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Monthly State Regulatory Update – August 2017

Arkansas

Notary Public Fees – The state of Arkansas modified its provisions (HB 1450) relating to notary public requirements that includes updates to notary fees. These provisions were effective on July 31, 2017

Recordation of Deeds – The state of Arkansas amended its provisions (HB 1940) relating to the recordation of deeds for purposes of the real property transfer tax. These provisions were effective on July 31, 2017.

Licensing under FMLA – The state of Arkansas modified its licensing provisions (HB 1801) under its Fair Mortgage Lending Act (FMLA). These provisions were effective on July 31, 2017.

Revised Uniform Fiduciary Access to Digital Assets Act – The state of Arkansas enacted provisions (HB 2253) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on July 31, 2017.

Fraudulent Transfers and Voidable Transactions – The state of Arkansas modified its provisions (HB 2139) regarding fraudulent transfers and voidable transactions. These provisions were effective on July 31, 2017.

Connecticut

Licensing – The state of Connecticut amended its provisions (SB 906) relating to licensing that include lead generators of residential mortgage loans. Provisions in this bill range from effective immediately to effective on January 1, 2018.

Secured and Unsecured Lending – The state of Connecticut amended its provisions (HB 7141) regarding secured and unsecured lending that include pre-licensing and continuing education requirements, and prohibited acts. Provisions in this bill range from effective on October 1, 2017 to effective on January 1, 2019.

Discriminatory Practices Against Veterans – The state of Connecticut amended its provisions (SB 719) that include discriminatory practices against veterans. These provisions are effective on October 1, 2017.

Uniform Power of Attorney Act – The state of Connecticut amended its provisions (SB 884) regarding its Uniform Power of Attorney Act as well as enacted provisions for its Uniform Recognition of Substitute Decision-Making Documents Act. Provisions in this bill range from effective on July 1, 2017 to effective on October 1, 2017.

Delaware

Foreclosure Mediation Program – The state of Delaware extended its Office of Foreclosure Prevention and Automatic Residential Foreclosure Mediation Program (HB 76) until January 18, 2020. These provisions are effective immediately.

Georgia

Uniform Power of Attorney Act – The state of Georgia enacted provisions (HB 221) regarding its Uniform Power of Attorney Act. These provisions were effective on July 1, 2017.

Mortgage Servicing – The Georgia Department of Banking and Finance adopted provisions (REG: Chapter 80-5; 80-11) regarding mortgage servicing that include, but is not limited to, definitions; mortgage servicer standards; location requirements and minimum retention periods; and minimum requirements for books and records. These provisions were effective on July 19, 2017.

Hawaii

Licensing Requirements for Mortgage Servicers – The state of Hawaii enacted provisions (SB 950) regarding licensing requirements for mortgage servicers that include change in control and presumption of control. These provisions are effective on September 1, 2017.

Licensing Requirements – The state of Hawaii modified its provisions (SB 951) regarding licensing requirements that include presumption of control; licensing and registration; and duties of a qualified individual and branch manager. These provisions are effective on September 1, 2017.

Idaho

Notarial Acts – The state of Idaho enacted provisions (HB 209) to establish the Revised Uniform Law on Notarial Acts. The effective dates listed in this bill range from July 1, 2017 to July 1, 2019.

Iowa

Uniform Fiduciary Access to Digital Assets Act – The state of Iowa enacted provisions (SF 333) regarding its Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on July 1, 2017.

Kansas

Revised Uniform Fiduciary Access to Digital Assets Act – The state of Kansas enacted provisions (SB 63) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on July 1, 2017.

Mortgage Business Act – The state of Kansas amended multiple provisions (SB 20) under its Mortgage Business Act that includes application for a mortgage license, surety bond and reporting requirements. These provisions were effective on July 1, 2017.

Louisiana

Recording Requirements – The state of Louisiana modified its provisions (SB 236) relating to recording requirements. These provisions are effective on August 1, 2017.

Cancellation of Mortgages – The state of Louisiana amended its provisions (HB 400) relating to the cancellation of mortgages that include changes to certain form requirements. These provisions are effective on August 1, 2017.

Maryland

NMLS Unique Identifier – The Maryland Department of Labor, Licensing and Regulation, Commissioner of Financial Regulation, adopted rules (Reg 09.03.11.01, .02; 12.01, .02) to allow secured parties to include the Nationwide Mortgage Licensing System and Registry (NMLS) mortgage lender and originator unique identifier when filing a security instrument as well as when sending a notice of intent to foreclose. These provisions were effective on July 3, 2017.

Michigan

Written Instruments Conveying or Mortgaging Real Estate – The state of Michigan modified its provisions (HB 4532) to provide certain requirements in written instruments conveying or mortgaging real estate. These provisions are effective immediately.

