The Colorado legislature recently amended its laws related to mortgage loan originator licensing, effective August 8, 2018. The Minnesota legislature recently amended its laws related to mortgage originator licensing, effective August 1, 2018. The New Hampshire legislature recently amended its laws related to mortgage licensing, and exemptions from licensing, effective August 7, 2018.

The Office of the Comptroller of the Currency (“OCC”) recently issued a bulletin on June 15, 2018 to provide national banks, federal savings associations, and federal branches and agencies (collectively the “banks”) with clarification regarding OCC supervisory policies and processes on how examiners evaluate and communicate bank performance under the Community Reinvestment Act (“CRA”).  These […]

The Minnesota Department of Commerce (“Department”) recently issued Residential Mortgage Originator and Servicer Supervisory Guidance to bring attention to the most common deficiencies the Department has identified in examinations and investigations. The common deficiencies are as follows: Failure to remedy any of the above deficiencies may result in administrative disciplinary action, including civil penalties of […]

The South Carolina legislature recently enacted the South Carolina Telephone Privacy Protection Act (“Act”), effective May 18, 2018. The Act applies to “Telephone solicitations” which means the initiation of a telephone call, or a text or media message sent, to a natural person’s residence in South Carolina, or to a wireless telephone with a South […]

The Arizona legislature recently adjusted the licensing fees paid to the Department of Financial Institutions and amended its law related to data security breaches.  Both bills discussed in this memorandum are effective July 16, 2018. Arizona Senate Bill 1150 The following nonrefundable fees are payable to the Department of Financial Institutions: Arizona House Bill 2154 […]

The South Dakota legislature recently amended its laws to address identity theft, effective July 1, 2018. "Breach of system security" means the unauthorized acquisition of unencrypted computerized data or encrypted computerized data and the encryption key by any person that materially compromises the security, confidentiality, or integrity of personal or protected information maintained by the […]

The Virginia legislature recently passed bills amending its laws related to foreclosure.  The bills are effective July 1, 2018. Virginia House Bill 311 If, on the date of a foreclosure sale of a single-family residential dwelling unit, the former owner remains in possession of the dwelling unit, such former owner becomes a tenant at sufferance. […]

The Iowa legislature recently amended its laws related to mortgage releases and to shorten the period of time for redeeming real property from foreclosure and delaying sale of foreclosed property and to adjust the statute of limitations period for executing judgments on claims for rent.  All the legislation discussed in this memorandum is effective July […]

The Connecticut legislature recently amended its laws related to mortgage servicing, effective July 1, 2018. No mortgage servicer shall, directly or indirectly: Mortgage servicers must establish, enforce and maintain policies and procedures reasonably designed to achieve compliance with the above provisions, and qualifying individual or branch managers for such mortgage servicer must enforce such policies […]

The Florida Department of Financial Services Division of Insurance Agents and Agency Services (“Department”) recently amended its rules regarding unfair methods of competition and unfair or deceptive acts or practices in the transaction of title insurance, effective May 13, 2018. A “referrer of settlement service business” means any person who is in a position to […]

The Georgia legislature recently amended various laws governing financial institutions, effective May 3, 2018. A prohibition order, which prohibits an individual from participating in any capacity in the affairs of a financial institution, may be issued by the Commissioner in connection with a suspension order.  Such prohibition order may provide that if an officer, director, […]

The Montana Department of Administration (“Department”) recently revised rules related to annual reporting for consumer loan licensees, mortgage definitions, mortgage renewal fees, and escrow funds held by mortgage companies, effective April 28, 2018.  The New Jersey Department of Banking and Insurance (“Department”) issued Bulletin 18-04, on April 10, 2018, warning consumers about the prevalence of […]