State Mortgage Compliance
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Indiana Enacts Senior Consumer Protection Act
by Zachary Pearlstein, Esq.The state of Indiana has recently expanded The Senior Consumer Protection Act, with revisions that become effective on July 1, 2013. The new provisions simplify and modernize the law, with the goal of protecting senior consumers from financial exploitation from persons who, by deception or intimidation, obtain control over the property or […]
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Massachusetts Division of Banks Revises Examination Procedures
by: Marissa Aquila Blundell, Esq.On April 1, 2013, the Massachusetts Division of Banks (DOB) began to utilize revised examination procedures as part of its non-depository supervision program. The DOB has aligned its examination process with the procedures the Consumer Financial Protection Bureau (CFPB) uses to determine compliance with federal regulations during the mortgage origination process. […]
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Washington State Revises Consumer Loan Act
by: Margaret Wright, Esq. The Washington State Senate has passed Senate Bill 5207 amending the Washington Consumer Loan Act. Notably, the Bill in part makes amendments regarding fee collection, key definitions, enforcement in relation to licensee violations, exemptions, and recordkeeping requirements. Fee Collection Advanced fees may no longer be collected for loan modification […]
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Oklahoma Amends Uniform Consumer Credit Code
by: Lee Greenberg, Esq.The state of Oklahoma recently amended several provisions of the Uniform Consumer Credit Code through the enactment of House Bill 1829. The new law has an effective date of July 1, 2013; however, the amendments are effective immediately under an emergency clause. House Bill 1829 updates the Uniform Consumer Credit Code […]
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Recent Changes to Mortgage Laws in Kansas and Idaho
by: Nicole Legere, Esq.Kansas Revisions to Mortgage Interest Rates Kansas Senate Bill 52 was recently passed to increase the maximum annual interest rate, from its previous limitation of no more than 1.5 percentage points, to no more than 3.5 percentage points above the specified monthly floating cap set by the Federal Home Loan Mortgaging Corporation. […]
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Revisions to the Montana Mortgage Act
by: Nicole Legere, Esq.The state of Montana recently revised the Montana Mortgage Act to bring it into compliance with federal rules. These revisions include changes to mortgage broker/lender licensing requirements updates to licensing exceptions and educational requirements, as well as new additions to the reasons for license denial. These amendments shall be effective on October […]
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Utah Enacts Changes to Lender Licensing and Property Laws
by: Emily Ross, Esq.Changes to Lender Licensing Laws The Utah legislature recently amended the Utah Residential Mortgage Practices and Licensing Act by modifying requirements for licensure. In addition to other unchanged requirements, applicants for licensure as a residential mortgage lender must now authorize the division to obtain credit reports, which were not previously required. Also, […]
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Recent Changes in Minnesota and Indiana Mortgage Law
by: Emily Ross, Esq. MinnesotaMinnesota recently amended the statutes controlling the procedure for release of mortgage liens on real property. In addition to small procedural changes to the statute, additional language was added to allow partial releases of liens to follow the same procedure as full releases. The statute states that a certificate of release […]
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Illinois Revises Foreclosure Laws
by: Nicole Legere, Esq. Amendments to Illinois Foreclosure Law The state of Illinois recently amended sections 7.30 and 7.31 of the Housing Development Act resulting in a number of changes to its foreclosure laws. The changes include revisions to the definitions of approved counseling and abandoned residential property, an update to the foreclosure process […]
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Changes in Virginia Lending Laws
by: Emily Ross, Esq.The Virginia Corporation Commission (“Commission”) has adopted proposed changes to Chapter 160 of Title 10 of the Virginia Administrative Code that were proposed by the Bureau of Financial Institutions (“Bureau”). These changes went into effect on January 28, 2013. The Commission modified and added to the established definitions of mortgage lending to […]