Oregon Senate Bill 1551 The Oregon legislature recently amended provisions of its laws related to breaches of security, effective June 2, 2018. In addition to specifically enumerated information, “personal information” now includes any information or combination of information that a person reasonably knows or should know would permit access to the consumer’s financial account. If […]
West Virginia has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective June 5, 2018 (the “West Virginia Act”). The Wisconsin legislature recently amended its laws governing payoff statements and transfers by affidavit, effective April 18, 2018. WEST VIRGINIA SENATE BILL 102 The Uniform Fiduciary Access to Digital Assets Act (the “Act”) […]
Oregon Rules Chapters 850 and 890 The Oregon Department of Consumer and Business Services (“Department”) recently amended its rules related to mortgage lending and mortgage servicing, effective April 17, 2018. “Contract or agreement for servicing the residential mortgage loan” means an agreement for the ongoing servicing of a loan and does not include one-time transfers […]
The West Virginia legislature recently amended its application fee and education provisions of the Safe Mortgage Licensing Act (“Act”), effective May 18, 2018. The Wisconsin legislature recently amended its laws governing confidentiality of financial information, effective April 18, 2018. West Virginia House Bill 4285 Applicants for a license must apply in a form as prescribed […]
Alabama Senate Bill 318 The Alabama legislature recently enacted the Data Breach Notification Act (“Act”), effective June 1, 2018. A “Breach of Security” or “Breach” is the unauthorized acquisition of data in electronic form containing sensitive personally identifying information. Acquisition occurring over a period of time committed by the same entity constitutes one breach. The […]
Legislative Updates Maine has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective April 4, 2018 (the “Maine Act”). The Oregon legislature has enacted legislation setting fees for licensing mortgage servicers, effective April 3, 2018. The Utah Residential Mortgages Practices and Licensing Act (the “Utah Act”) was recently amended, effective May 8, […]
Vermont Regulation B-2018-1 The Vermont Department of Financial Regulation recently issued revised regulations regarding annual privacy notices, effective March 15, 2018. A financial institution is not required to deliver an annual privacy notice if: The financial institution does not disclose the customer’s nonpublic personal information to nonaffiliated third parties other than for permitted purposes; The […]
Legislative Updates Utah Legislative Update Leading document preparation solution provider MRG recently published an update concerning lending legislation in the state of Utah. Utah House Bill 196 extends the date that a citation may be issued following a violation from 6 months to 1 year after the occurrence of a violation. The bill also modifies […]
Regulatory Updates Nevada The Foreclosure Mediation Program expires on June 30, 2017, and all mediations should have been completed by April 30, 2017. Utah Utah House Bill 13 recently passed, defining digital assets and parties involved for electronic loan compliance. Some measures include: Identifying custodians (persons/entities that carry, maintain, process, receive, or store digital assets […]
Regulatory Update This compliance update was originally published on www.mrgdocs.com: Asurity, a loan document prep provider that specializes in compliant loan documentation in all 50 United States, published an article highlighting recent regulatory changes in Alaska. Alaska House Bill 12 amended provisions regarding the requirements for registering a depository institution, including licensing fees, surety bond […]