Home / Featured / Monthly State Regulatory Update: January 2018

Monthly State Regulatory Update: January 2018

California

Building Homes and Jobs Act – Effective as of January 1, 2018, the state of California will commence imposing a $75 per transaction fee (not to exceed $225) on recorded documents. This fee does not apply to purchase transactions and will require a county recorder to send revenues from this fee on a quarterly basis for deposit into the Building Homes and Jobs Fund (SB 2).

Trustee or Attorney Fees on Foreclosure Sales – Effective January 1, 2018, the state of California modified its provisions by increasing the maximum amount that a trustee may demand and receive for trustee or attorney fees arising out of a foreclosure sale (SB 479).

Connecticut

Licensing – The state of Connecticut amended its provisions 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 (SB 906).

Illinois

Condominium Property Act – The state of Illinois amended its provisions relating to its Condominium Property Act. These provisions are effective on January 1, 2018 (HB 0189).

Residential Mortgage License Act (RLMA) – Provisions under the state of Illinois’ Residential Mortgage License Act (RLMA) relating to arrearage payments are effective on January 1, 2018 (HB 2695).

Notary Public Act – Effective January 1, 2018, changes to the official seal and signature, notice and advertisement, certificate of notarial acts, and prohibited acts will take effect (SB 265).

Nevada

Effective January 1, 2018, the state of Nevada revised its provisions relating to licensing that include continuing education, examination and reporting requirements (SB 498).

Oregon

Mortgage Servicer Licensing – Effective January 1, 2018, the Oregon Department of Consumer and Business Services, Finance and Securities Regulation, adopted provisions regarding mortgage servicer licensing that include application, surety bond and irrevocable letter of credit and initial and renewal fee requirements. Unless these provisions are readopted or extended, they are set to expire on April 17, 2018 (SB 98).

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

Proceeds of Sale – Effective January 1, 2018, the state of Oregon amended its provisions relating to proceeds of sale (HB 2920).

Vermont

Declare Rate – Effective January 1, 2018, the average prime loan rate charged by banks (Declared Rate) is 4.0% and applies to interest that accrues in the 2018 calendar year. The declared rate is the basis for determining whether a loan is a high-rate/high-point loan under Vermont law (memorandum).

Wisconsin

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

 

 

 

 

 

 

Be Sociable, Share!
(Visited 91 times, 1 visits today)

Check Also

Avoiding Surprises

Servicing Quality Assurance and Quality Control Monitoring Systems can be Management’s Best Friend By Jim …