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State News

This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans. 

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November 23, 2020

Home Equity Lending Interpretation Amendments Adopted by the Finance Commission of Texas and Texas Credit Union Commission

Black, Mann & Graham LLP

The Finance Commission of Texas and the Texas Credit Union Commission adopted amendments to multiple home equity lending regulations, including technical edits, updates, and repeals; effective November 26, 2020.

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November 17, 2020

New York Enacts Provisions Regarding Financial Account Inactivity Fee Customer Notice

New York Senate Bill 4188 requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity and requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee; effective February 9, 2021.

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November 17, 2020

Maryland Court of Appeals Issues Order Regarding Foreclosure and Eviction Suspensions for COVID-19

Troutman Pepper Hamilton Sanders LLP

The Maryland Court of Appeals issued an order requiring that parties seeking to foreclose a lien on a residential property or to foreclose the right of redemption of a residential property to file a verified Declaration of Exemption from Moratorium.

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November 13, 2020

New York Enacts Provisions Regarding Mortgage Servicers and Foreclosure Actions

New York Senate Bill 4190 requires the inclusion of the name and telephone number of the mortgage servicer for a plaintiff in a mortgage foreclosure action involving a one-to four-family residential property on the Order of Reference pertaining to such action and is effective November 11, 2020.

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November 10, 2020

How a Proposed Tax Might Have Impacted Affordable Housing

DS News--Phil Hall

A California referendum to change how the state's property taxes are enacted did get the votes to pass and there are some who say it would address California's housing affordability issues.

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November 09, 2020

Pennsylvania Updates "Base Figure" Definition for 2021

The Department of Banking and Securities published a new base figure under the Loan Interest and Protection Law of $263,975 effective January 1, 2021, for the calendar year 2021.

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November 05, 2020

Iowa Adopts Emergency Provisions Regarding Notarial Acts

The Iowa Secretary of State adopted emergency rules removing the training requirement for notary publics who do not wish to perform notarial actions under Iowa Code section 9B.14A as enacted by 2019 Iowa Acts, chapter 44, section 6.

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November 05, 2020

California voters approve initiative expanding privacy rights aka "CCPA 2.0"

Future of Privacy Forum

The California Privacy Rights Act of 2020 passed with an implementation date of January 1, 2023.

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November 03, 2020

New York State Department of Financial Services Guidance to Lenders and Services Related to Registration Fees

The New York State Department of Financial Services issued guidance on September 1 to mortgage lenders and servicers that registration fees are prohibited from being charged to the mortgagor, as a registration fee is neither an attorney fee, late or delinquency fee, property valuation fee, or fee for a service rendered to a mortgagor.

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October 30, 2020

Texas Office of Consumer Credit updates guidance for regulated lenders

Buckley

The Texas Office of the Consumer Credit Commissioner issued updated reminders for regulated lenders on how to work with consumers relating to COVID-19.

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October 30, 2020

Pennsylvania Remote Online Notarization Legislation

Pennsylvania House Bill 2370 amends Title 57 (Notaries Public) of the Pennsylvania Consolidated Statutes, in Revised Uniform Law on Notarial Acts, further providing for authority to perform a notarial act, providing for a notarial act performed by remotely located individual and further providing for notification regarding the performance of notarial act on electronic record and selection of technology, effective immediately (October 29, 2020).

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October 28, 2020

Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule

Ballard Spahr LLP--Christopher J. Willis & Richard J. Andreano, Jr.

Massachusetts federal district court has stayed HUD's 2020 rule revising its 2013 Fair Housing Act disparate impact standards.

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October 27, 2020

Michigan Publishes Annual Licensing Fees for 2021

The Michigan Department of Insurance and Financial Services published its annual licensing fees under its Mortgage Brokers, Lenders, and Servicers Licensing Act; Mortgage Loan Originator Licensing Act; and Secondary Mortgage Loan Act effective from January 1 through December 31, 2021.

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October 23, 2020

Appeals court tosses mortgage fraud case against Manafort

Mortgage Professional America – Ryan Smith

A New York appeals court dismissed state mortgage fraud charges against Paul Manafort.

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