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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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June 16, 2022

California DFPI issues proposed regulations on consumer complaints and inquiries

Ballard Sparh LLP Consumer Finance Monitor - Michael R. Guerrero & Peng Shao

The California Department of Financial Protection and Innovation (DFPI) has proposed regulations pertaining to consumer complaints and inquiries under the California Consumer Financial Protection Law (CCFP).

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June 16, 2022

Vermont Temporarily Suspends High Cost Mortgage Disclosures

Due to the current interest rate environment, the State of Vermont Department of Financial Regulation has suspended the disclosures for high cost mortgage loans required by Title 9, Section 104 of the Vermont Statutes Annotated (“Section 104”) until January 1, 2023.

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June 14, 2022

Louisiana House Bill 818: Blighted or Abandoned Property

The state of Louisiana amended its provisions by removing the population limitation regarding blighted or abandoned property effective on August 1, 2022.

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June 14, 2022

Ninth Circuit Rejects Retroactive Consent for Recording Website Users

Troutman Pepper Insights

A recent memorandum disposition has been issued in relation to an appeals court case in the Ninth Circuit, reversing a prior decision about retroactive consent to record a user's website interaction.

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June 10, 2022

California Approves Final Commercial Financing Disclosure Regulations

The California Office of Administrative Law (OAL) approved the Department of Financial Protection and Innovations (DFPI) proposed commercial financing disclosure regulations issued pursuant to Senate Bill 1235to become effective on December 9, 2022.

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June 07, 2022

Vermont Enacts Provisions Regarding Electronic Recording and Notarial Acts

The governor of the state of Vermont signed HB512 on June 2, 2022, enabling the recording of electronic documents and allowing for notaries to provide acknowledgments for remotely located individuals effective July 1, 2022.

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June 06, 2022

Louisiana Amends Provisions Regarding Remote Online Notarial Acts

Louisiana amended its provisions regarding remote online notarial acts effective on August 1, 2022.

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June 02, 2022

Maryland Amends Personal Information Protection Act

Maryland House Bill 962 amends the Personal Information Protect Act to require a business that maintains personal information of an individual residing in the State to implement and maintain reasonable security procedures and practices that are appropriate to the nature of the personal information maintained; and altering certain requirements related to notifications of breaches of the security of systems, including the circumstances under which the owner or licensee of certain computerized data is required to notify certain individuals of a breach.

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June 02, 2022

Maryland House Bill 663- Modified Provisions for Remote Notarial Acts

The state of Maryland modified its provisions relating to notarial acts that include fees and the use of communication technology effective immediately.

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June 02, 2022

Vermont House Bill 551- Certain Restrictive Covenants Prohibited

The state of Vermont enacted provisions that prohibit racially and religiously restrictive covenants in deeds effective on July 1, 2022.

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June 02, 2022

Illinois House Bill 4270- Special Warranty Deed Standardization

Illinois HB 4270 creates a statutory form for special warranty deeds to standardize the most common form of deed used in commercial real estate practice and is effective January 1, 2023.

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May 25, 2022

NYDFS issues industry letter on reverse mortgage lending

Buckley Infobytes Blog

The New York Department of Financial Services (NYDFS) issued an industry letter on May 17, reminding all institutions engaged in reverse mortgage lending in the state that existing regulatory framework for reverse mortgages will also apply to cooperative apartment loans made after Section 6-O*2 of the New York Banking Law takes effect on May 30.

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May 20, 2022

Illinois Senate Bill 3971- Confidentiality of Customer Financial Records

Buckley Infobytes Blog

Illinois Senate Bill 3971 amends the Illinois Banking Act and Savings Bank Act to further protect the confidentiality of customer financial records, including guidance on the disclosure of financial records in response to subpoenas, warrants, and other court-related requests, effective immediately.

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May 16, 2022

New York Assembly Bill 1508: Reverse Mortgages on Cooperative Apartments

New York Assembly Bill 1508 expands the market for reverse mortgages by allowing borrowers who are age 62 or older to obtain reverse mortgages on cooperative apartments.

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