The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), the Farm Credit Administration (“FCA”), and the National Credit Union Administration (“NCUA”) are amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance […]
The Arizona legislature recently amended its recording fees, effective June 30, 2019. The Arkansas legislature recently amended the Fair Mortgage Lending Act (the “Act”). It also amended its laws to require closing agents to provide certain disclosures when closing a transaction involving rural and agricultural properties and amended its Personal Information Protection Act. The Arkansas […]
The Florida legislature recently amended its laws regarding licensing exemptions, effective July 1, 2019, while the New Hampshire legislature amended provisions affecting non-depository mortgage bankers, brokers, and servicers, effective May 15, 2019. Florida House Bill 935 An individual who does not hold himself or herself out to the public as being in the mortgage lending […]
The Illinois Department of Financial and Professional Regulation recently amended certain rules related to the Residential Mortgage License Act (“Act”) related to independent loan processors and advertisements, effective May 10, 2019. "Independent loan processing entity" means an entity engaged solely in providing loan processing services through the sponsoring of individuals acting as independent loan processors. […]
The New Jersey legislature recently revised the statute of limitations for foreclosures, amended its laws related to common interest associations regarding the recording of liens for unpaid assessments, amended its laws related to residential mortgage lending, all effective April 29, 2019. In addition, the legislature amended its related to foreclosure and abandoned properties, effective May […]
The West Virginia legislature recently amended its laws related to financial institutions and to provide for out-of-state commissioners who may take acknowledgments of deeds and other writings to be admitted for recording in West Virginia. The legislation discussed in this memorandum are effective May 30, and June 7, 2019 respectfully. West Virginia Senate Bill 453 […]
The Utah legislature has recently amended its mortgage loan originator licensing laws to allow temporary authority, the law setting recording fees; the law regarding notices filed with the State Construction Registry (“Registry”); the laws allowing remote notarization and liability for notarial acts of an employee. All the laws discussed are effective May 13, 2019. Utah […]
The Massachusetts legislature recently enacted legislation to protect consumer information, effective April 10, 2019. “Breach of security” means the unauthorized acquisition or unauthorized use of unencrypted data or, encrypted electronic data and the confidential process or key that is capable of compromising the security, confidentiality, or integrity of personal information, maintained by a person or […]
Learn more about the S.2155 HMDA Exemptions that went into effect in May 2018 in this RiskExec blog post. Click to read now.
The Nevada Secretary of State recently issued temporary rules governing electronic notarizations, effective January 8, 2019. The regulations relate to the legislation enacted in 2017 (Assembly Bill 413) providing for electronic notarizations. See our memorandum dated June 7, 2018 for a discussion of the legislation. "Principal" means the natural person whose signature is notarized in […]
The Illinois legislature recently amended provisions of its Residential Mortgage License Act (“Act”), effective December 19, 2018. The Consumer Financial Protection Bureau (“CFPB”) announced the asset-size exemption thresholds for 2019 for Regulation C and Regulation Z. Illinois House Bill 5542 Licensees under the Act who are not filing a Mortgage Call Report with the Nationwide […]
The Council of the District of Columbia recently enacted the Revised Uniform Law on Notarial Acts Act of 2018 (“Act”), effective December 4, 2018. “Acknowledgment” means a declaration by an individual that states the individual has signed a record for the purposes stated in the record and, if the record is signed in a representative […]