Connecticut Legislature Requires Reverse Mortgage Counseling
On May 29, 2018, the Connecticut governor signed into law Senate Bill 150. This bill becomes effective October 1, 2018. Once effective, this bill requires... Read More
State Regulatory Developments
South Carolina Enacts Telephone Privacy Protection Act
South Carolina has enacted the Telephone Privacy Protection Act, which restricts telephone solicitations that target South Carolina residences or mobile phone numbers with state area... Read More
Maryland Enacts Financial Consumer Protection Act of 2018
Maryland recently enacted the Financial Consumer Protection Act of 2018 (FCPA) to expand the Maryland Consumer Protection Act (MCPA) to include “abusive practices,” and to... Read More
PA Amends Mortgage Servicing Regulations to Include Provisions Regarding Successors in Interest
As we previously reported, on February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations incorporating many of the CFPB’s mortgage servicing regulations. ... Read More
Florida Adopts Provisions Regarding Title Insurance Rebates and Inducements
The Florida Department of Financial Services, Division of Insurance Agent and Agency Services, recently adopted new regulatory provisions regarding unlawful rebates and inducements relating to... Read More
Non-Bank Servicer Enters into Settlement Agreement with Maryland
Recently, the Maryland Attorney General (AG) announced that a large, national non-bank servicer of home mortgages entered into a settlement agreement with the AG’s Consumer... Read More
Montana Amends Administrative Rules Affecting Multiple Licensees
The Montana Department of Administration (Department) recently published Montana Administrative Register Notice 2-59-571 (Notice) which amends multiple provisions affecting consumer loan lenders, mortgage lenders and... Read More
Maryland Allows Lenders to Create Escrow Accounts for Water and Sewer Facilities Assessments
The Maryland governor signed into law Senate Bill 755 on April 24, 2018. Once effective, upon request by the borrower, a lending institution that lends... Read More
Maryland Requires Notice of a Change in Information from Purchasers of Foreclosure Property
The governor of Maryland signed House Bill 78 on April 24, 2018. The bill requires the Department of Labor, Licensing and Regulation (“Department”) to establish... Read More
Minnesota Modifies MLO Licensing Requirements
The state of Minnesota recently amended its mortgage loan originator (MLO) licensing provisions to now require individuals to take the Nationwide Multistate Licensing System and... Read More
Minnesota Publishes Dollar Amounts Regarding Consumer Credit Code and Regulated Loan Act Adjustments
The Minnesota Department of Commerce recently published the adjusted dollar amounts indexed in the Minnesota Statutes governing the Minnesota Consumer Credit Code—Minnesota Statutes, Chapter 56—and... Read More
Colorado Amends Provisions Related to Foreclosure Sales for Properties Encumbered by Deeds of Trust
Colorado has enacted House Bill 1254, which modifies and clarifies aspects of the foreclosure process for properties that are encumbered by deeds of trust. Among... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.