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Utah Enacts Various Mortgage Lending Laws
by: Emily RossThe Utah General Session and Senate have passed a series of bills over the past month that affect many financial institutions in relation to the practice of mortgage lending. These bills include basic changes such as yearly fee adjustments as well as larger changes affecting the licensing schemes of mortgage loan originators as […]
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Delaware Real Estate Appraiser Council Amends Regulations
by: Louis DanastorgThe Delaware Real Estate Appraiser Council has adopted the amended regulations that had been published last November. This present order becomes effective 10 days from the Council’s March 2014 publication in the Register of Regulations.BackgroundOn February 18, 2014 Delaware’s Council of Real Estate Appraisers ordered the adoption of the regulations it had proposed […]
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State of Virginia Modifies Provisions Regarding Recorded Writings
by: Louis DanastorgVirginia has amended its provisions relating to the form and effect of deeds, deeds of trust, and the recordation of deeds and deeds of trust. Section 17.1-223: Duty of Clerk to Record Writing and Make IndexWritings authorized by law to be recorded shall be recorded with all its certificates by or under the […]
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West Virginia Revises Notary and Consumer Credit Protection Provisions
by: Louis Danastorg West Virginia Revises Provisions Regarding Consumer Credit ProtectionHouse Bill 4360 West Virginia has amended and reenacted provisions in section 46A article 2 relating to conduct that constitutes unfair or unconscionable conduct when collecting or attempting to collect a debt. Unfair or unconscionable conduct now includes: a) Seeking or obtaining any written statement or […]
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New York Amends Meaning of Sub-Prime Terms
by: Nicole LegereThe New York Department of Financial Services recently amended several provisions of the sub-prime banking law in an effort to update specific terms relative to sub-prime home loans. Specifically, the amendments addressed the definition of the terms “week,” “good faith estimate” and “commitment” which are found in Part 43. Each of these terms […]
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Washington Amends Statute of Limitations and adds New Provisions
by: Nicole LegereThe state of Washington amended several existing provisions by clarifying the statute of limitations. Additionally, two sections were added to establish new requirements for the protection of information and submission of reports. The first section verifies that information remains covered under privacy laws after being disclosed to the Director of the Department of […]
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District of Columbia Amends Rules Regarding the Foreclosure Mediation Program
by: Lee GreenbergThe District of Columbia Department of Insurance, Securities and Banking recently amended its rules regarding the foreclosure mediation program. The amended rules clarify the operation of the foreclosure mediation program which assists homeowners and provides, where appropriate, an alternative to foreclosure. The rules can be found at Chapter 27C of Title 26 of […]
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CFPB Releases TILA-RESPA Integrated Disclosure Rule Compliance Guide
by: Margaret WrightOn April 1, 2014, the Consumer Financial Protection Bureau released their Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule. The CFPB’s TILA-RESPA Integrated Disclosure Rule Guide is organized in a helpful question and answer format which outlines important information concerning the requirements for each new disclosure. The Guide includes a page […]
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South Dakota Enacts the Uniform Real Property Electronic Recording Act
by: Paul McSheffreyAlong with Senate Bill No. 68, the South Dakota legislature has adopted the Uniform Real Property Electronic Recording Act. In addition, the Act provides for a funding source and revises some provisions regarding electronic recording. Some state laws require a document to be original, be on a tangible medium, be in writing, or […]
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Maine Modifies Provisions to Facilitate the Multistate Licensing Process
by: Lee GreenbergThe state of Maine recently modified several provisions of the Maine Consumer Credit Code (S.P. 643 and 678) to facilitate the multistate licensing process. The modified provisions are effective on July 15, 2014 (or 90 days after legislative adjournment). Under the new legislation, the administrator must receive and act on all applicants for […]
