State Mortgage Compliance
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Louisiana Provisions Regarding Cancellation of Mortgages
Louisiana has passed House Bill 172 which provides for the cancellation or partial release of inferior mortgages and liens on a property sold at sheriff’s sale.
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Maryland Modifies Financial Consumer Protection Act and Provisions Regarding Mortgage Brokers Finder’s Fee
Maryland has passed House Bill 1511 which modifies a certain provision of its regulations regarding mortgage brokers finder’s fees. Maryland has passed House Bill 1297 which makes wide ranging changes to its Financial Consumer Protection Act.
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Connecticut Modifies Provisions Regarding Foreclosures and Security Breaches
Connecticut has modified its provisions regarding foreclosure mediation sessions, security freezes on credit reports, identity theft prevention services, and regulations of credit rating agencies. These changes are effective as of October 1, 2018.
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Tennessee Adopts Provisions Setting Forth New Standards of Practice for Debt Collectors
The Tennessee Department of Commerce and Insurance, Division of Regulatory Boards, Collection Service Board has adopted provisions regarding the standards of practice for debt collectors. The new provisions address, among other things, the acquisition of location information from 3rd parties, communications in connection with debt collection, harassment or abuse, and unfair practices.
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South Carolina Adopts Provisions Regarding Department of Consumer Affairs, and Telephone Privacy Protection Act
The state of South Carolina has recently adopts provisions regarding the state’s Department of Consumer Affairs, and its Telephone Privacy Protection Act. Both updates are effective immediately.
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Missouri Adopts Digital Assets Provisions
Missouri has enacted provisions regarding its Fiduciary Access to Digital Assets Act. These provisions are effective as of August 28, 2018.
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Colorado Amends MLO Licensing and Consumer Protection Provisions
MLO Licensing The state of Colorado has amended MLO licensing provisions under its Mortgage Loan Originator Licensing and Mortgage Company Registration Act. These provisions are effective as of August 8, 2018. License Requirements Under the previous provision, mortgage loan originators were required to complete a mortgage lending fundamentals course which included at least nine hours […]
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Vermont Modifies Provisions Regarding Consumer Protection, Also Enacts Provisions Regarding Uniform Law on Notarial Acts
Consumer Protection The state of Vermont modified its provisions relating to data security and consumer privacy through House Bill 764. This bill contains provisions dealing with the protection of personal information and the regulation of data brokers and data collectors. Title 9 V.S.A. § 2430 is amended with definitions to be used in in chapter […]
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Iowa Modifies Provisions Regarding Redemption of Property
Iowa has amended its provisions regarding redemption of real property. Under the new provisions, the time periods for redeeming real property from foreclosure and for delaying sale of a foreclosed property have been reduced. These changes are effective as of July 1, 2018.
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Connecticut Amends Reverse Mortgage Provisions
Connecticut has modified its provisions regarding reverse mortgages in an effort to increase protections for consumers. These changes are effective as of October 1, 2018.