State News

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




April 20, 2018

Tennessee notaries will soon be able perform online notarizations nationwide

Housingwire--Ben Lane

Notaries in the state of Tennessee will soon be allowed to perform online notarizations for signers nationwide after the state’s legislature overwhelmingly passed online notarization legislation.

The bill authorized Tennessee notaries to perform online notarizations passed in the Tennessee Senate by a 30-0 margin, and in the Tennessee House of Representatives by a 94-0 margin.

The bill now...

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April 19, 2018

Arizona Strengthens and Expands Data Breach Notification Law

Ballard Sparh, LLP--Roshni Patel

Arizona Governor Doug Ducey signed HB 2154 into law on April 11, 2018, amending and strengthening the state’s data breach notification law. Notably, the amended law significantly expands the definition of “personal information” to include a number of new data elements, including online account credentials, certain health information, and biometric data used to authenticate an individual...

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April 19, 2018

New York Modifies Provisions Regarding Reverse Mortgages

The state of New York modified its Real Property Actions and Proceedings Law and Civil Practice Law and Rules relating to foreclosure upon a reverse mortgage. The provisions regarding reverse mortgage loans, including a new disclosure and defining a reverse mortgage as a home loan become effective immediately and deemed to have been in full force and effect (for compliance...

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ACES Intelligent Questionnaires

April 18, 2018

Wisconsin Enacts Provisions Regarding Eligible Bidders at Foreclosure Sales

The state of Wisconsin enacted provisions relating to eligible bidders at foreclosure sales that include minimum bidder qualifications and authorizing the sheriff or referee to post an explanation of these requirements with any Notice of Sale in any public place or on any Internet site. These provisions are effective October 1, 2018.

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April 17, 2018

Arizona Amends Provisions Regarding Licensing Fees

The state of Arizona amended its provisions relating to application licensing fees that include mortgage banker, mortgage broker and escrow agent fees. These provisions are effective on July 20, 2018 (or 90 days following adjournment of the current legislative session).

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April 14, 2018

Washington Recent Regulatory Updates

Bankers Advisory--Ryan Peters

Washington Enacts Law Relating to Services and Processes Available When Residential Real Property is Abandoned or in Foreclosure

Washington has enacted House Bill 2057, an “Act relating to the services and processes available when residential real property is abandoned or in foreclosure” (the “Act”). The Act is effective as of June 7, 2018.

As noted in the Substitute...

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Customer Testimonials

April 13, 2018

New York Department of Financial Services (NYDFS) launches online portal for anti-terrorism and anti-money laundering regulation compliance certification

Buckley Sandler, LLP--InfoBytes Blog

On April 9, the New York Department of Financial Services (NYDFS) announced the launch of a new online portal that regulated entities may use to securely file certifications required under New York’s risk-based anti-terrorism and anti-money laundering regulation. This regulation took effect January 1, 2017, and regulated entities must file their first certification of compliance by April...

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April 12, 2018

Kentucky House Bill 369 Amends Provisions Regarding Contracts

Summary

Amend KRS 360.010 to specify when parties are bound to interest rate in contract and the interest rate parties are entitled to receive after default; create a new section of KRS Chapter 371 to specify that an obligation to pay or satisfy a debt is not extinguished by any action taken by a creditor for the purposes of the creditor's...

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