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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Missouri Modifies Provisions Regarding Financial Institutions
by: Paul McSheffreyThe state of Missouri has recently enacted House Bill No. 329, replacing various statutes relating to financial institutions. These sections are effective immediately. Under 361.160, the director of finance must arrange to visit and examine bank and trust companies annually. The amendment creates an exception for a “private trust company”, defined as “one […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Mediation Program
by: Paul McSheffreyThe Oregon Department of Justice recently amended its rules required by 2013 legislation to implement the Foreclosure Avoidance Mediation Program established in Oregon Laws 2013, chapter 304. A list of the various rules that were adopted and amended follows. The newly adopted rules include 137-110-0300 and 137-110-0605. Rule 137-110-0300 provides for beneficiary exemptions. […]
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Oregon Modifies Foreclosure Provisions
by: Paul McSheffrey Modifications to Form and Procedure for Foreclosure Avoidance Measure Notices The Oregon Department of Justice as recently amended its rules regarding foreclosure avoidance measure notices. The rules implement the foreclosure avoidance measure notice provisions found in OR Laws 2013, chapter 304. These rules describe and procedure that a beneficiary must follow when […]
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Maryland Amends Education Requirements for Mortgage License Renewal
by: Paul McSheffreyThe Commissioner of Financial Regulation in Maryland has amended Regulation 09.03.06.17, relating to continuing education requirements for mortgage lending licensees. The purpose of the amendments were to clarify the regulation by making the definition of persons required to complete continuing education consistent with the licensure requirements found in Financial Institutions Article, ยง11-506(b)(2), (3), […]
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Maryland Faces Backlog of Foreclosures
by: Paul McSheffreyThe Washington Post recently featured an article “Thousands of Marylanders are losing homes in second wave of foreclosures“, which discusses the large backlog of foreclosures in the state. As mentioned in the article, the foreclosure timeline in Maryland is now among the longest in the nation. Some of the reasons for this backlog […]
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Oregon Enacts Short Sale Provisions Involving Nonprofits in Context of Foreclosure
by: Paul McSheffreyOregon has enacted new provisions regarding residential foreclosures with House Bill 3389. The Act amends Oregon statutes ORS 86.705 and 86.735. One of the amendments regards transactions where a nonprofit entity purchases property subject to a residential trust deed or purchases a note from a beneficiary that secures a grantor’s obligation. In these […]
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Missouri Modifies Statutes Regarding Real Estate Loans and Loan Fees
by: Paul McSheffrey Provisions Regarding Real Estate Loans The Missouri General Assembly recently passed House Bill NOS. 446 & 211, amending a statute regarding real estate loans. The statute, found at Section A. Chapter 443, is amended to now include a new section 443.454. The new section precludes local laws from affecting the rights associated […]
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Oregon Adds Provisions Regarding Security Freezes on Protected Consumer Reports
by: Paul McSheffreyThe Oregon state legislature recently passed Enrolled Senate Bill 574, amending statutes relating to security freezes on protected consumers’ consumer reports. The Act provides procedures for requesting security freezes and protective records for “protected consumers”. A “protected consumer” includes individuals no older than sixteen, an individual who is incapacitated, or an individual who […]
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Oregon Enacts Provisions Regarding Negligence of Foreclosed Residential Properties
by: Paul McSheffreyThe Oregon Legislature recently enacted provisions regarding negligence of foreclosed residential properties with Enrolled House Bill 2662. An owner that forecloses a trust deed or receives a judgment foreclosing a lien on the property must now meet certain maintenance and monitoring standards during any period that the foreclosed property is vacant. The Bill […]
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Oregon Adds Provisions Regarding Foreclosure of Residential Trust Deeds
by Paul McSheffrey, Esq. The state of Oregon recently amended and added provisions to ORS 86.705 to 86.795 regarding foreclosures on residential trust deeds. A beneficiary in these transactions must now request a resolution conference with the grantor before the beneficiary or the trustee files a notice of default or brings suit. The purpose of […]