California Modifies Provisions Regarding the PACE Program
The California Department of Business Oversight has proposed updates to the California Finance Lenders Law, changing the name of the law to the California Financing... Read More
State Regulatory Developments
Illinois Amends the Residential Mortgage License Act of 1987 to Align with NMLS Licensing Requirements and CFPB TRID Rules
Effective on October 6, 2017, the Illinois Department of Financial and Professional Regulation extensively amended the Residential Mortgage License Act of 1987 (the RMLA) to... Read More
New Nevada Internet Privacy Requirements Now in Effect
The State of Nevada recently enacted legislation that requires Internet operators to provide consumers with privacy notices about personal information they collect about consumers who... Read More
New York Proposes Expanding Cybersecurity Regulations to Cover Consumer Credit Reporting Agencies
The New York State Department of Financial Services (DFS) recently proposed regulations that would require all consumer credit reporting agencies reporting on consumers in the... Read More
Montana Amends Mortgage Broker and Loan Originator Licensing Rules to Clarify Prohibition on Altering Mortgage Documents
The Montana Division of Banking and Financial Institutions (the Division) has amended its Mortgage Broker and Loan Originator Licensing Rules to clarify that Montana law... Read More
State Regulators Launch Redesign for NMLS
The Conference of State Bank Supervisors (“CSBS”) recently launched a major redesign of the Nationwide Multistate Licensing System (“NMLS”) as part of a larger effort... Read More
Nevada Amends Mortgage Banker and Broker Licensing Exemption for Certain Foreign LLCs
Effective October 1, 2017, Nevada’s Assembly Bill 468 (“AB 468”) will amend the exemption from licensure for certain foreign LLCs found within the foreign LLC... Read More
Texas Enacts Provisions Regarding Power of Sale
Texas House Bill 1470 becomes effective September 1, 2017 and amends Texas Title 2, Business & Commerce Code by adding Chapter 22. The new section... Read More
Oregon Adds Mortgage Servicer License Requirement
The Governor of Oregon recently signed into law the Mortgage Loan Servicer Practices Act (Act), which requires licensure of residential mortgage loan servicers and regulates... Read More
Oregon Passes Debt Buyer Legislation
On August 2, 2017, the Governor of Oregon signed into law House Bill 2356 which establishes: (1) licensing requirements for debt buyers; and (2) requirements... Read More
Colorado Issues Guidance on Fees for Debt Cancellation and Suspension Agreements
On August 7, 2017, the Colorado Uniform Consumer Credit Code (UCCC) Administrator issued an Administrator Opinion stating that the UCCC does not authorize additional charges... Read More
Utah Updates MLO Requirements under Utah Residential Mortgage Practices and Licensing Rules
The Utah Division of Real Estate (the Division) has amended its Utah Residential Mortgage Practices and Licensing Rules by making the following changes: Making 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.