State Mortgage Compliance
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Connecticut Amends Financial Institution Regulations
The Connecticut state legislature recently passed House Bill 5571: “An Act Concerning Banking and Consumer Protections.” The Act includes 93 Sections with varied effect dates amending and revising statutory provisions relating to financial institutions. The areas receiving the most attention under the Act include: Purchases and Sales of Securities The sections concerning securities outline the […]
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South Carolina Enacts Provisions Regarding Uniform Fiduciary Access to Digital Assets Act
The General Assembly of South Carolina has recently enacted the Uniform Fiduciary Access to Digital Assets Act, effective immediately. The purpose of this Act is to provide clarification regarding the accessing of digital assets in the event of death or incapacitation. Digital assets include, but are not limited to, email accounts and their contents, social […]
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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 No substantive modifications have been made but portions of Article 38 have been repealed to preserve the legislative intent and meaning of the law. The following have been repealed: Colorado Revised Statutes 38-38-101(1)(h) C.R.S. 38-38-101 states that a […]
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Oklahoma Revises Mortgage Holder Release Requirements
By Brian Castine Although multiple updates across various statutes occurred in Bill NO. 3201, the following pertains to mortgage holder release requirements. The State of Oklahoma has reduced the number of days that the mortgagee is afforded to release a mortgage without incurring a penalty. The mortgage must now be released by the holder within […]
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New Hampshire Amends Provisions Regarding Debt Adjustment Services
New Hampshire amended its provisions relating to debt adjustment services. These provisions are effective on January 1, 2017. Chapter 399-D Debt Adjustment Services Definitions Included in these amendments are definitions for several terms. IV. “Debt adjustment” means: a) Providing debt management advice or counseling to consumers for direct or indirect compensation; b) Creating debt management plans for […]
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Maryland Mortgage Lender License Application Investigation Fee Reduced
Effective July 1, 2016 the mortgage lender license application investigation fee is reduced from the current rate of $100 to $1. MD Fin Inst Code § 11-507 (2013) requires that any applicant for a Mortgage Lenders license shall pay the Commissioner of Financial Regulation a nonrefundable investigation fee. Currently, the Code of Maryland Regulations (COMAR) […]
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Idaho Updates the Residential Mortgage Practices Act
By Julio Suarez, J.D.Effective as of March 25, 2016 Idaho adopted provisions updating its Residential Mortgage Practices Act (the Act). These updates include federal law reincorporation and streamlined processes for lenders as well as brokers. Provided InformationThe amendments incorporated into the Act allow for temporal requirements to shift along with the regulations and laws. Previously, […]
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Connecticut Delays Effective Date of Uniform Power of Attorney Act
By Laura Eckstein, J.D.Connecticut amended its provisions regarding its Uniform Power of Attorney Act including delaying the effective date of the Act. Sections 1 to 57, inclusive, of public act 15-240 are now effective on October 1, 2016.Section 1. Subsections (a) and (b) of section 1-350e of the 2016 supplement to the general statutes are […]
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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 […]