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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 28, 2022

New York Enacts Provisions Regarding Registration of Mortgages in Default

Governor Hochul signed A3081 into law on November 22, 2022, immediately prohibiting the registration of mortgages in default prior to the filing of a notice of pendency.

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November 21, 2022

California Senate Bill 1415 Amends the Financial Code by Requiring Reports on Overdraft Fees

A bank or credit union subject to the examination authority of the commissioner shall report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and non-sufficient funds fees collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank or credit union.

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November 04, 2022

Pennsylvania Updates Breach of Personal Information Notification Act

Pennsylvania Senate Bill 696 was approved by the Governor on November 3, 2022, modifying the Breach of Personal Information Notification Act definitions and other provisions relating to information security breach requirements

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November 02, 2022

Vermont Issues Declared Rate for 2023

The Vermont Declared Rate used for determining high cost home loan status for 2023 has been set at 4%.

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October 21, 2022

California Governor Signs SB 1311- Strengthens Consumer Protections for Military and Veterans

California Senate Bill 1311 (the Military and Veteran Consumer Protection Act of 2022) was signed into law on September 27, 2022, by Governor Gavin Newsom and makes changes to the Military Lending Act's exceptions for loans to purchase personal property including vehicles among other things.

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October 17, 2022

Kansas Adopts Permanent Notary Rules including RON Provisions

Kansas has adopted permanent legislation for notaries including remote online notary provisions effective October 28, 2022.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."

-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage

Hear Why

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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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"ACES has shined a light on our productivity and empowered us to hold our teams accountable."

- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union

Hear Why

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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