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Monthly State Regulatory Update: February 2018

Arizona

Notary Fees – The Arizona Office of the Secretary of State adopted provisions relating to notary public fees. These provisions are effective on March 5, 2018 (R2-12-1102).

Colorado

Fair Debt Collection Practices Act – The state of Colorado modified its provisions concerning the continuation of regulations for collection agencies under its Fair Debt Collection Practices Act (FDCPA). Provisions in this bill range from effective immediately to effective on January 1, 2018 (SB 216).

Illinois

Foreclosures – Effective January 1, 2018, the state of Illinois modified its provisions relating to foreclosure that include, but is not limited to, changes to the homeowner notice, report of sale and confirmation of sale, and right to possession (HB 3359).

Indiana

Notaries – The state of Indiana amended its provisions regarding notaries. Provisions in this bill range from effective on January 1, 2018 to effective on July 1, 2018 (SB 539).

New Jersey

Appraiser Fees – Effective immediately, the New Jersey Department of Banking and Insurance, Division of Banking, adopted provisions regarding appraisal fees charged to borrowers (NJAC 3:1-16.2).

New Mexico

Uniform Fiduciary Access To Digital Assets Act – Effective January 1, 2018, the state of New Mexico enacted provisions regarding its Revised Uniform Fiduciary Access to Digital Assets Act (SB 60).

North Carolina

Uniform Power of Attorney Act – Effective January 1, 2018, the state of North Carolina enacted provisions to establish its Uniform Power of Attorney Act (SB 569).

Ohio

2018 Prepayment Penalty – The Ohio Department of Commerce announced its annual loan prepayment penalty adjustment for 2018 (ORC 1343).

Residential Mortgage Lending Act – Ohio House Bill 199 amended multiple sections of the Ohio Revised Code to create the Ohio Residential Mortgage Lending Act (HB 199).

Oregon

Escrow Agent Licensing – Effective January 1, 2018, the state of Oregon amended its provisions relating to escrow agent licensing fees (SB 68).

Reverse Mortgages – The state of Oregon revised its provisions regarding notices required from lenders with contracts for reverse mortgages. These provisions are effective on January 1, 2018 (HB 2562).

Beneficiary in Trust Deed – Effective January 1, 2018, the state of Oregon revised its provisions relating to beneficiary notice requirements (HB 2359).

Pennsylvania

Mortgage Loan Licensing – The state of Pennsylvania modified its provisions relating to mortgage loan licensing that include specific licensing requirements for mortgage servicers. Some provisions are effective immediately and the remaining provisions are effective upon the promulgation of regulations by the Department (SB 751).

“Base Figure” Definition – The Pennsylvania Department of Banking and Securities has updated its definition of “base figure.” (Pa.B. 7054)

Texas

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

Home Equity Loans – The state of Texas approved revisions to home equity loans effective January 1, 2018 (SJR 60).

Virginia

Third Party Verification Requirements – The Department of Veterans Affairs (VA) policy was clarified regarding third-party verification requirements for loan underwriting (CIRC 26-17-43).

VALERI (VA Loan Electronic Reporting Interface) Newsflash – Provides information on appraisal fee changes and announces on Sunday, January 14, 2018, VALERI Manifest 17.4 BI was released (VALERI).

Washington

Licensing – The Washington Department of Financial Institutions, Consumer Services Division, adopted provisions under its Consumer Loan Act that include surety bond requirements as well as capital requirements for a non-depository residential mortgage loan servicer. These provisions are effective on January 1, 2018 (WAC 208-620).

Uniform Electronic Legal Material Act – Effective January 1, 2018, the state of Washington enacted provisions regarding its Uniform Electronic Legal Material Act (SB 5039).

Wisconsin

Recording Information – The state of Wisconsin recently amended various provisions relating to the identification and location of information assigned to documents filed or recorded in the county register of deeds office, effective immediately (SB 131).

Wyoming

Uniform Power of Attorney Act – Effective January 1, 2018, the state of Wyoming enacted provisions creating its Uniform Power of Attorney Act that includes providing for applicability, sample forms and the repeal of provisions relating to durable powers of attorney (SF 105).

 

 

 

 

 

 

 

 

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