State Mortgage Compliance
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Mississippi Reenacts and Updates SAFE Mortgage Act
Effective on July 1, 2016 Mississippi reenacted the SAFE Mortgage Act and updated license requirements, document retention procedures, self-reporting, and set new limitations. Continuing Education Mississippi enacted amendments that delineate the requirements of continuing education for a licensed mortgage loan originator. Each mortgage loan originator must complete a total of eight hours of continuing education […]
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Kansas Amends its Mortgage Business Act
Effective July 1, 2016 Kansas amended its provisions regarding its Mortgage Business Act (hereinafter referred to as the MBA). This includes definitions, exemptions, licensing and registration, proof of display of license, bond requirements, prohibited acts and retention of records. Section I. K.S.A. 2015 Supp. 9-2201 The following is the definitive list of definitions that exhibited […]
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Washington Recent Updates
Washington recently made various updates to multiple code sections. Definitions For updates to various definitions please refer to the following code sections: WAC 208-620-010, WAC 208-620-011 and for reverse mortgages under WAC 208-620-800 and WAC 208-620-820. WAC 208-620-104 Exemptions from licensing as a consumer loan company A person is exempt if they are, “selling property […]
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Idaho Amends Foreclosure Sale Provisions
Effective July 1, 2016 Idaho adopted requirements amending Idaho Code Section 45-1506 on the duties of the purchaser of a trust deed foreclosure sale in regards to untitled property. Commencing the Process Under the amendment the purchaser has a four step procedure to follow: (1) determination of occupancy; (2) storage; (3) notice; and (4) satisfaction […]
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Kentucky Adopts Rules under the Mortgage Licensing and Registration Act and Modifies Provisions Relating to Notary Fees
The Kentucky Department of Financial Institutions implemented rules under the Mortgage Licensing and Regulation Act (MLRA) including; claims of exemption, licensing and registration, and report of condition. Kentucky Revised Statutes Chapter 286.8 governs mortgage loan companies and brokers. KRS 286.8-140(1) gives the commissioner the power to promulgate administrative rules necessary to accomplish the basic purpose of […]
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Indiana Amends Definitions under SCRA, Amends UCCC Dollar Amounts
Indiana has amended the definitions for “active duty” and “military service”. This is important because certain benefits, rights, and protections are afforded to active duty military service members under the Servicemembers Civil Relief Act and the Federal Uniformed Services Employment and Reemployment Rights Act. Also, the Indiana UCCC dollar amounts have been amended, as required […]
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Indiana Adopts Provisions Regarding Pre-licensing Education Requirements and Amends Definition of NMLSR
By Robert Harrison, J.D.The Indiana Department of Financial Institutions adopted provisions concerning pre-licensing education requirements as well as the definition of the term “Nationwide Multistate Licensing System and Registry” or “NMLSR”. These provisions are effective immediately. Pre-licensing Education RequirementsThe prelicensing education requirements in Indiana are governed by 750 IAC 9-3-5. Indiana has added two provisions […]
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Idaho Amends Trustee Definition
Effective July 1, 2016, the Idaho House of Representatives House Bill No. 503 amends Section 45-1502 of An Act Relating to Trust Deeds to revise the definition of “Trustee.” Idaho has expanded the definition of Trustee. The State of Idaho maintains the previous definition as a person who has received real property by way of […]
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State of Virginia Amends Requirements for Real Estate Settlement Agents
The state of Virginia has amended provisions for its real estate settlement agents. These changes take effect on July 1, 2016. Code section 55-525.16 has been revised to include a definition of the term “closing disclosure.” The legislation defines closing disclosure as follows: “the combined mortgage loan disclosure statement of final loan terms and 48 […]
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South Carolina Publishes Notice Regarding Dollar Amounts under Consumer Protection Code
The South Carolina Department of Consumer Affairs published a notice in the State Register that there will be no changes to the dollar amounts under the Consumer Protection Code. Dollar amounts in the Consumer Protection Code are subject to change on July 1 of every even numbered year based on the changes in the Consumer […]