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North Carolina Amends SAFE Act
by: Louis Danastorg North Carolina’s General Assembly Amends the Secure and Fair Enforcement Mortgage Licensing Act to Provide for the Licensure of a Transitional Mortgage Loan Originator Earlier this July, North Carolina’s General Assembly amended a number of NC SAFE provisions related and applying to applications for the licensure of transitional mortgage loan originators filed […]
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Hawaii Adopts Uniform Mediation Act
by: Nicole LegereHawaii recently adopted the Uniform Mediation Act in order to address a number of different issues related to the mediation process. The rules adopted will govern mediation agreements and referrals made on or after July 1, 2013. As of January 1, 2014 all mediation agreements, whenever made, will be governed by the Uniform […]
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Michigan Modifies Provisions Regarding Foreclosures
by: Zachary PearlsteinMichigan has revised various regulations concerning the redemption of foreclosed property. The revised bill, which is effective immediately, contains the following provisions: 1) A purchaser’s deed is void if the mortgagor (or their heirs or personal representative), or any person lawfully claiming under the mortgagor, redeems the sold premises by paying the required […]
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Michigan Revises Provisions Regarding Mortgage Modification Program
by: Zachary PearlsteinMichigan has revised its mortgage modification program, and adopted provisions under the federal loss mitigation program, effective immediately. Under the revised bill: • One may foreclose a mortgage by advertisement if: a) The power to sell has become operative through a default condition that has occurred with the mortgage;b) A legal action has not […]
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Michigan Enacts Provisions Regarding Federal Loss Mitigation Procedures
by: Zachary Pearlstein Michigan has enacted a bill that requires lenders to comply with federal loss mitigation procedures, effective immediately. The revised bill applies to loss mitigation procedures prior to foreclosure, where the following conditions exist: a) The mortgaged property is claimed as a principal residence exempt from tax under section 7cc of […]
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Oregon Adds Provisions Regarding Security Freezes on Protected Consumer Reports
by: Paul McSheffreyThe Oregon state legislature recently passed Enrolled Senate Bill 574, amending statutes relating to security freezes on protected consumers’ consumer reports. The Act provides procedures for requesting security freezes and protective records for “protected consumers”. A “protected consumer” includes individuals no older than sixteen, an individual who is incapacitated, or an individual who […]
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Delaware Amends Clean Credit and Identity Theft Protection Act
by: Louis Danastorg An Act to Amend Title 6 of the Delaware Code Relating to the Clean Credit and Identity Theft Protection As of November 2007 the three major credit bureaus began offering to all consumers the ability to freeze, and otherwise lock, his or her credit report in every state, regardless of any applicable […]
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CFPB provides Debt Collection Communication Guidance
by: Margaret WrightOn July 10, 2013 the Consumer Financial Protection Bureau (“CFPB”) issued the press release “The CFPB Puts Companies on Notice About Harmful Debt Collection Practices.” The press release includes two bulletins concerning consumer debt collector communications titled “Prohibition of Unfair, Deceptive, or Abusive Acts of Practices in the Collection of Consumer Debts” and […]
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Oregon Enacts Provisions Regarding Negligence of Foreclosed Residential Properties
by: Paul McSheffreyThe Oregon Legislature recently enacted provisions regarding negligence of foreclosed residential properties with Enrolled House Bill 2662. An owner that forecloses a trust deed or receives a judgment foreclosing a lien on the property must now meet certain maintenance and monitoring standards during any period that the foreclosed property is vacant. The Bill […]
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Pennsylvania Modifies Mortgage and Conveyancing Provisions
by: Lee Greenberg Provisions Regarding Mortgage Loans The state of Pennsylvania recently modified several provisions regarding mortgage loans in House Bill 1124. The legislation becomes effective on August 31, 2013. House Bill 1124 provides new definitions for the following terms: Administrative or clerical tasks; application; bona fide nonprofit organization; branch; branch manager; commercial context; commission; […]
