State Mortgage Compliance
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Indiana Amends Provisions Regarding Financial Institutions
The General Assembly of the State of Indiana has recently passed House Enrolled Act No. 1181, amending various sections of the Indiana Code concerning financial institutions, effective July 1, 2016. SECTION 25. IC 28-7-1-12, AS AMENDED BY P.L.35-2010, SECTION 153, IS AMENDED TO READ AS FOLLOWS Sec. 12. Every credit union and every affiliate of […]
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Colorado Modifies Provisions Regarding MLO Disclosure Law
The General Assembly of the State of Colorado has recently modified its provisions regarding mortgage loan originator disclosure law, aligning state law with recent changes in Federal Law. The updated provisions, which are effective immediately, state that a mortgage loan originator’s disclosures must comply with all applicable requirements of: THE FEDERAL “TRUTH IN LENDING ACT”, […]
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West Virginia Updates Multiple Regulations
West Virginia recently made amendments to its Good Funds Settlement Act, Power of Attorney Statute, Consumer Credit and Protection Act and Mortgage Modification and Refinance Loans. Good Funds Settlement Act The amendment to the Good Funds Settlement Act was made to allow interest to accrue on a loan during the rescission period required by the […]
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Utah Amends Multiple Statutes and Enacts Uniform Power of Attorney
Utah has made amendments to its statutes that govern the Foreclosure of Residential Rental Property and Trustees and Non-Judicial Foreclosures as well as its Residential Mortgage Practices and Licensing Act. It also enacted a Uniform Power of Attorney Statute. Each of these changes takes effect on May 9, 2016. Foreclosure of Residential Rental Property Utah […]
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Washington Enacts Uniform Power of Attorney Act and Amends Foreclosures Deeds of Trust Statute
Washington has enacted a Uniform Power of Attorney statute that takes effect on January 1, 2017. Additionally, Washington has amended its Foreclosure Deeds of Trusts legislation which is effective on July 1, 2015. Uniform Power of Attorney Washington’s power of attorney statute applies to all powers of attorney except a power joined with an interest […]
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Florida Amends Procedures for Cancellation of Mortgage after Satisfaction and Open End Mortgages
Florida Amends Procedures for Cancellation of Mortgage after Satisfaction and Open End MortgagesBy Robert Harrison, J.D.Florida House Bill 145 Section 4 has amended Section 701.03 of Florida Statutes, to reduce the time limit for a mortgagee to cancel a mortgage after satisfaction from 60 to 45 days, unless the mortgage is an open end mortgage.Open […]
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Modification to Utah’s Mortgage Lending and Servicing Act
Utah’s Mortgage Lending and Servicing Act was recently amended. The changes take effect on May 9, 2016. 70D-2-102 Section 70D-2-102 revised the definition of the term mortgage lender as follows: (7) “Mortgage Lender” means an entity that performs each of the following related to originating a mortgage loan: (a) taking and processing an application; (b) […]
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Arizona Modifies Provisions Regarding Consumer Lenders
Arizona modified its provisions relating to consumer lenders prohibited acts and insurance. These provisions are effective on August 26, 2016 (or 90 days following adjournment of the legislative session). Prohibited Acts A licensee is prohibited from knowingly using false, misleading, or deceptive advertising in connection with rates, terms, or conditions for a consumer lender loan. […]
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Changes Impacting Mortgage Loan Originators in Virginia
Virginia has enacted or reenacted four sections of its Code that impact to Mortgage Loan Originators. § 6.2-1712.1. Inactive mortgage loan originator licenses Recently, Virginia enacted § 6.2-1712.1 which governs inactive mortgage loan originator licenses. The section explains that even after a qualified candidate is granted a mortgage loan originator license, they will remain inactive […]
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Modification to Michigan Consumer Mortgage Protection Act
Michigan’s Consumer Mortgage Protection Act is “an act to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of the lender in a home loan transaction; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties and provide for […]