Regulatory Updates 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 […]
DISTRICT OF COLUMBIA L22-0189 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 […]
MINNESOTA SENATE FILE 893 The Minnesota legislature recently adopted the Revised Uniform Law on Notarial Acts (“Act”). The Act applies to a notarial act performed on or after January 1, 2019. “Acknowledgment” means a declaration by an individual before a notarial officer stating that the individual has signed a record for the purpose stated in […]
RHODE ISLAND SENATE BILL 2560 AND HOUSE BILL 7502 The Rhode Island legislature recently enacted a Uniform Law on Notarial Acts (“Act”), effective January 1, 2019. “Acknowledgment” means a declaration by an individual before a notarial officer that the individual has signed a record for the purpose stated in the record and, if the record […]
Legislative Updates The California Legislature has recently enacted legislation regarding closing an equity line of credit, amendments to the Survivor’s Bill of Rights, amendments to the Property Assessed Clean Energy (“PACE”) Program, amendments to the California Military Families Financial Relief Act (“ACT”) and amendments to the Right to Financial Privacy Act. All the legislation discussed […]
Legislative and Regulatory Updates The Alabama legislature recently amended provisions of its Uniform Condominium Act (“Act”) to clarify lien priority and what fees could be included in the lien, effective January 1, 2019. The Connecticut legislature recently amended its laws related to pre-licensing education for mortgage loan originators, loan processors, and underwriters, effective January 1, […]
The Bureau of Consumer Financial Protection (“BCFP”) (also referred to as the “CFPB”) issued Compliance Bulletin 2018-01 on September 25, 2018, to announce changes to how it articulates supervisory expectations to institutions in connection with supervisory events. The Connecticut Department of Banking, Consumer Credit Division (“Department”) issued a memorandum on August 22, 2018, to address […]
Pennsylvania Senate Bill 653 The Pennsylvania legislature recently enacted the Vacant and Abandoned Real Estate Foreclosure Act (“Act”) to accelerate foreclosure proceedings on vacant and abandoned properties, effective December 17, 2018. “Former owner” means an owner or obligor, or a successor in interest of an owner or obligor, whose interest in a mortgaged property was […]
NEW JERSEY ASSEMBLY BILL 2035 The New Jersey legislature recently amended several provisions of its Residential Mortgage Lending Act (“Act”), effective November 22, 2018. “Approved conditional status” means the status of the license of an individual who has satisfied all conditions for licensure as a mortgage loan originator or qualified individual licensee except a satisfactory […]
Legislative Updates The Florida legislature recently amended its laws regarding bankruptcy matters in foreclosure proceedings, effective October 1, 2018. The Florida Office of Financial Regulation recently amended its rules to allow military personnel, veterans, and spouses to receive reimbursement for application, renewal and reactivation fees for a loan origination license, effective September 25, 2018. The […]
INTERAGENCY STATEMENT CLARIFYING THE ROLE OF SUPERVISORY GUIDANCE The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively the “agencies”) issued an Interagency Statement Clarifying the Role of Supervisory Guidance on September 11, 2018 to explain the role […]
Maryland Senate Bill 848/House Bill 1048 The Maryland legislature recently amended its laws relating to notices of foreclosure, effective October 1, 2018. “Department” means the Maryland Department of Labor, Licensing, and Regulation. “Foreclosed Property Registry” means the Foreclosed Property Registry established by the Department. “Local jurisdiction” means: A county; or A municipal corporation. “Person authorized […]