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Maryland Amends Owner Occupied Foreclosure Sales and Notary Public Fees
by: Paul McSheffreyForeclosure Sale of Owner Occupied Residential Real Property Maryland has amended provisions regarding residential real property foreclosure with House Bill 595. Under 7-105.1(N-1), if a certified community development financial institution makes an offer to a secured party to purchase owner-occupied residential property, no person may require as a condition of the sale any […]
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Hawaii Establishes Uniform Power of Attorney Act
by: Lee GreenbergThe state of Hawaii recently adopted provisions to establish the Uniform Power of Attorney Act in Senate Bill 2229. The new chapter is effective immediately. Applicability The new legislation applies to all powers of attorney except the following: A power to the extent it is coupled with an interest in the subject of […]
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Kentucky Modifies Provisions Regarding Right of Redemption
by: Zachary PearlsteinThe General Assembly of the Commonwealth of Kentucky has recently amended KRS 426.530, which describes the right of redemption of real property that has been sold in pursuance of a judgment or order of a court. The revisions are effective on July 14, 2014, or 90 days after legislative adjournment. The update states […]
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Maine Enacts and Amends Foreclosure Regulation
by: Margaret WrightOn April 5, 2014, the Maine Legislature enacted new additions and amendments to existing Maine foreclosure regulation for the purpose of expediting the foreclosure process. Transfer Taxes and Foreclosed Real Property Newly enacted are sections concerning the assignment of rights in a foreclosed property made during the time between the judgment of foreclosure […]
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Iowa Modifies Real Estate & Consumer Loans and Security Freeze Protections
by: Paul McSheffreyThe Iowa legislature has amended various provisions with House File 2324. Among the provisions affected include those relating to residential real estate loan charges, monetary limits specified in the consumer credit code, loan charge limits for one or two family homes occupied by the borrower, debt collectors, and the sale of title insurance. […]
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Delaware’s Bank Commissioner Adopts Mortgage Regulations
by: Louis DanastorgDelaware has adopted the amended regulations that had been published in the February 2014 edition of the Delaware Register of Regulations. The effective date of the amended regulations is April 11, 2014. Background Delaware’s Office of the State Bank Commissioner published notice of the proposed changes with all their text in the […]
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State of Washington Amends Foreclosure Fairness Act
by: Margaret WrightThe Washington State Legislature has passed House Bill 2723 amending the Foreclosure Fairness Act. The purpose of the Foreclosure Fairness Act (“the Act”) is to encourage homeowners to utilize housing counseling, facilitate communication between homeowners and beneficiaries in an effort to avoid foreclosure whenever possible and to provide guidance where foreclosure mediation has […]
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Utah Modifies Provisions Regarding Exemptions under Certain Transactions and Revises Lien Judgment Provisions
by: Matthew DaileyThe state of Utah modified its provisions relating to exempted transactions under the State Consumer Credit Code and exemptions under the Financial Institution Mortgage Financing Regulation Act. It also revised provisions requiring a separate information sheet filed with a judgment lien and provides that a small claim judgment is not a lien. These […]
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Fannie Mae Updates its Quality Control Self-Assessment Tool
by: Anna DeSimoneApril 15, 2014 Fannie Mae announced in its Selling News that the Enterprise had updated its Quality Control Self Assessment Tool. The worksheet tool was first issued in May 2013 as guidance for lenders to manage risk and comply with Fannie Mae’s Selling Guide requirements. To view the earlier worksheet, please refer to […]
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Virginia Amends Provisions Relating to Notaries, Appraisers, and Rescission of Deeds Fees
by: Louis DanastorgVirginia’s legislature has enacted amendments to the VA Code relating to notary advertising prohibitions, appraisal management company licensure and civil actions to rescind deeds proven to have been obtained by fraud or undue influence. Senate Bill 503: NotariesSection 47.1-15.1: Addition Prohibition on Advertising No notary may offer or provide legal advice on immigration […]
