State Mortgage Compliance
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Oklahoma Adopts Provisions Regarding Truth in Lending Rules
by: Lee GreenbergThe state of Oklahoma recently adopted several provisions that incorporate federal changes to Regulation Z for purposes of maintaining Oklahoma’s exemption from federal enforcement of the consumer credit disclosure provisions of the Truth in Lending Act and Regulation Z. The legislation implements enhanced mortgage disclosure requirements which were incorporated into the Uniform Consumer […]
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Amendments to Various Texas State Regulations
by: Nicole LegereThe state of Texas has recently made a number of amendments to state regulations ranging from those involving judicial foreclosure proceedings to spousal maintenance agreements. All of these amendments will become effective on September 1, 2013. Expedited Judicial Proceedings Texas amended its Civil Practice and Remedies Code by adding Section 154.028 which allows […]
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North Carolina Adds Provisions Regarding Marital Property & Counsel Fees
by: Louis Danastorg Provisions Regarding Marital Property October 1, 2013, North Carolina’s amended definition of marital property to include entireties property will come into effect. The General Assembly added to the definition that all real property creating a tenancy by the entirety acquired after the date of marriage and before separation will be considered marital […]
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Rhode Island Adopts Rule Regarding Privacy of Consumer Financial Information
by: Amanda NicholsonRhode Island has recently adopted new rules and regulations pertaining to the privacy of consumer financial information. This regulation governs the treatment of all nonpublic financial information about individuals, claimants and beneficiaries of products or services by all insurance licensees of the Rhode Island Department of Business Regulation. It does not apply to […]
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Nevada Revises Foreclosure Mediation Program and Enacts Real Property Laws
by: Zachary Pearlstein, Esq. Nevada Revises Provisions Regarding Foreclosure Mediation Program Nevada has revised provisions regarding its foreclosure mediation program, effective October 1, 2013. New regulations require a trustee to send information about the Foreclosure Mediation Program to the homeowner concurrently with, but separately from, the copy of the notice of default and election to […]
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Florida Modifies Mortgage Broker Licensing Provisions and Consumer Finance Charges
by: Lee Greenberg, Esq. Mortgage Broker Licensing Provisions The state of Florida recently modified provisions regarding mortgage broker licensing in House Bill 665. The legislation becomes effective on October 1, 2013. House Bill 665 authorizes, rather than requires, the Office of Financial Regulation, to deny a mortgage broker or mortgage lender license application if the […]
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Maine Amendments: Fair Credit Reporting Act and SAFE Act
by: Margaret Wright, Esq. Maine Fair Credit Reporting Act On April 23, 2013 the Maine Senate enacted an amendment to update the Maine Fair Credit Reporting Act to be consistent with federal law. The new amendment repeals former Fair Credit Reporting Act section 10 MRSA c.210 and replaces it with new section 10 MRSA c.209-B, […]
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Mississippi Revises SAFE Act Provisions
by: Lee Greenberg, Esq.The state of Mississippi recently revised several SAFE Act provisions through the enactment of Senate Bill No. 2696. The new law has an effective date of July 1, 2013 and includes the following amendments:• A revised definition of “qualifying individual” as it is used in the Act and as it pertains to applications […]
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Ohio Passes New Legislation Allowing Temporary Loan Originator Licenses
by: Emily Ross, Esq.The Ohio Division of Financial Institutions recently adopted regulations detailing the issuance of temporary Loan Originator Licenses for out-of-state loan originators new to the state. Ohio Admin. Code 1301.8. These new regulations further define the regulations allowing temporary licenses passed by the General Assembly that went into effect in March of 2013. […]
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Florida Legislature Enacts Foreclosure Provisions
by: Lee Greenberg, Esq.The state of Florida recently enacted several foreclosure provisions under House Bill No. 87 which become effective immediately. House Bill No. 87 revised the limitations period for commencing an action to enforce a claim of a deficiency judgment after a residential mortgage foreclosure action. The existing law provides a five year statute […]