Ohio Enacts Provisions Regarding Residential Mortgage Lending Act
Ohio recently enacted House Bill 199 to amend the Ohio Mortgage Brokers Act and Ohio Mortgage Loan Act to establish the Ohio Residential Mortgage Lending... Read More
State Regulatory Developments
PA Updates Inflation-Adjusted Definition of “Base Figure” for 2018
The Pennsylvania Department of Banking and Securities (the Department) updated its definition of “base figure” in the Loan Interest and Protection Law to account for... Read More
PA Adds Mortgage Servicer Licensing Requirements
Pennsylvania recently amended its Mortgage Licensing Act (Act) to require licensing and regulation of mortgage servicers. On December 22, 2017, the Pennsylvania Department of Banking... Read More
Michigan Amends Loan Referral Fee Requirements under the Regulatory Loan Act
The Michigan legislature recently enacted Senate Bill (SB) 238, which revises loan referral fee requirements under the Regulatory Loan Act. SB 238 becomes effective on... Read More
New Jersey Adopts Provisions Regarding Appraiser Fees
The New Jersey Department of Banking and Insurance recently amended N.J. Admin. Code § 3:1-16.2 which governs appraisal fees in the context of fees charged... Read More
Bank Sued for Uber and Lyft Overdraft Fees
A proposed class-action lawsuit was filed in New Jersey federal court, alleging that a national bank improperly categorized Uber and Lyft ride-sharing services charges as... Read More
Washington AG Files Suit over Uber Data Breach
Washington State Attorney General Bob Ferguson filed a consumer protection lawsuit against Uber alleging thousands of violations of the state’s data breach notification statute arising... Read More
California Imposes New Real Estate Instrument Recording Fee, Excludes Documents Related to Residential Dwellings
Starting January 1, 2018, the state of California will impose a $75 per transaction fee (not to exceed $225) for the recording of “every real... Read More
Michigan Publishes Annual Licensing Fees for 2018
The Michigan Department of Insurance and Financial Services published annual licensing fees under three state statutes which regulate the conduct of mortgage brokers, lenders, originators,... Read More
Oregon Implements Temporary Rules Regarding New Mortgage Loan Servicer Practices Act
The state of Oregon recently filed a Temporary Administrative Order, which sets forth rules regarding the application requirements, requirements for corporate surety bonds and irrevocable... Read More
New Oregon Debt Buyer License Now Available for Filing
The Oregon Department of Consumer and Business Services’ Division of Financial Regulation (Division) recently began accepting applications for the new Oregon Debt Buyer License through... Read More
Vermont Issues Declared Rate for 2018
The Vermont Commissioner of Taxes recently issued a memo regarding the average prime loan rate charged by banks for 2018. The declared rate is the... 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.