State Mortgage Compliance
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Arkansas Amends Provisions Regarding Notarial Acts
by: Matthew DaileyThe Arkansas Secretary of State amended its provisions regarding notarial acts in the state. Under a 2013 Bill, Reg. 116.00.13 introduces the implementing of a system allowing for the electronic notarization of documents by a notary specifically commissioned to electronically notarize documents in the State of Arkansas. These provisions became effective on November […]
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Iowa Amends Banking and Financial Services Laws
by: Louis Danastorg Senate Bill 181: Relating to Matters under the Purview of the Banking Division of the Department of Commerce Recently, Iowa’s General Assembly enacted amendments and revisions to specific code provisions relating to public funds, state banks, debt management services, the Uniform Money Services Act, currency exchanges, delayed deposits, mortgage licensing, professional […]
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Oregon Amends Provisions Regarding Homesteads and Reverse Mortgages
by: Paul McSheffreyThe Oregon Legislative Assembly has amended provisions regarding homesteads and reverse mortgages with Enrolled House Bill 2489. The Bill amends ORS 311.668, 311.672, 311.689, and 311.695. A summary of these changes follows. The Bill provides that the amendments to ORS 311.700 by section 16, chapter 723, Oregon Laws 2011, relating to reverse […]
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Massachusetts Amends Debt Collector and Third Party Loan Servicer Laws
by: Margaret WrightMassachusetts’s “Conduct of the Business of Debt Collectors and Loan Servicers“, 209 CMR 18, has been amended in order to further clarify and establish standards of conduct for debt collectors and third party loan servicers. Summarized below are the key amendments effective as of October 11, 2013. Third Party Loan Servicer Amendments Mortgage […]
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Texas Amends Application Procedures and Adopts Consumer Loan Rules
by: Matthew DaileyThe Finance Commission of Texas adopted amendments to 7 TAC §§2.101 – 2.105 and new §2.201 and §2.202, concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (OCCC) under the Secure and Fair Enforcement for Mortgage Licensing Act. Also, the commission has adopted §83.606, regarding Maximum Term […]
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Oklahoma Modifies SAFE Act Provisions
by: Paul McSheffrey Changes are effective November 1, 2013 The Oklahoma legislature has recently updated certain provisions of 59 O.S. 2011, its Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The changes come through Enrolled House Bill No. 1828. The Bill has several additions as well as numbering and formatting changes. A definition […]
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Colorado Repeals Various Provisions and Adopts New Amended Provisions Regarding Professional Standards and Mortgage Call Reports
by: Lee GreenbergThe Colorado Division of Real Estate recently repealed several provisions and adopted new amended provisions in their place regarding the professional standards of Mortgage Loan Originators and Mortgage Companies. In addition, the Division of Real Estate updated its provisions regarding call reports under the NMLS. The new legislation becomes effective on November 14, […]
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California Enacts Provisions Regarding Furnishing Consumer Credit Reports on Adverse Action
by: Lee GreenbergThe state of California recently enacted provisions to the Civil Code regarding the furnishing of consumer credit reports following an adverse action in Assembly Bill No. 1091. The legislation becomes effective on January 1, 2014.Under existing state law, a consumer credit reporting agency is required to allow the consumer to visually inspect all […]
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Missouri Modifies Provisions Regarding Financial Institutions
by: Paul McSheffreyThe state of Missouri has recently enacted House Bill No. 329, replacing various statutes relating to financial institutions. These sections are effective immediately. Under 361.160, the director of finance must arrange to visit and examine bank and trust companies annually. The amendment creates an exception for a “private trust company”, defined as “one […]
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Nebraska Amends Mortgage Licensing Act & Modifies Broker Provisions
by: Matthew DaileyTwo legislative bills approved by the governor of Nebraska earlier this year will go into effect on October 4, 2013. Legislative Bill 290 revised the Residential Mortgage Licensing Act primarily by changing provisions relating to notice requirements of a licensee. Legislative Bill 279 essentially redefined what constitutes a loan broker in Nebraska. Legislative […]