing applications, renewals, and administrative actions via the Nationwide Mortgage Licensing System. The Division of Finance and Corporate Securities has enacted 41-730-0010 regarding definitions, 441-730-0025 regarding license applications, and 441-730-0030 regarding charges to be paid. […]
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Oregon Amends Provisions Regarding Homesteads and Reverse Mortgages
by: Paul McSheffreyThe Oregon Legislative Assembly has amended provisions regarding homesteads and reverse mortgages with Enrolled House Bill 2489. The Bill amends ORS 311.668, 311.672, 311.689, and 311.695. A summary of these changes follows. The Bill provides that the amendments to ORS 311.700 by section 16, chapter 723, Oregon Laws 2011, relating to reverse […]
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Oklahoma Modifies SAFE Act Provisions
by: Paul McSheffrey Changes are effective November 1, 2013 The Oklahoma legislature has recently updated certain provisions of 59 O.S. 2011, its Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The changes come through Enrolled House Bill No. 1828. The Bill has several additions as well as numbering and formatting changes. A definition […]