This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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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Louisiana amended its provisions regarding remote online notarial acts effective on August 1, 2022.
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.
The state of Maryland modified its provisions relating to notarial acts that include fees and the use of communication technology effective immediately.
The state of Vermont enacted provisions that prohibit racially and religiously restrictive covenants in deeds effective on July 1, 2022.
Automated compliance tests to ensure compliance on more loans in less time
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.
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.
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.
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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Solo Funds was issued a cease and desist order for asking consumers to pay a voluntary “tip” for a small loan, but then only giving loans to those who pay tips.
A New York federal judge temporarily enjoined New York sheriffs from Chautauqua, Erie, and Niagara counties, refusing to enforce judgment executions which seek to collect judgment interest “calculated with the interest rate in effect at the time the judgment was obtained."
The Illinois Department of Financial and Professional Regulation adopted provisions relating to its Predatory Loan Prevention Act effective on August 1, 2022.
On April 6, 2022, Florida enacted House Bill 925 (HB925, or the Florida Bill) facilitating the transition away from LIBOR and sets standards for the replacement of LIBOR in contracts governed by Florida law where there is no fallback provision or insufficient fallback language is provided.
