Arkansas Amends Fair Mortgage Lending Act
The Arkansas legislature recently amended its licensing requirements under the state’s Fair Mortgage Lending Act, effective March 27, 2017. House Bill 1801 (the “Bill”) makes... Read More
State Regulatory Developments
Nebraska Increases the Amount of Days to Cancel Loan Brokerage Agreement
On March 29, 2017, the Nebraska Governor approved Legislative Bill 184 which increased the amount of business days, from three to five, in which the... Read More
Utah Governor Signs Uniform State Test Adoption Bill into Law
Utah recently passed HB 196, a bill that, among numerous other provisions, authorizes the Utah Division of Real Estate (DRE) to adopt the Uniform State... Read More
South Dakota Enacts Provisions Regarding Exemptions from Licensure for Nonresidential Mortgage Loans
On March 13, 2017, the State of South Dakota enacted provisions relating to exemptions from licensure under the South Dakota Mortgage Lender Business Statute (SDMLBS)... Read More
New York Amends Definition of Consummation of a Mortgage Loan
The State of New York recently amended the term “consummation of a mortgage loan,” as defined in the banking law, to clarify that a mortgage... Read More
Virginia Amends Residential Property Disclosure Act
On March 13, 2017, the State of Virginia amended the Residential Property Disclosure Act (RPDA) by adding two new disclosure requirements. The amendments are effective... Read More
Fannie Mae Issues Notice Regarding Suspension of MERS as Original Mortgagee in Maine
On March 7, 2017, Fannie Mae issued a Selling Notice (Notice) advising lenders about an upcoming change relating to the use of Mortgage Electronic Registration... Read More
New York and CSBS Express Skepticism Regarding OCC Fintech Charters
The March 15, 2017 release by the Office of the Comptroller of the Currency (OCC) of a draft supplement to its Licensing Manual (Supplement), providing... Read More
Wyoming Adopts Provisions Regarding UCCC Licensing Fees
The Wyoming Department of Audit, Division of Banking recently adopted provisions regarding licensing fees under the Wyoming Uniform Consumer Credit Code (UCCC) in order to... Read More
BSA/AML Compliance Tool Released for Industry
The Conference of State Bank Supervisors (CSBS) recently released a new tool developed by the CSBS and state regulators to assist banks and non-depository financial... Read More
Virginia Updates Tenancy by the Entirety Law
The Virginia Legislature has revised Virginia’s rules concerning the dissolution of a tenancy by the entirety. Effective July 1, 2017, in order to sever a... Read More
California Settles Mortgage Servicing Violations for $225 Million
A recent consent order issued by the California Department of Business Oversight (“DBO”) addresses a wide array of alleged violations of state and federal laws... Read More
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