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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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January 10, 2022

CA DFPI adopts provisions for Debt Collection Licensing

The California Department of Financial Protection and Innovation adopted provisions relating to debt collection licensing under the Debt Collection Licensing Act; these provisions are effective immediately.

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January 10, 2022

NYDFS: Delays Effective Date of Article 8 of the NY Financial Services Law Commercial Financing Disclosure

Buckley Infobytes Blog

The New York Department of Financial Institutions has issued a letter delaying the effective date of the Commercial Financing Disclosure provisions pursuant to Article 8 of the New York Financial Services Law until implementing regulations have been issued and regulatory guidance is provided regarding the standardized disclosures.

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January 07, 2022

CA appellate court: bail bond financing agreements are consumer credit contracts subject to cosigner notice

Ballard Spahr, LLP- Consumer Finance Monitor- Christopher J Willis

Bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner, according to the ruling of a California appellate court.

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January 07, 2022

New Jersey Issues Bulletin Regarding 2022 High-Cost Home Loan Dollar Adjustment

The New Jersey Department of Banking and Insurance has updated its definition of a “high-cost home loan” under the Home Ownership Security Act of 2002 raising the maximum principal amount of a loan that may be considered under this definition to $527,669.59 effective on or after January 2, 2022.

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January 06, 2022

New York S5724-A reduces judgment rate on consumer debts to 2%

Consumer Finance Monitor - Christopher J. Willis

On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant is a natural person from 9% to 2% effective April 30, 2022.

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January 05, 2022

Texas Adopts Provisions Regarding Home Equity Lending

Effective January 6, 2022, the Texas Joint Financial Regulatory Agencies adopted home equity lending provisions to specify electronic disclosures requirements and describe Texas Constitution, Article XVI, Section 50’s applicability to out-of-state financial institutions.

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December 30, 2021

Foreclosure moratorium ends in Oregon

The state of Oregon foreclosure moratorium will expire tomorrow, December 31, 2021.

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December 29, 2021

New York Enacts Provisions Regarding Electronic Notarization

The state of New York has amended provisions regarding electronic notarization with an effective date of June 20, 2022, authorizing the use of video and audio conference technology in identifying individuals for electronic notarization.
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December 23, 2021

NY Senate Bill 1579: Foreclosure plaintiff required to maintain property

New York Senate Bill 1579, "The Good Neighbor Act", requires a plaintiff including a lender, an assignee or a mortgage loan servicer in a mortgage foreclosure action to maintain the subject property.

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December 22, 2021

Colorado Clarifies Intersection Between Regulation F and State Disclosure Requirement

insideARM- John Bedard

An Advisory Opinion has been published by the Administrator of the Colorado Uniform Consumer Credit Code which clarifies the State’s interpretation of the Colorado Fair Debt Collection Practices Act as it relates to Regulation F

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December 17, 2021

California DFPI Extends Deadline for NMLS Licensing Transition

The California DFPI is extending the deadline for licensees to transition onto NMLS until March 15, 2022 under the California Financing Law.

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    December 17, 2021

    Vermont Issues Declared Rate for 2022

    Effective January 1, 2022, the declared rate is 3.25% for determining whether a loan is a high-rate/high-point loan under Vermont law.

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    December 13, 2021

    Reverse Mortgage Relief through N.Y. Homeowner Assistance Fund

    Reverse Mortgage Daily- Chris Clow

    The NY state assembly has announced that reverse mortgage borrowers are eligible to apply for direct relief through the NY Homeowner Assistance Fund.

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    December 10, 2021

    California Amends Provisions Regarding Revocable Transfer on Death Deeds

    Effective January 1, 2022, California amended its provisions regarding revocable transfer on death deeds that include definitions relating to the beneficiary, real property, subscribing witness, and unsecured debts.

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