State Mortgage Compliance
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State of Washington Enacts Substitute Senate Bill 5299
By Marlana Melendez, J.D.DefinitionsTo prevent ambiguity, the statute lists definitions that are to be applied to the remaining sections. More details on the specific language used for each definition can be found in the statute. Escrow AgentsUnder Section 1 of the foregoing statute, a person must not engage in business as an escrow agent by […]
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Minnesota Modifies Provisions Regarding Mortgage Foreclosure, Commerce and Notary Public Fees
By Lee Greenberg, J.D. June 2, 2015 The state of Minnesota recently modified provisions regarding mortgage foreclosure, commerce and notary public fees.Modified Provisions Regarding Mortgage Foreclosure Minnesota modified its provisions relating to mortgage foreclosure by amending the definition of a small servicer and clarifying the Foreclosure Curative Act in House Bill 2213. The legislation is […]
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Virginia Recording and Title Provisions Amended
By Paul McSheffrey, J.D.Tenancy by the EntiretiesThe Virginia legislature has recently adopted changes to statutes regarding tenants by the entireties. Under 55-20.2(B) property held by a husband and wife as tenants by the entireties and conveyed to their revocable or irrevocable trusts shall have the same immunity from the claims of their separate creditors as […]
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Oklahoma Adds Provisions Regarding Title Insurance
By Zachary Pearlstein, J.D.Effective November 1, 2015, the State of Oklahoma has updated its regulations concerning title insurance. The new provisions allow title insurance companies to execute and record certain records. When a mortgagee fails to execute and deliver a release of mortgage to the mortgagor (or designated agent) within 60 days of the receipt […]
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Kentucky Enacts the Uniform Voidable Transactions Act
By Margaret Wright J.D.The Kentucky Legislature has recently enacted the Uniform Voidable Transactions Act concerning creditor claims where the debtor has subsequently transferred the asset or incurred obligation under certain circumstances. The Act takes effect January 1, 2016.Under the Act, voidable transactions are outlined as follows:(1) A transfer made or obligation incurred by a debtor […]
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Utah Enacts and Amends Reverse Mortgage Act
By Marlana Melendez, J.D.The Legislature of the state of Utah recently enacted its Reverse Mortgage Act. This act enacts and amends provisions relating to Reverse Mortgages (RM). Some of the highlighted provisions define key terms, provide requirements for reverse mortgages including disclosures, addresses loan proceeds, priority, foreclosure, and lender default. Additionally, the act was amended […]
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West Virginia Revises Provisions Regarding Deeds of Trust and Modification Charges
By Paul McSheffrey, J.D.Trustee Real Estate Sales With Senate Bill No. 418, the West Virginia legislature has enacted provisions regarding the sale of real estate by a trustee under a deed of trust. Section 38-1-7(b) of the Code of West Virginia, 1931 now provides that a defendant in a civil action to recover a deficiency […]
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Arkansas Amends Provisions Regarding Lien Release
By Zachary Pearlstein, J.D.The state of Arkansas has recently updated its lien release regulations, effective immediately. The revisions allow for the release of a mortgage, deed of trust, or other lien, based on an affidavit by an attorney or a title agent that the lien has been satisfied.Arkansas Code ยง 18-40-104 states that if a […]
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Nebraska Updates Foreclosure Provisions
By Marlana Melendez, J.D. Through Legislative Bill 151, the Nebraska State Legislature recently amended several provisions regarding foreclosures and trust deed defaults relating to the sale of trust property. These provisions take effect on September 5, 2015. Filing a Foreclosure Complaint Upon filing a complaint for the foreclosure or satisfaction of a mortgage, the plaintiff […]
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Arizona Amends Provisions Regarding Foreclosure
By Matthew Dailey, J.D.The state of Arizona amended its provisions relating to the action to foreclose, the right to redeem as well as subsequent certificates of purchase by assignment. These provisions are effective on July 3, 2015.Arizona addressed section 42-180 which deals specifically with partial payment of taxes and certificates of purchase. The amended statute […]