Tag Archive: "California"
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California Updates Mortgage Loan Disclosure Statement Requirements
By Linaldo DonovanOctober 22, 2015The implementation of the TILA-RESPA Integrated Disclosure rule is now in effect as of October 3, 2015. Brokers and licensees should take notice of the requirements of Mortgage Loan Disclosure Statement (MLDS) under Real Estate Laws in California. MLDS is a disclosure required under Business and Professions Code (B&P) section 10240 […]
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California Amends Mortgage Loan Originator Education Requirements
by: Lee Greenberg The state of California recently amended provisions regarding mortgage loan originator education requirements in Senate Bill No. 1459. The new legislation becomes effective on January 1, 2015. Under the law, an applicant for a mortgage loan originator license is required to complete at least 20 hours of approved prelicensing education. Prelicensing education courses […]
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California Enacts Provisions Regarding Furnishing Consumer Credit Reports on Adverse Action
by: Lee GreenbergThe state of California recently enacted provisions to the Civil Code regarding the furnishing of consumer credit reports following an adverse action in Assembly Bill No. 1091. The legislation becomes effective on January 1, 2014.Under existing state law, a consumer credit reporting agency is required to allow the consumer to visually inspect all […]
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California Modifies Provisions of the Financial Code Relating to Mortgage Lenders
by: Lee GreenbergThe state of California recently modified several provisions of the Financial Code relating to mortgage lenders in Assembly Bill No. 1091. The legislation becomes effective on January 1, 2014.Assembly Bill No. 1091 includes the following amendments to the Financial Code: Under the existing law, California business and industrial development corporations, licensed pawnbrokers and […]
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Changes in California Lending and Foreclosure Laws
by Emily Ross, Esq.The California legislature recently passed multiple bills that either extend or strengthen already existing consumer protection statutes. These include extending a law to limit loan modification compensation, solidifying and extending the definition of who needs to be licensed to be a loan originator, adding additional language requirements to Notices of Default and […]