Minnesota

Recording of Electronic Documents – The state of Minnesota modified its provisions (HF 48) regarding the validity and time of the recording of electronic documents. Provisions in this bill range from effective immediately to effective on August 1, 2017.

Mississippi

Uniform Fiduciary Access to Digital Assets Act – The state of Mississippi enacted provisions (HB 849) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on July 1, 2017.

Missouri

Notaries – The Missouri Secretary of State adopted final provisions (15 CRS 30-110.010) regarding notaries that include electronic notary definitions as well as electronic signatures and seals. These provisions were effective on June 30, 2017.

Montana

Licensing Provisions – The Montana Department of Administration amended its rules (REG: ARM 2.59.1706, .1708, .1728, .1739, .1743, 1750) relating to surety bond, table funding, application of financial standards and reporting forms for mortgage servicers as well as repealing other non-substantive rules. These provisions were effective on July 8, 2017.

Ohio

Disclosure at Closing – The Ohio Office of Attorney General, Consumer Protection, adopted provisions (REG: 109:4-3-23) relating to the required disclosure at closing. These provisions were effective on July 20, 2017.

Oklahoma

Changes in Dollar Amounts – The Oklahoma Department of Consumer Credit published (REG: Title 160, Ch. 20, Appendix I) its annual changes in dollar amounts for 2017. The dollar amounts, unless otherwise noted, were effective on July 1, 2017.

Oregon

Proceeds of Sale – The state of Oregon amended its provisions (HB 2920) relating to proceeds of sale. These provisions are effective on January 1, 2018.

Mailing Notices – The state of Oregon modified its provisions (SB 381) relating to the mailing of notices. These provisions are effective on January 1, 2018.

Rhode Island

Mortgage Foreclosure and Sale – The state of Rhode Island amended its provisions (HB 5397) relating to mortgage foreclosure and sale by increasing the penalty for financial institutions that fail to record foreclosure deeds and pay outstanding taxes within a timely manner. These provisions are effective immediately.

Mortgage Fraud – The state of Rhode Island enacted provisions (HB 5695) relating to residential mortgage fraud and false dealing. These provisions are effective immediately.

South Dakota

Nonresidential Mortgage Loans – The state of South Dakota enacted provisions (HB 1179) relating to exemptions from licensure for nonresidential mortgage loans that do not exceed a specified amount. These provisions were effective on July 1, 2017.

Tennessee

Licensing Provisions under RLBSA – The state of Tennessee amended licensing provisions (SB 1202) under its Residential Lending, Brokerage and Servicing Act. The effective dates listed in this bill range from July 1, 2017 to April 1, 2019.

Texas

Power of Sale – The state of Texas enacted provisions (HB 1470) relating to the public sale of real property under a power of sale in a security instrument. These provisions are effective on September 1, 2017.

Durable Powers of Attorney – The state of Texas amended its provisions (HB 1974) regarding durable powers of attorney. These provisions are effective on September 1, 2017.

RMLO Pre-Licensing Education Requirements – The state of Texas modified its provisions (HB 3342) relating to residential mortgage loan originator (RMLO) pre-licensing education requirements. These provisions are effective on January 1, 2018.

Vermont

Escrow Accounts – The state of Vermont enacted provisions (SB 136) regarding home loan escrow accounts. Provisions specific to these requirements were effective on July 1, 2017.

Licensed Lenders and Loan Servicers – The state of Vermont modified multiple provisions (HB 182) that include amendments regarding licensed lenders and loans servicers. Provisions in this bill range from effective immediately to effective on July 1, 2017.

Uniform Fiduciary Access to Digital Assets Act – The state of Vermont enacted provisions (HB 152) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on July 1, 2017.

Virginia

Protection of Escrow Funds and Security Deposits of Tenants Post-Foreclosure Sale – The state of Virginia amended its provisions (SB 966) relating to the protection of escrow funds and security deposits for tenants after a foreclosure sale. These provisions were effective on July 1, 2017.

Tenants by the Entireties – The state of Virginia amended its provisions (HB 2050) by providing that no interest in real property held as tenants by the entireties may be severed by written instrument unless it is a deed signed by both spouses as grantors. These provisions were effective on July 1, 2017.

Uniform Fiduciary Access to Digital Assets Act – The state of Virginia enacted provisions (HB 1608) regarding its Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on July 1, 2017.

Electronic Filing of Land Records – The state of Virginia modified its provisions (SB 870) relating to the electronic filing of land records. These provisions were effective on July 1, 2017.

Residential Property Disclosure Act – The state of Virginia modified its provisions (HB 2034) relating to its Residential Property Disclosure Act. These provisions were effective on July 1, 2017.

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