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Minnesota Modifies Provisions Regarding MLO Licensing Requirements
The state of Minnesota modified its provisions relating to mortgage loan originator continuing education requirements. These provisions are effective on August 1, 2018.
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New York Modifies Foreclosure Provisions Regarding Reverse Mortgages
The state of New York modified its Real Property Actions and Proceedings Law and Civil Practice Law and Rules relating to foreclosure upon a reverse mortgage. The provisions regarding reverse mortgage loans, including a new disclosure and defining a reverse mortgage as a home loan, become effective immediately and are deemed to have been in full force and effect on and after April 20, 2017.
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CFPB Publishes Final Rule Amending TRID
On April 26, 2018, the Consumer Financial Protection Bureau (CFPB) published a final rule adopting changes proposed in 2017. The new rule takes effect 30 days after publication of the final rule in the Federal Register.
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Arizona Amends Provisions Regarding Breach of Security, Updates Licensing Fees
The state of Arizona amended its provisions relating to breach of security through House Bill 2154. Arizona also amended its provisions relating to application licensing fees. Both sets of amendments are effective on July 20, 2018 (or 90 days following adjournment of the current legislative session).
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Kentucky Amends Provisions Regarding Contract Obligations and Interest Rates
The Commonwealth of Kentucky amended its provisions relating to contracts; when parties are bound to the interest rate in a contract and the interest rate parties are entitled to receive after default.
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Arizona Amends Provisions Regarding County Recorders and Recording Fees
These amendments establish flat fees, per instrument, for recording papers required or authorized to be recorded by law; previously mandatory standard fees have been eliminated. The amended provisions are effective on July 1, 2019.
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Oklahoma Publishes Notice Regarding Changes in Dollar Amounts
The Oklahoma Department of Consumer Credit has published its annual changes in dollar amounts for 2018. The revised dollar amounts are effective on July 1, 2018, unless otherwise noted in the chart.
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Wisconsin Foreclosure Bidding and Real Estate Transfers and Payoffs
Wisconsin amends provisions regarding real estate transfers and mortgage payoffs and enacts provisions regarding eligible bidders at foreclosure sales
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Maine Enacts Provisions Regarding Revised Uniform Fiduciary Access to Digital Assets Act
Through House Bill 595, the state of Maine enacted the Revised Uniform Fiduciary Access to Digital Assets Act, Article 10 in the Maine Revised Statutes, Title 18-A. These provisions are effective on effective on July 1, 2018.
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Virginia Modifies Provisions Regarding Notaries
The Commonwealth of Virginia modified its provisions relating to notaries and fee agreements with an employer. The amendment provides that “any employer may require a notary in his employment to surrender to such employer a fee, if charged, or any part thereof, provided that the notarial act for which the fee is charged is performed […]
