State News

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




June 22, 2018

Michigan Modifies Provisions Regarding Property Recording

Michigan Senate Bills 737 prescribes certain conditions relative to the execution of instruments entitled to be recorded in the office of the register of deeds.  Instruments presented for recording must comply with each of the following requirements:

(a) The name of each person purporting to execute the instrument is legibly printed, typewritten, or stamped beneath the original signature or mark of the person...

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June 21, 2018

Pennsylvania Enacts Provisions Regarding Vacant and Abandoned Properties

Pennsylvania House Bill 653 amends Title 68 (Real and Personal Property) of the Pennsylvania Consolidated Statutes, in real property, providing for real estate foreclosure of vacant and abandoned property and for sheriff's commission and creditor attorney fees.

These provisions are effective on December 17, 2018.

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Surviving an Onsite Audit

June 18, 2018

New Hampshire Modifies Banking, Consumer Credit, and Licensing Provisions

Bankers Advisory--Elizabeth Dailey

Banking and Consumer Credit Provisions

New Hampshire has amended provisions regarding the applicability of various banking and consumer credit laws. These changes are effective as of August 7, 2018.

Advertising Motor Vehicles

Provisions regarding the advertisement of motor vehicles have been amended. Under these new provisions, the banking department may review advertisements of motor vehicles within three years...

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June 18, 2018

Connecticut Amends Provisions under Banking Law

Connecticut House Bill 5490 centralizes certain Banking Commissioner authorities existing in mortgage and nonmortgage licensing provisions, makes such authorities applicable to mortgage and nonmortgage entities that obtain licenses through the Nationwide Multistate Licensing System and Registry, and reduces redundancy in the banking statutes.

Provisions in this bill range from effective on July 1, 2018 to effective on July 1, 2019.

...

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June 14, 2018

Tennessee Adopts Provisions Setting Forth New Standards of Practice for Debt Collectors

Banking Advisory--Adam Faria

The Tennessee Department of Commerce and Insurance, Division of Regulatory Boards, Collection Service Board has adopted provisions regarding the standards of practice for debt collectors. The new provisions address, among other things, the acquisition of location information from 3rd parties, communications in connection with debt collection, harassment or abuse, and unfair practices.

The standards define a debt collector as...

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June 12, 2018

South Carolina Adopts Provisions Regarding Department of Consumer Affairs, and Telephone Privacy Protection Act

Residential Mortgage | Compliance Monitor

The state of South Carolina has recently adopts provisions regarding the state’s Department of Consumer Affairs, and its Telephone Privacy Protection Act. Both updates are effective immediately.

South Carolina Enacts Provisions Regarding Telephone Privacy Protection Act

The State of South Carolina has recently enacted House Bill 4628 regarding the state’s Telephone Privacy Protection Act (“SCTPPA”), effective...

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Customer Testimonials

June 11, 2018

Missouri Adopts Digital Assets Provisions

Residential Missouri | Compliance Monitor--Elizabeth Dailey

Missouri has enacted provisions regarding its Fiduciary Access to Digital Assets Act. These provisions are effective as of August 28, 2018.

Health Savings Account

The bill specifies that a health savings account may be created if the trustee of a trust consisting of trust property less than $250,000 concludes that the trust property is...

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June 08, 2018

Vermont Modifies Provisions Regarding Consumer Protection, Also Enacts Provisions Regarding Uniform Law on Notarial Acts June 7, 2018 Robert Harrison

Residential Mortgage |Compliance Monitor--Robert Harrison

The state of Vermont modified its provisions relating to data security and consumer privacy through House Bill 764. This bill contains provisions dealing with the protection of personal information and the regulation of data brokers and data collectors.

Title 9 V.S.A. § 2430 is amended with definitions to be used in in chapter 62 governing protections...

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June 06, 2018

Connecticut Amends Provisions Regarding Security Breaches

Connecticut Senate Bill 472 was passed to (1) prohibit credit rating agencies from charging a fee to consumers to place or remove a security freeze from the consumer's account, (2) require credit rating agencies to notify other credit rating agencies of a consumer's request to place or remove a security freeze from such consumer's account, and (3) increase the amount of...

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