State Mortgage Compliance
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Indiana Modifies Provisions Regarding Recording Requirements and Updates UCCC Dollar Amounts
Through House Bill 1320, the state of Indiana modified its provisions relating to recording requirements as they relate to the disposition of tax sale surplus. The provisions are effective on July 1, 2018. The definition of “substantial property interest of public record” in Section 2. Indiana Code 6-1.1-23.9-3(a), for purposes of the tax sale statutes, […]
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Tennessee Amends Provisions Regarding Interest Rate Limits
Tennessee has enacted HB1944 to amend interest rate limits under its Industrial Loan and Thrift Companies Act. The bill changes current law so that interest rates apply to the amount financed instead of the total amount of the loan. These amendments only apply to certain loans made by industrial loan and thrift companies.
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Nebraska Modifies Provisions Regarding Real Property
The state of Nebraska modified its provisions relating to real property and the recording of instruments and the rights and duties of secured creditors with respect to the Residential Mortgage Licensing Act. These provisions are effective on July 17, 2018.
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Utah Modifies Provisions Regarding Record Requirements and Investigations under RMPLA
The state of Utah modified its provisions under its Residential Mortgage Practices and Licensing Act (RMPLA) relating to licensure requirements, record requirements and investigations. These provisions are effective on May 8, 2018.
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West Virginia Recent Regulatory Updates
West Virginia Modifies Provisions Regarding SAFE Mortgage Licensing Act, Uniform Power of Attorney Act, Uniform Fiduciary Access to Digital Assets Act and Uniform Voidable Transactions Act.
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Arizona Amends Provisions Relating to Notaries Public
The state of Arizona amended its provisions relating to notaries public through House Bill 2178. These provisions are effective on July 20, 2018 (or 90 days following adjournment of the current legislative session). Arizona Revised Statutes Section 41-311 is amended to modify the definition of “Notarial act” or “notarization” to specify that it only verifies […]
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Florida Enacts Provisions Regarding Mortgage Brokering Exemptions
The state of Florida recently passed House Bill 193, which exempts certain individuals from the state’s mortgage loan originator and broker regulations, under certain circumstances. This bill will become effective on July 1, 2018.
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Texas Amends Provisions Regarding Home Equity Lending
The state of Texas has amended 7 TAC Chapter 153 Home Equity Lending. Key changes effective March 29th 2018 include: The current three percent fee limitation has been replaced with a two percent fee limitation. The revisions clarify that the fees included in the limitation calculation do not include certain third party charges such as […]
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South Dakota Computerized Data Breach Notification Requirements
The state of South Dakota has enacted provisions regarding notifications relating to system security breaches where personal or protected information has been or may have been acquired by an unauthorized person.
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Florida Enacts Provisions Regarding Business Purpose Mortgage Loans
The state of Florida has recently enacted House Bill 935, regarding business purpose mortgage loans. The updated provisions are effective as of July 1, 2018.