More about Robert Harrison
Blog Posts by Robert Harrison:
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Illinois Amends: Uniform Real Property Electronic Recording Act, Residential Real Property Disclosure Act, and Making Home Affordable Program
The state of Illinois has amended various laws in recent weeks. Many of the amendments only make minor changes to existing law but this article will explore some of the important changes.
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Ohio Creates the D.O.L.L.A.R. Deed Program
Ohio has created a program which provides a loss mitigation alternative for borrowers in default on their mortgage. This creative program gives those struggling to pay their mortgages an unconventional way to maintain and reclaim rights and possession of their real property. Sections 5315.01, 5315.02, 5315.03, 5315.04, and 5315.05 of the Revised Code create the D.O.L.L.A.R. Deed Program.
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Ohio Amends the Foreclosure Process for Properties Vacant and Abandoned
The state of Ohio has amended provisions regarding its judicial foreclosure process as part of a bill signed by the governor on June 28th, 2016. Though the bill amends, enacts, and repeals many provisions, the scope of this article will focus on provisions that were enacted to improve the process of foreclosure.
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Missouri Revises Statutes Regarding Notaries
Missouri Senate Bill No. 932 repeals certain sections of statutes related to notary publics and replaces them with new sections. Sections 370.230, 486.245, 486.275, 486.285, 486.305, 486.310, and 486.375, RSMo, are repealed and eight new sections enacted in lieu thereof, to be known as sections 370.230, 375.971, 486.245, 486.275, 486.285, 486.305, 486.310, and 486.375.
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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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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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Colorado Modifies Statutes related to Mortgage Loan Originators
By Robert Harrison, J.D. The state of Colorado amended state statutes governing mortgage loan originators in order to conform more closely to applicable Federal laws. Colorado Revised Statutes 12-61-903(3)(a) has been amended; Each applicant for a mortgage loan originator license must have completed an approved mortgage lending fundamentals course of at least 9 hours of […]
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Colorado Modifies Statutes related to Assisting in Foreclosure Proceed Recovery
By Robert Harrison, J.D.Colorado has modified provisions regarding the conditions under which a person may assist another for compensation in obtaining the proceeds of a foreclosure sale after all liens have been satisfied. Colorado Revised Statutes, 6-1-105, has been modified to add examples of deceptive trade practices. A deceptive trade practice now includes entering into […]
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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 […]
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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 […]