State News

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

April 23, 2019

Maryland Modifies Provisions Regarding Foreclosed Property Registry

Maryland House Bill 107 

  • substitutes the Commissioner of Financial Regulation for the Department of Labor, Licensing, and Regulation in certain provisions of law relating to the Foreclosed Property Registry; 
  • renumbers certain sections; and
  • makes technical changes relating to the renumbered sections.

These provisions are effective on October 1, 2019.

...
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April 23, 2019

Maryland Amends Provisions Regarding Net Worth Requirements

Maryland House Bill 61 alters certain net worth requirements for certain applicants and licensees for certain mortgage lending, loan servicing, and loan origination activities to

  • establish certain net worth requirements for certain applicants and licensees acting as mortgage loan servicers for government-sponsored enterprises and other entities
  • authorize the use of an irrevocable letter of credit from certain institutions to satisfy certain...
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April 19, 2019

Arkansas Amends Provisions Regarding Personal Information Protection Act

Arkansas House Bill 1943 amends The Personal Information Protection Act to revise the definition of "personal information". 

  • Adds a definition for "Biometric data" as part of "personal information"
  • Adds new requirements for breach of security systems affecting the personal information of more than one thousand (1,000) individuals, including disclosure requirements to affected individuals, and disclosure to the Attorney General at the same time the security breach is...
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Surviving an Onsite Audit

April 18, 2019

Tennessee Adopts Provisions Regarding Online Notary Public Act

Public Chapter 931 of the 110th General Assembly created the Online Notary Public Act, which established a remote online notarization process. This process allows the notarization of documents through a remotely conducted online process. This Act also requires that the Department of State establish a process for commissioning Online Notaries Public. Pursuant to this public chapter, the Online Notary Public...

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April 18, 2019

Kentucky Amends its Consumer Loan Company Licensing Requirements

Weiner Brodsky Kider PC

On March 26, 2019, Kentucky Governor Matt Bevin signed into law a bill, House Bill 285 (HB 285), which amends the requirements for consumer loan companies in Kentucky.

Some of the key provisions of HB 285 include the following:

  • Increases the fee for investigating an application...
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April 17, 2019

Iowa Modifies Provisions Regarding Permissible Interest Rates and Charges

Iowa House Bill 260

AN ACT RELATING TO PERMISSIBLE INTEREST RATES AND CHARGES FOR CERTAIN LOANS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

Section 1. Section 536.13, subsection 7, paragraph a, Code 2019, is amended to read as follows:

a. The superintendent may establish the maximum rate of interest or charges as permitted...

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April 15, 2019

Oklahoma Publishes Notice Regarding Changes in Dollar Amounts

CLA Blogs--Zachary Pearlstein

The Oklahoma Department of Consumer Credit has published its annual changes in dollar amounts for 2019.  The revised dollar amounts are effective on July 1, 2019, unless otherwise noted in the chart referenced below.

In the state of Oklahoma, various dollar amounts set forth in the Uniform Consumer Credit Code change effective July 1 of each “qualifying...

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ARMCO Mortgage QC Industry Trends Report

April 12, 2019

Arizona Enacts Provisions Regarding Remote Online Notarization

Arizona Senate Bill 1030 enacts provisions relating to procedures for remote online notarization.

These provisions are effective on June 30, 2020.

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April 12, 2019

New York requires student loan servicers to be licensed in broad legislation

Buckley Sandler, LLP--InfoBytes Blog

On March 31, the New York governor announced the passage of the state’s FY 2020 Budget, which includes an amendment (known as “Article 14-A” or “the Act”) to the state’s banking law with respect to the licensing of private student loan servicers. Article 14-A requires student loan servicers to be licensed by the New York Department of Financial Services...

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April 12, 2019

New Mexico amends provisions related to installment and small dollar loans

Buckley Sandler, LLP--InfoBytes Blog

On April 3, the New Mexico governor signed HB 150, which amends the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955 to, among other things, change provisions relating to financial institutions and (i) clarify that unfair or deceptive trade practices, or unconscionable trade practices, are considered violations of the...

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April 12, 2019

Virginia provides eviction and foreclosure relief to federal employees impacted by shutdowns

Buckley Sandler, LLP--InfoBytes Blog

On April 3, the Virginia governor signed SB 1737, which provides a 30-day stay of eviction and foreclosure proceedings for furloughed federal employees and contractors during a partial closure of the federal government. The law grants a tenant or homeowner who defaults on a housing payment after December 22, 2018, a 30-day stay on eviction or foreclosure...

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