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CFPB Issues Rule Establishing Supervisory Authority Over Certain Nonbank Covered Persons
by: Marissa Blundell On June 26, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final procedural rule which applies to its exercise of supervisory authority over certain nonbank covered persons based on risk determination. The rules govern the process through which the CFPB will determine whether it has reasonable cause to decide whether a […]
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North Carolina Modifies Provisions Regarding Trusts, Estates, and Powers of Attorney
by: Louis DanastorgOn June 5th, 2013 the General Assembly of North Carolina passed an act purposed to update and clarify provisions of the laws governing estates, trusts, guardianships, powers of attorney, and other fiduciaries. These revisions become effective October 1, 2013 and apply to estates of decedents dying on or after that date. Part 1: […]
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New Mexico Amends Uniform Commercial Code and Public Records Laws
by: Nicole Legere New Mexico Uniform Commercial Code Amendments to the Uniform Commercial Code were intended to clarify the applicability of the Electronic Fund Transfer Act to remittance transfers. A remittance transfer is defined to include certain electronic money transfers from the United States to recipients abroad. This amendment states that the Electronic Fund Transfer […]
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Freddie Mac Issues New Mortgage Eligibility Criteria
by: Anna DeSimoneJuly 2, 2013, Freddie Mac issued Industry Letter 2013-06 to all Freddie Mac Sellers entitled “Freddie Mac’s New Mortgage Eligibility Criteria.”On May 6, 2013, Freddie Mac issued an Industry Letter notifying Sellers of revised requirements as a result of the Consumer Financial Protection Bureau’s (CFPB) final rule on ability to repay and qualified […]
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Fannie Mae Publishes Additional Information Regarding ATR & QM
by: Anna DeSimoneJuly 2, 2013, Fannie Mae issued Lender letter 2013-06 to all Single-Family Sellers entitled “Additional Information about Ability to Repay and Qualified Mortgage Requirements”On May 6, 2013, Fannie Mae issued Lender Letter LL-2013-05, Qualified Mortgages, to address the Consumer Financial Protection Bureau’s (CFPB) final rule issued on January 10, 2013, that implemented the […]
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Oregon Amends Exemption Provisions for Certain Entities & MLO Licensing
by: Paul McSheffreyProvisions Regarding Exemption from Licensing for Mortgage Loan Originators The Oregon Legislative Assembly recently passed Enrolled House Bill 2856, making changes to the licensing requirements for mortgage loan originators found in ORS 86A.203. The amendments add an exemption from licensing requirements for an individual who as seller within a twelve month period, negotiates […]
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Oklahoma Adopts Provisions Regarding Truth in Lending Rules
by: Lee GreenbergThe state of Oklahoma recently adopted several provisions that incorporate federal changes to Regulation Z for purposes of maintaining Oklahoma’s exemption from federal enforcement of the consumer credit disclosure provisions of the Truth in Lending Act and Regulation Z. The legislation implements enhanced mortgage disclosure requirements which were incorporated into the Uniform Consumer […]
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Amendments to Various Texas State Regulations
by: Nicole LegereThe state of Texas has recently made a number of amendments to state regulations ranging from those involving judicial foreclosure proceedings to spousal maintenance agreements. All of these amendments will become effective on September 1, 2013. Expedited Judicial Proceedings Texas amended its Civil Practice and Remedies Code by adding Section 154.028 which allows […]
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North Carolina Adds Provisions Regarding Marital Property & Counsel Fees
by: Louis Danastorg Provisions Regarding Marital Property October 1, 2013, North Carolina’s amended definition of marital property to include entireties property will come into effect. The General Assembly added to the definition that all real property creating a tenancy by the entirety acquired after the date of marriage and before separation will be considered marital […]
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Rhode Island Adopts Rule Regarding Privacy of Consumer Financial Information
by: Amanda NicholsonRhode Island has recently adopted new rules and regulations pertaining to the privacy of consumer financial information. This regulation governs the treatment of all nonpublic financial information about individuals, claimants and beneficiaries of products or services by all insurance licensees of the Rhode Island Department of Business Regulation. It does not apply to […]
