State Mortgage Compliance
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State of Maine Enacts Provisions to Prevent Abusive Debt Collection Practices
by Robert Harrison, J.D.October 1, 2015 The State of Maine amended provisions in regards to debt collection practices. Specifically, House Paper 753 aims to prevent abusive debt collection practices. Payment schedules and settlements agreements must be in writing Debt collectors may not enter into a payment schedule or settlement agreement unless: the payment schedule or […]
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Montana Adopts Rule Temporarily Reducing Licensing Renewal Fees
By Brian CastineEffective as of September 25, 2015 the Department of Administration of the State of Montana has enacted a rule that temporarily reduces licensing renewal fees for 2016. This rule expires on March 17 2016. The department has amended ARM 2.59.1738, as proposed on July 30, 2015. The licenses that are the subject of […]
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Missouri Modifies Provisions Regarding Fees
By Zachary Pearlstein, J.D.Effective immediately, the General Assembly of Missouri has updated several sections of the Missouri Revised Statutes relating to financial transactions. The Assembly has increased various fees, which have been underlined below.Section 361.7071. Each application for a license pursuant to sections 361.700 to 361.727 shall be in writing and under oath to the […]
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Colorado Amends Laws Regarding Internet or Electronic Foreclosure Sales
September 21, 2015By Paul McSheffrey, J.D.Recently enacted Colorado House Bill 15-1142 amends provisions regarding foreclosure sales by public trustee. The changes concern the option for a trustee to conduct a foreclosure sale via the internet or other electronic method. Colorado Revised Statutes, 38-37-104 (1)(b)(X) revises the maximum fee that a public trustee may charge. A […]
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Massachusetts Updates Flood Insurance Regulations
By Margaret Wright, J.D.September 15, 2015 Massachusetts has finalized the recent amendments to 209 CMR 57 regarding the required purchase of flood insurance by a purchaser or owner of residential property located in a designated special flood area. These amendments are in effect as of September 11, 2015.Limitations on Required Flood InsuranceThe regulation places restrictions […]
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NH Amends Discharge of Mortgage by Affidavit Requirements
By Margaret Wright, J.D.The New Hampshire state legislature has recently amended the requirements of 224:1 Mortgages of Realty; Discharge by Affidavit (RSA:7-a Discharge by Affidavit) and 224:2 Penalty for Failure to Timely Discharge a Mortgage (RSA 479:8 Penalty). These amendments are effective January 1, 2016.RSA 479:8 has been amended to include a penalty provision where […]
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Illinois Foreclosure Document Pilot Program
By Robert Harrison, J.DIllinois has enacted provisions for its Foreclosure Document Pilot Program through Senate Bill 1487. This bill requires recorders in a county with a population of over 3 million to implement a pilot program that will only allow documents to be recorded against a property in foreclosure by judicial order. This does not […]
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Vermont Amends Consumer Protection Laws
By Paul McSheffrey, J.D.The state of Vermont has recently made changes to several consumer protection laws. Senate Bill 73 amends rules including rent-to-own agreements, financial literacy, and the Security Breach Notice Act. Rent-to-Own AgreementsSenate Bill 73 modified 9 V.S.A. § 41b regarding rent-to-own agreements of merchandise. This section provides definitions, limits, and requirements for rent-to-own […]
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Rhode Island Amends Consumer Privacy Regulations
By Marlana Melendez, J.D. Consumer privacy laws and regulations seek to protect any individual from loss of privacy due to failures or limitations of corporate customer privacy measures. The state of Rhode Island recently passed House Bill 5769 which refers to consumer privacy in mortgage loan applications. The statute defines a “Mortgage Trigger Lead” for […]
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Rhode Island Amends Fair Housing Practices Act
By Brian CastineEffective July 13, 2015, the state of Rhode Island modified its provisions regarding its state Fair Housing Practices Act by adding military status discrimination as an unlawful housing practice.Sections 34-37- through 34-37-9 of the General Laws entitled “Rhode Island Fair Housing Practices Act” are hereby amended to include military status as a veteran […]