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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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September 29, 2022

Delaware Revises Uniform Law on Notarial Acts

The state of Delaware has revised its notary laws effective August 1, 2023, including provisions related to general notary requirements, fees, and remote notarial acts.

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September 23, 2022

California Passes UDAAP Legislation

The governor of California recently signed AB1904, a bill that, among other things, prohibits a covered person or a service provider from engaging in unlawful, unfair, deceptive, or abusive acts or practices regarding consumer financial products or services and allows the California Department of Financial Protection and Innovation to bring a civil action against a violator.

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September 21, 2022

California GAP Disclosure Legislation

Buckley InfoBytes Blog

The governor of California signed a bill that establishes a requirement for a creditor to refund the unearned portion of a guaranteed asset protection waiver (GAP waiver) automatically when the loan is terminated early.

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September 09, 2022

CADFPI Proposes Two Regulations Regarding Student Loan Servicing

The California Commissioner of Financial Protection and Innovation is proposing to adopt regulations implementing the Student Loan Servicing Act (Act), Financial Code section 28100, et seq., and the Student Loans: Borrower Rights Law, Civil Code section 1788.100, et seq.

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August 22, 2022

California Senate Bill 633- Consumer Credit Contracts

California Senate Bill 633 removes the exception regarding co-signer notices where the persons are married to each other from existing law which requires each creditor who obtains the signature of more than one person on a consumer credit contract to deliver to specified persons prior to those persons becoming obligated on the contract a notice in English and Spanish.

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August 04, 2022

South Carolina to Rescind Interim Remote Work Guidance for Mortgage Originators

WBK Financial Services Update

The South Carolina Department of Consumer Affairs has indicated that the interim regulatory guidance that allowed mortgage originators to work remotely from unlicensed locations will be rescinded effective January 1, 2023. Starting January 1, 2023 mortgage loan originators licensed in South Carolina by the Department of Consumer Affairs must work from licensed locations.

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July 22, 2022

Indiana Publishes 2023 Dollar Amount Adjustments Under the Indiana Uniform Consumer Credit Code

The annual dollar amount adjustments under the Indiana Consumer Credit Code (IUCCC) have been published and the new amounts will go into effect January 1, 2023.

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July 22, 2022

Virginia Modifies Real Estate Provisions

The state of Virginia has amended several of its real estate provisions, including those relating to mortgage brokers, the misuse of the power of attorney, and residential property disclosures pursuant to House Bill 1153 effective July 1, 2022.

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July 19, 2022

NYDFS Industry Letter: Avoiding Improper Practices Related to Overdraft and NSF Fees

The New York Department of Financial Services has issued Guidance with the purpose of alerting Institutions that the Department will evaluate whether Institutions are engaged in deceptive or unfair practices with respect to overdraft and NSF fees in future Consumer Compliance and Fair Lending examinations.

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July 14, 2022

Rhode Island Amends Provisions Regarding Uniform Law on Notarial Acts

Rhode Island has amended law provisions on notarial acts to allow for remote notarizations with House Bill 7363.

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July 13, 2022

NC Revives Emergency Remote Notarization & Enacts Permanent RON Law

On July 8, 2022, Gov. Roy Cooper signed House Bill 776, which revived the emergency remote notarization statute (N.C. Gen. Stat. 10B-25) through June 30, 2023, and concurrently enacted an entirely new and permanent remote notarization law (N.C. Gen. Stat. 10B-134 et seq.).

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July 13, 2022

North Carolina Senate Bill 769- Postponement of Judicial and Execution Sales

This bill, recommended by the General Statutes Commission, would allow judicial sales and execution sales to be postponed up to 90 days, aligning the postponement authority for judicial and execution sales with that of sales under a contractual power of sale clause.

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July 13, 2022

Kansas Adopts Temporary Rules Relating to Electronic Notarization

The Kansas Secretary of State adopted temporary rules relating to electronic notarization. These provisions are effective immediately.

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July 08, 2022

Texas Amends "Business Day" Definition for Home Equity Lending

The Finance Commission of Texas and the Texas Credit Union Commission ("commissions") adopts amendments to §153.1 (relating to Definitions) in 7 TAC, Chapter 153, concerning Home Equity Lending.

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