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Monthly State Regulatory Update – July 2017

Alabama

Uniform Fiduciary Access to Digital Assets Act – The state of Alabama enacted provisions (HB 138) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on January 1, 2018.

Colorado

Uniform Law on Notarial Acts – The state of Colorado enacted provisions (SB 132) regarding its Revised Uniform Law on Notarial Acts. These provisions are effective on August 9, 2017.

Fair Debt Collection Practices Act (FDCPA) – The state of Colorado amended multiple provisions including, but not limited to, changes to its (House Bill 1238) Fair Debt Collection Practices Act (FDCPA). These provisions are effective on August 9, 2017.

MLO Exemption Requirements – The state of Colorado amended its provisions (Senate Bill 127) regarding exemption requirements for mortgage loan originators (MLO). These provisions are effective on August 9, 2017.

Sunset Provisions Regarding FDCPA – The state of Colorado modified its provisions (Senate Bill 216) 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.

Georgia

Licensing Provisions under RMA – The state of Georgia amended licensing provisions (HB 143) under its Residential Mortgage Act (RMA) that include changes to surety bond requirements. Provisions in this bill range from effective on June 1, 2017 to effective on December 31, 2017.

Indiana

County Recording Matters – The state of Indiana enacted provisions (Senate Bill 505) regarding miscellaneous county recording matters. These provisions are effective on July 1, 2017.

Iowa

Consumer Credit Code – The state of Iowa modified its provisions (SF 502) under its Consumer Credit Code. These provisions are effective on July 1, 2017.

Licensing Provisions Regarding Mortgage Bankers, Mortgage Brokers, Closing Agents and MLOs – The Iowa Department of Commerce, Division of Banking, adopted licensing provisions (IAC 187-19) regarding mortgage bankers, mortgage brokers, real estate closing agents and mortgage loan originators. In addition, the Department amended licensing requirements relating to regulated loans as well as industrial loans. These provisions are effective on July 1, 2017.

Maine

Foreclosure Proceedings by Civil Action – The state of Maine amended its provisions (Senate Paper 280) relating to hearing and judgment under foreclosure proceedings by civil action. These provisions are effective on September 19, 2017 (or 90 days following adjournment of the current legislative session).

Consumer Credit Code Provisions – The state of Maine amended its provisions (Senate Paper 244) under its Consumer Credit Code applicable to mortgage loan servicers. These provisions are effective on September 19, 2017 (or 90 days following adjournment of the current legislative session).

Maryland

Consumer Protection – The state of Maryland modified its provisions (House Bill 212) relating to consumer protection that include prohibiting a consumer reporting agency from charging a consumer a fee for placing a security freeze under certain circumstances. These provisions are effective on October 1, 2017.

Oklahoma

Consumer Credit Code – The state of Oklahoma amended its provisions (SB 467) under its Consumer Credit Code. These provisions are effective on July 1, 2018.

Oregon

Beneficiary in Trust Deed – The state of Oregon revised its provisions (House Bill 2359) relating to beneficiary notice requirements. These provisions are effective on January 1, 2018.

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

Escrow Agent Licensing Fees – The state of Oregon amended its provisions (Senate Bill 68) relating to escrow agent licensing fees. These provisions are effective on January 1, 2018.

South Carolina

Mortgage Lending Regulation – The South Carolina Board of Financial Institutions, Consumer Finance Division, adopted various provisions (Chapter 15-64: Mortgage Lending) in order to comply with the Secure and Fair Enforcement for Mortgage Licensing Act and with rules issued by the Bureau of Consumer Financial Protection (CFPB). These provisions are effective immediately.

Texas

Revised Uniform Fiduciary Access to Digital Assets Act – The state of Texas enacted provisions (Senate Bill 1193) regarding its Revised Uniform Fiduciary Access to Digital Assets Act as well as updates to sample Powers of Attorney forms. These provisions are effective on September 1, 2017.

Notaries – The state of Texas modified its provisions (House Bill 1217) relating to notaries. These provisions are effective on July 1, 2018.

Vermont

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 are effective on July 1, 2017.

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