State Mortgage Compliance
-
Arizona Revises Telephone Solicitations Definitions
The Arizona state legislature recently passed Senate Bill 1375 revising Sections 44-1271 and 44-1282 of the Arizona Revised Statutes relating to telephone solicitations. These revisions are effective as of August 6, 2016. The Section 44-1271 definition of "Telephone solicitation" has been revised to "any voice communication from a live operator, announcing device or otherwise that […]
-
Maryland Updates Mortgage Loan Officer Licensing Requirements
By Adam Faria, J.D.Effective July 1, 2016, Maryland Senate Bill 87 amends certain Mortgage Loan Officer licensing requirements as they relate to fingerprints for use by the Criminal Justice Information System Central Repository of the Department of Public Safety and Correctional Services (Central Repository). Senate Bill 87 also repeals the requirement that the Commissioner waive […]
-
Delaware Updates Lender and Broker Licensing Requirements
Effective as of May 09, 2016, Delaware amended and repealed in part Title 5 Section 122 of the Delaware Code relating to financial institutions. I. The Commissioner’s Powers Due to recent amendments, the Commissioner’s powers have been expanded. Firstly, the Commissioner or the Commissioner’s lawful designee may examine the performance of financial institution services on behalf […]
-
Arizona Amends Provisions Regarding Judgment Liens of Real Property and Enacts Provisions Regarding Revised Uniform Fiduciary Access to Digital Assets Act
Arizona amended its provisions regarding judgment liens on real property. Arizona also enacted provisions regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on August 6, 2016 or 91 days following adjournment of the legislative session. Arizona revised statutes relating to judgment liens on real property Section 33-961 Filing judgments […]
-
Connecticut Amends Provisions Regarding Housing Discrimination and Fair Housing Laws
Connecticut amended its provisions by requiring the Commission on Human Rights and Opportunities to create a one-page disclosure form containing information on housing discrimination and Federal and state fair housing laws. Additionally, it requires persons offering residential property containing two or more units for sale, exchange, or for lease with an option to buy, to […]
-
Georgia Modifies Provisions Regarding Banking and Finance
Georgia modified multiple provisions relating to banking and finance. These provisions are effective on July 1, 2016. Mortgage Lenders and Brokers The amendments replaced the phrase “Nationwide Mortgage Licensing System and Registry” with “Nation-wide Multistate Licensing System and Registry” in the following code sections: Code Section 7-1-1000, relating to definitions relative to mortgage lenders and […]
-
Mississippi Reenacts Debt Management Services Act
Effective on July 1, 2016 Mississippi reenacted and extended the repeal date of the Debt Management Services Act (hereinafter referred to as the Act). The Act has now been extended to continue until July 1, 2019. The Act regulates debt management service providers. In specific it outlines: (1) the procedures of licensures; (2) the procedures […]
-
Tennessee Modifies Provisions Regarding Banks and Financial Institutions
Effective April 8, 2016, the State of Tennessee amends House Bill 1546, Title 45, Chapter 5 and Title 45, Chapter 13 an act relating to licensure of mortgage loan professionals. Tennessee Code Annotated, section 45-5202(h) is relabeling the existing language as subdivision (1), and also adding more language as a new subdivision. The following will […]
-
Nebraska Adopts Electronic Notary Public Act and Revised Fiduciary Digital Assets Act
Nebraska has adopted an Electronic Notary Public Act effective July 1, 2017. Additionally, Nebraska has adopted the Revised Fiduciary Access to Digital Assets Act which goes into effect on January 1, 2017. Electronic Notary Public Act The act defines what the state of Nebraska considers electronic, electronic documents and an electronic notary public. Also, the […]
-
Nebraska Updates Regarding Consumer Protection
Nebraska has enacted changes to two Acts for the protection of consumers all of which take effect on July 19, 2016 or 3 months following the adjournment of the legislative session. Credit Report Protection Act One of the changes to the act includes the definition of a protected consumer. It is now defined as: “an […]