State News

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

August 20, 2018

Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

Ballard Sparh, LLP--John D. Socknat

Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018.  In addition to changes impacting mortgage-related licensees (e.g. mortgage lenders, originators and brokers), Public Act 18-173 revises or creates new licensing requirements for many providers including small loan lenders, sales finance companies, money transmitters, check cashers, debt adjustors...

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August 17, 2018

Illinois Amends Provisions Regarding Licensing Requirements under RMLA

Illinois House Bill 4404 amends the Residential Mortgage License Act of 1987. Provides that "soliciting, processing, placing, or negotiating a residential mortgage loan" excludes independent loan processing as permitted by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

These provisions are effective immediately, August 14, 2018.

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August 17, 2018

Maryland Adopts Provisions Relating to Notary Public Fees

Bankers Advisory--Adam Faria

Maryland has amended its regulations relating to fees a notary public may charge for travel to perform notarial acts under COMAR Previously notary publics could charge a fee of 31 cents for mileage reimbursement if they were required to travel to perform their notary duty. The new amendment allows a notary public to charge a rate indexed to...

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Customer Testimonials

August 14, 2018

Illinois Modifies Provisions Regarding Mortgage Loan Advertisements

Illinois Senate Bill 2615 amends the Residential Mortgage License Act of 1987. 

  • Provides that mortgage loan advertisements must reference the Nationwide Multistate Licensing System and Registry's Consumer Access website, except where exempted by the Secretary of Financial and Professional Regulation. 
  • Provides that a licensee shall not advertise its services in Illinois in any media, whether print or electronic, without including its unique...

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August 12, 2018

Ohio Provides Breach Litigation Safe Harbor to Businesses

ZwillGen blog--Jason Wool

Ohio has become the first state to enact legislation providing liability protection for businesses that implement a written cybersecurity program that “reasonably conforms” to certain cybersecurity frameworks or laws to protect personal information. This approach is in stark contrast to that taken by California in its recently-passed Consumer Privacy Act, which established a private right...

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August 09, 2018

Maryland Court Ruling Boosts Servicing Licensing Interpretation

MBA Newslink--Mike Sorohan

The highest court in Maryland gave the mortgage industry a victory last week, supporting arguments in a Mortgage Bankers Association-led amicus brief that Maryland law does not require securitization trusts organized under the laws of other states to be licensed in the state as collection agencies.

On Aug. 2, the Maryland Court of Appeals ruled that the Maryland...

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August 07, 2018

Arizona’s regulatory sandbox is open for play

Ballard Spahr LLP--Kay Fitz-Patrick

On August 3, 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.”  In March 2018, Arizona’s Governor signed into law legislation directing the state’s...

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ACES Intelligent Questionnaires

August 07, 2018

North Dakota Seeks Waiver of Appraisal Requirements

Mortgage Daily--Mortgage Daily staff

A severe shortage of real estate appraisers has North Dakota officials making a request to waive appraisal reports, at least temporarily, on some residential loans. Banking regulators see the move as necessary. In some parts of the state, appraisal are reportedly taking up to three months. As a result, some of the transactions have fallen through --...

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August 07, 2018

Illinois Amends Provisions Regarding Notice of Sale

Illinois House Bill 5176 amends the Property Tax Code and the Code of Civil Procedure. 

  • Provides that a purchaser of a property shall publish a notice in a newspaper published in that municipality or, if the property is not in a municipality or no newspaper is published in the municipality, then the purchaser shall publish a notice in a newspaper in...

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August 03, 2018

Confirmation of Sale Scrutiny in Kansas

DSNews--Blair T. Gisi

Within the last several months, the Kansas Court of Appeals has taken a closer look at the procedure for confirming Sheriff’s Sales in Kansas. K.S.A. §60-2415(a) states, “If the court finds the [sale] regular and in conformity with law and equity, it shall confirm the same.” That statute goes on to set out that, under the courts’...

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