State Mortgage Compliance
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Louisiana Modifies Provisions Regarding Seizures and Sales
by Louis Danastrong J.D.In Louisiana, the General Assembly has recently modified its seizure and sale of property provisions. Typically, a court will only grant a writ of seizure and sale after a lender first exhausts all other possible means of compelling payment from the judgment debtor. Once they have taken the appropriate steps, the lender […]
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Hawaii Amends Lending and Foreclosure Regulations
by: Nicole Legere Changes to Foreclosure Law Hawaii amended Chapter 667 by adding a provision intended to govern the postponement or cancellation of a public sale subsequent to foreclosure proceedings. Under this new provision, the notice of cancellation or postponement must be announced by the court appointed commissioner at the date, time, and place of […]
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Indiana Modifies Provisions Regarding Supervised Loans
by: Zachary Pearlstein Indiana has recently updated regulations regarding supervised loans, effective on July 1, 2013. These updates are as follows: Consumer Credit Sales: There is a new method for determining the maximum credit service charge for a consumer credit sale. The charge may not exceed the greater of: The total of: 36% per […]
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Kansas Revises Provisions Regarding Mortgage Interest Rates
by Zachary Pearlstein, Esq.Kansas has recently made several revisions that relate to mortgage interest rates, effective July 1, 2013.The revised bill includes the following provisions: • The parties to any promissory note or similar instrument (i.e. bill or bond) may stipulate the amount of interest at a rate not to exceed 15% annually (unless otherwise authorized […]
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Louisiana Adds Foreclosure and Credit Agreement Provisions
by Louis Danastorg, J.D., M.B.A. Provisions Regarding Foreclosure Action Starting August 1st, 2013, Louisiana’s newly added provisions concerning leases and residential lessee’s (including prospective lessees) right to notification of a foreclosure action come into effect for all lessors in residential leases, even those leasing property subject to a federally-related mortgage loan or receiving housing subsidies, […]
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New Hampshire Amends Provisions Regarding Registry of Deeds Documents
by Amanda Nicholson, J.D.On June 28, 2013 the state of New Hampshire Amended provisions regarding Registry of Deed documents. The amendments will take effect on August 27, 2013. The bill requires that the registry of deeds remove all social security numbers, armed forces service numbers, credit card numbers, and deposit account numbers on documents that […]
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Oregon Adds Provisions Regarding Foreclosure of Residential Trust Deeds
by Paul McSheffrey, Esq. The state of Oregon recently amended and added provisions to ORS 86.705 to 86.795 regarding foreclosures on residential trust deeds. A beneficiary in these transactions must now request a resolution conference with the grantor before the beneficiary or the trustee files a notice of default or brings suit. The purpose of […]
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North Carolina Modifies Provisions Regarding Trusts, Estates, and Powers of Attorney
by: Louis DanastorgOn June 5th, 2013 the General Assembly of North Carolina passed an act purposed to update and clarify provisions of the laws governing estates, trusts, guardianships, powers of attorney, and other fiduciaries. These revisions become effective October 1, 2013 and apply to estates of decedents dying on or after that date. Part 1: […]
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New Mexico Amends Uniform Commercial Code and Public Records Laws
by: Nicole Legere New Mexico Uniform Commercial Code Amendments to the Uniform Commercial Code were intended to clarify the applicability of the Electronic Fund Transfer Act to remittance transfers. A remittance transfer is defined to include certain electronic money transfers from the United States to recipients abroad. This amendment states that the Electronic Fund Transfer […]
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Oregon Amends Exemption Provisions for Certain Entities & MLO Licensing
by: Paul McSheffreyProvisions Regarding Exemption from Licensing for Mortgage Loan Originators The Oregon Legislative Assembly recently passed Enrolled House Bill 2856, making changes to the licensing requirements for mortgage loan originators found in ORS 86A.203. The amendments add an exemption from licensing requirements for an individual who as seller within a twelve month period, negotiates […]