State Mortgage Compliance
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Maine Enacts Provisions Regarding Revised Uniform Fiduciary Access to Digital Assets Act
Through House Bill 595, the state of Maine enacted the Revised Uniform Fiduciary Access to Digital Assets Act, Article 10 in the Maine Revised Statutes, Title 18-A. These provisions are effective on effective on July 1, 2018.
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Virginia Modifies Provisions Regarding Notaries
The Commonwealth of Virginia modified its provisions relating to notaries and fee agreements with an employer. The amendment provides that “any employer may require a notary in his employment to surrender to such employer a fee, if charged, or any part thereof, provided that the notarial act for which the fee is charged is performed […]
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Iowa Amends Power of Attorney Act
Iowa has made amendments to its Power of Attorney Act regarding an agent’s termination or suspension of authority. These provisions are effective as of July 1, 2018.
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Washington Recent Regulatory Updates
Washington Enacts Law Relating to Services and Processes Available When Residential Real Property is Abandoned or in Foreclosure and Establishes Student Loan Bill of Rights
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Oregon Amends Provisions Regarding Breach of Security of Personal Information
Oregon Senate Bill 1551 creates new provisions and amends existing provisions regarding personal information that is subject to breach of security. These provisions require those that possess personal information that was subject to breach of security to notify those affected by the breach.
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Vermont Adopts Provisions Regarding Privacy of Consumer Financial and Health Information
The Vermont Department of Financial Regulation, Banking Division, adopted provisions relating to Regulation B-2018-01 regarding privacy of consumer financial and health information. This regulation replaces Regulation B-2015-02 and is effective immediately.
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Iowa Amends Provisions Relating to Mortgage Releases and Powers of Attorney
Iowa has made several changes to its mortgage release provisions. These changes are effective as of July 1, 2018. Acknowledging Satisfaction of a Debt The first amendment imposes a time restriction on a mortgagee’s obligation to acknowledge satisfaction of a mortgage debt. A mortgagee now has thirty days from the time payment is made in […]
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Florida Passes Bill Regarding Marital Assets and Liabilities
House Bill 639 establishes a more definitive statutory formula to calculate the marital portion of passive appreciation of a nonmarital asset that is subject to equitable distribution. The bill uses methodology similar to the case law, but uses the amount of mortgage principal paid down during the marriage instead of the amount of the mortgage at the time of marriage.
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Alabama Revises Provisions Regarding Right of Redemption
Alabama has enacted HB90 which amends current law regarding the 180 day right of redemption period after a foreclosure sale. HB90 provides that the right of redemption cannot be exercised more than one year after the date of foreclosure, that the production of proof of mailing of the notice of right of redemption is an affirmative defense to any notice requirement action, and bars any action related to the notice requirement if brought more than one year after the foreclosure sale.
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Alabama Enacts Provisions Regarding Data Breach Notification Act
Alabama has enacted SB318, an act known as the Alabama Data Breach Notification Act of 2018. The act requires that a covered entity provide notice to an individual where that individual’s personally identifying information may have been compromised as a result of a data breach.