This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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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Rhode Island has amended law provisions on notarial acts to allow for remote notarizations with House Bill 7363.
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.).
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.
The Kansas Secretary of State adopted temporary rules relating to electronic notarization. These provisions are effective immediately.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
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.
Dollar amounts indexed in the Regulated Loan Act, Minnesota Statutes, Chapter 56, and the Minnesota Consumer Credit Code, Minnesota Statutes, Section 47.59, will increase effective July 1, 2022.
The Final Rule implementing South Carolina's Electronic Notary Public Act were published in the South Carolina Register on June 24, 2022, effective immediately.
The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule affirming states’ abilities to protect their residents with limited preemption by implementing their own fair credit reporting laws that are stricter than the federal Fair Credit Reporting Act (FCRA).
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
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).
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.
The state of Louisiana amended its provisions by removing the population limitation regarding blighted or abandoned property effective on August 1, 2022.
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.
