State News

This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans. 

December 07, 2018

State of Washington Issues Guidance Regarding Trust Accounts under MBPA

Residential Mortgage-Compliance Monitor--Zachary Pearlstein

The Washington Department of Financial Institutions (DFI) has recently issued interim guidance on the use of a trust account when receiving reimbursement for payments to third-party service providers.  The DFI plans to implement this guidance through rulemaking in 2019.

Through this new guidance, the DFI seeks to clarify the Washington Mortgage Broker Practices Act as it...

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December 06, 2018

CA regulator invites comments on proposed rulemaking to implement new law requiring commercial financing disclosures

Ballard Sparh, LLP--Scott M. Pearson

The California Department of Business Oversight (DBO) has issued an invitation for comments from stakeholders in developing regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.  Companies providing such financing are not required...

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December 05, 2018

CA regulator invites comments on proposed rulemaking to implement new law requiring commercial financing disclosures

Ballard Spahr LLP--Scott M. Pearson 

The California Department of Business Oversight (DBO) has issued an invitation for comments from stakeholders in developing regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.  Companies providing such financing are not required...

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ARMCO Mortgage QC Industry Trends Report

November 20, 2018

Analyzing the California Consumer Privacy Act’s Private Right of Action

Ballard Sparh, LLP--David M. Stauss, Gregory P. Szewczyk & Malia K. Rogers 

For good reason, there has been much discussion about the new privacy rights created by the California Consumer Privacy Act of 2018 (CCPA), which becomes effective January 1, 2020. Perhaps one of the most significant provisions of the CCPA, though, will be one that has been somewhat overlooked...

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November 14, 2018

Arizona AG announces more fintech sandbox participants

Ballard Spahr LLP--Alan S. Kaplinsky

In August 2018, Arizona began accepting applications for its regulatory sandboxthat “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first obtaining full state licensure or other authorization that otherwise may be required.”  The state’s Attorney General is responsible for the application process and oversight of the...

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November 09, 2018

Texas Adopts Multiple Provisions Regarding Regulated Lenders

The Finance Commission of Texas (the commission), on behalf of the Texas Department of Banking (the department), adopts amendments to §§12.2, 12.3, 12.10, and 12.12, concerning the application of lending limits to credit exposure under derivative transactions and securities financing transactions, without changes to the proposed text as published in the August 30, 2013, issue of the Texas Register (Read more

November 09, 2018

Pennsylvania Updates "Base Figure" Definition for 2019

NOTICES

Adjustment to Definition of ''Base Figure'' in the Loan Interest and Protection Law 

[48 Pa.B. 6993] [Saturday, November 3, 2018]

The Department of Banking and Securities (Department), as required by the definition of ''base figure'' in section 101 of the act of January 30, 1974 (P.L. 13, No. 6) (41 P.S. § 101), known as the Loan Interest and Protection Law, is...

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Webinar: Agency and Regulatory Reporting Essentials

November 09, 2018

Rhode Island Adopts Provisions Regarding Home Loan Protection Act

Rhode Island Banking Bulletin 2018-4 provides forms that are required by R.I. Gen. Laws Chapter 34-27 and are designated for use in compliance with regulation 230-RICR-40-10-3 – Home Loan Protection.

FORM 1HLPA PROHIBITED ACTS OF LENDERS AND LOAN BROKERS IN R.I. GEN. LAWS § 34-25.2-1 et seq

  • This form must be provided no later than three (3) business days of application.

FORM 2HLPA PROHIBITED ACTS OF LENDERS AND...

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November 09, 2018

Rhode Island Department of Business Regulation adopts mortgage foreclosure disclosure amendments

Buckley Sandler, LLP--InfoBytes Blog

On October 1, the Rhode Island Department of Business Regulation adopted amendments to its regulations relating to mortgage foreclosure disclosure notices and mediation conference obligations. The amendments—which are effective as of September 28—require entities and individuals regulated by the Rhode Island Division of Banking and non-exempt mortgagees to comply with the outlined foreclosure provisions. The provisions, among other...

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November 09, 2018

Colorado Adopts Pre-Licensing Provision

Bankers Advisory, Residential Mortgage Compliance Monitor--Elizabeth Dailey

The Colorado Department of Regulatory Agencies, Division of Real Estate, has adopted a provision regarding pre-licensing education requirements. This provision is effective as of November 14, 2018.

Under the new provision, applicants for licensure as a Colorado mortgage loan originator must successfully complete twenty hours of pre-licensing education within three years of the date of...

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November 09, 2018

Pennsylvania Attorney General Solicits Redlining Complaints from Consumers

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