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 the record and, if […]

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 is signed in a representative capacity, that the individual […]

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 in this […]

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, 2019.  The Colorado Division […]

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 […]

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 foreclosed in an action […]

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 demonstration of his or her […]

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 Oklahoma legislature […]

 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 of supervisory guidance and to describe the agencies’ approach […]

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: “Person authorized to make the sale” means the person designated under the Maryland rules […]

The Connecticut legislature recently amended its laws related to foreclosure mediation and the Banking Law of Connecticut (“Act”).  All the legislation discussed in this memorandum is effective October 1, 2018. Connecticut Senate Bill 391 The Connecticut legislature recently amended the law governing foreclosure mediation to remove the requirement that a borrower represented by counsel attend […]

The Bureau of Consumer Financial Protection (“CFPB”) issued an interpretive and procedural rule (the “Rule”) to clarify provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act (“Act”) which amended certain requirements of the Home Mortgage Disclosure Act (“HMDA”), effective September 7, 2018. The Act amended HMDA by adding partial exemptions from HMDA’s requirements […]