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Alaska Fiduciary Access to Digital Assets Act
Effective October 31, 2017, Alaska has enacted the Revised Uniform Fiduciary Access to Digital Assets Act as Title 13, Chapter 63 of the Alaska Statutes. The Act addresses four common types of fiduciaries: executors or administrators of estates, guardians or conservators, agents acting under a power of attorney, and trustees of a trust.
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Maryland Aligns Terms with Federal Definitions and Clarifies MLO Requirements
Effective as of July 31, 2017, Maryland amended provisions to align state mortgage industry terminology with federal terminology and clarified provisions impacting mortgage lender originators (MLOs). The following topics were clarified by the amendments: continued education, duty of care, application, exemptions and advertising.
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New Jersey Amends the Fair Foreclosure Act: Servicer Impacted
Effective September 21, 2017, New Jersey amended its Fair Foreclosure Act by defining servicers and their duties during a short sale.
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North Carolina Enacts Uniform Power of Attorney Act
North Carolina recently enacted the Uniform Power of Attorney Act (the Act), effective January 1, 2018. The Act amends the North Carolina General Statues by adding Chapter 32C, cited as the North Carolina Uniform Power of Attorney Act.
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Delaware Extends Foreclosure Mediation Program
Effective immediately, Delaware has extended the Delaware Automatic Residential Mortgage Foreclosure Mediation Program. Previously, the foreclosure mediation program was to sunset January 18, 2018. Through the extension, the program will continue to run until January 18, 2020.
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Hawaii Modifies Provisions Regarding Mortgage Originator Licensing Requirements
The state of Hawaii has recently passed Senate Bill 951, which updates the state’s mortgage loan origination law with regard to licensing requirements. These updates are effective as of September 1st, 2017.
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Rhode Island Amends Provisions Regarding Mortgage Foreclosure and Sale
The state of Rhode Island has recently amended Section 34-27-6 of the General Laws in Chapter 34-27, which relates to mortgage foreclosure and sale. These updates are effective immediately.
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North Carolina Clarifies Process for Correcting Nonmaterial and Descriptive Errors in Recorded Instruments of Title
North Carolina House Bill 584 serves to clarify the process for correcting nonmaterial errors in recorded instruments of title, creates a curative procedure for obvious description errors in documents of title, and creates a seven-year curative provision for certain defects in recorded instruments of title. The act is effective August 31, 2018, and applies to curative affidavits filed on or after that date.
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Georgia Department of Banking and Finance Adopts Mortgage Servicing Rules
The State of Georgia Department of Banking and Finance (“the Department”) has adopted rules regarding mortgage servicing standards and records retention, effective July 19, 2017.
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Ohio Amends Required Disclosure at Closing
The Ohio Office of Attorney General, Consumer Protection, amended provisions relating to the required disclosure at closing. These provisions are effective on July 20, 2017.
