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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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August 11, 2021

California enforcement updates and privacy tools highlight regulatory scrutiny of right to opt out

Ballard Spahr, LLP--Philip N. Yannella

After a little over a year of enforcing the California Consumer Privacy Act, the Office of the California Attorney General has announced updates on its CCPA enforcement efforts and new tools relating to California consumers’ right to opt out of the sale of their personal information.

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August 10, 2021

Rocket Mortgage wants to boost homeownership in Detroit

Mortgage Professional America – Candyd Mendoza

Rocket Mortgage introduced a new program designed to increase homeownership in the city of Detroit.

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August 05, 2021

New York Modifies Foreclosure Provisions

New York Senate Bill 5785 amends the real property actions and proceedings law, in relation to foreclosure of mortgages, to remove references to make the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four-family dwellings effective January 1, 2022.

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July 28, 2021

New Jersey Enacts Provisions Regarding Notaries

New Jersey Assembly Bill 4250 Revises law concerning notaries and notarial acts and authorizes electronic signatures effective October 20, 2021.

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July 28, 2021

Illinois Amends Provisions Regarding Notaries

Illinois has amended its provisions relating to its Notary Public Act that include remote notarial acts, and electronic notarial acts and forms and amendments to its Uniform Real Property Electronic Recording Act, effective on January 1, 2022 ; or (2) the date on which the Office of the Secretary of State files with the Index Department of the Office of the Secretary of State a notice that the Office of the Secretary of State has adopted the rules necessary for implementation; except that, the changes made to specified provisions of the Illinois Notary Public Act take effect July 1, 2022.

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July 27, 2021

Extraordinary Situation Proclaimed in Four California Counties

On July 23, 2021, Governor Gavin Newsom proclaimed a state of emergency in Plumas County due to the Dixie Fire and Fly Fire, in Butte and Lassen counties due to the Dixie Fire, and in Alpine County due to the Tamarack Fire; consequently, Acting Commissioner of Financial Protection and Innovation Christopher S. Shultz has determined that an extraordinary situation exists and has issued a proclamation authorizing state-chartered banks to close any or all of their offices in affected areas until the Commissioner determines the extraordinary condition has ended.

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July 13, 2021

Illinois Modifies Provisions Regarding Foreclosure

Illinois Senate Bill 255 amends the Mortgage Foreclosure Article of the Code of Civil Procedure to provide that the order confirming the sale of property may approve the mortgagee's fees and costs (i) arising between the entry of the judgment of foreclosure and the confirmation hearing, and (ii) incurred on or after the date of execution of an affidavit stating the amount due and prior to the judgment but not included in the judgment, those costs and fees to be allowable to the same extent as provided in the note and mortgage; effective July 9, 2021.

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July 13, 2021

Illinois Amends Provisions Regarding Transfer on Death Instrument Act

Illinois Senate Bill 47 amends the title of the "Illinois Residential Real Property Transfer on Death Instrument Act" to the "Real Property Transfer on Death Instrument Act", revises definitions, permits the transfer of real property by a transfer on death instrument to a trustee of a trust under certain circumstances, changes the rules under which real property that is subject to a transfer on death instrument is transferred, provides that a transfer on death instrument may be renounced by the owner's surviving spouse, other changes to provisions regarding rights of creditors; limitations; and preparation of a transfer on death instrument or its revocation, and additional conforming changes; effective January 1, 2022.

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July 13, 2021

Colorado Enacts Provisions Regarding Privacy Act

Colorado Senate Bill 190 enacts the Colorado Privacy Act effective July 1, 2023.

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July 13, 2021

Connecticut Amends Provisions Regarding Licensing

Connecticut Senate Bill 848 implements the Department of Banking's recommended changes to the banking statutes concerning financial institutions and consumer credit licenses effective October 1, 2021.

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July 13, 2021

Colorado Enacts Provisions Regarding Mortgage Servicers

Colorado House Bill 1282 enacts the Colorado Nonbank Mortgage Servicers Act subjecting mortgage servicers to regulation by an assistant attorney general, including the requirements of notification, record keeping, reporting, examinations, inspections, and enforcement effective January 1, 2022.

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July 08, 2021

Indiana Publishes Consumer Credit Fees

The Indiana Department of Financial Institutions published a list of authorized Consumer Credit Fees for the period July 1, 2021, to June 30, 2022.

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July 08, 2021

Ohio Amends Provisions Regarding Licensing Requirements

Ohio House Bill 110, among other things, amends provisions regarding licensing requirements including application and renewal fees effective September 30, 2021.

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July 08, 2021

Missouri Amends Provisions Regarding Fees

Missouri Senate Bill 106 modifies provisions regarding reasonable and bona fide third-party fees incurred for remote or electronic filings or fees sustained through interest and penalties following a judgment effective August 28, 2021.

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