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Monthly State Regulatory Update – May 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 are effective on August 18, 2017 (or 91 days after adjournment of the current legislative session).

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 are effective on August 18, 2017 (or 91 days after adjournment of the current legislative session).

Licensing under FMLA – The state of Arkansas modified its licensing provisions (HB 1801) under its Fair Mortgage Lending Act (FMLA). These provisions are effective on August 18, 2017 (or 91 days after adjournment of the current legislative session).

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 are effective on August 1, 2017 (or 91 days after adjournment of the current legislative session).

Fraudulent Transfers and Voidable Transactions – The state of Arkansas modified its provisions (HB 2139) regarding fraudulent transfers and voidable transactions. These provisions are effective on August 1, 2017 (or 91 days after adjournment of the current legislative session).

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.

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 are effective on July 1, 2017.

Maryland

Notices of Foreclosure Sale – The state of Maryland modified its provisions (HB 26) that includes requiring the person authorized to make a foreclosure sale to provide written notice of the proposed sale to a condominium or homeowners association at a specified time in a specified manner. These provisions are effective on October 1, 2017.

Notice of Foreclosure – The state of Maryland amended its provisions (HB 1048) that includes requiring a person authorized to sell residential property subject to foreclosure to file a notice of foreclosure with the Department of Labor, Licensing, and Regulation under certain circumstances. These provisions are effective on October 1, 2018.

 

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 are effective on July 1, 2017.

Ohio

Unconscionable Acts or Practices – The state of Ohio modified its provisions (SB 227) concerning residential mortgages that includes updates to unconscionable acts or practices. These provisions were effective on April 5, 2017.

Fiduciary Access to Digital Assets Act – The state of Ohio enacted provisions (HB 432) regarding its Revised Fiduciary Access to Digital Assets Act as well an update to its sample Power of Attorney form. These provisions were effective on April 5, 2017.

Foreclosures and Escrows – The state of Ohio amended multiple miscellaneous provisions (HB 463) including changes to real property foreclosure and escrow transactions. These provisions were effective on April 5, 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.

Reverse Mortgage Application Requirements – The Tennessee Department of Financial Institutions adopted provisions (REG: TAC 0180-24-.04) regarding reverse mortgages by deleting the application requirement of providing a copy of the most recent Federal tax returns for each of the applicant’s executive officers. These provisions are effective immediately.

Utah

Uniform Fiduciary Access to Digital Assets Act – The state of Utah enacted provisions (HB 13) regarding its Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on May 8, 2017.

Residential Mortgage Practices and Licensing Act – The state of Utah amended its provisions (HB 196) under its Residential Mortgage Practices and Licensing Act (RMPLA) including, but not limited to, requirements relating to exemptions; education; lending manager licenses; prohibited conduct; and record requirements. These provisions are effective on May 8, 2017.

Notaries Public Reform Act – The state of Utah modified its provisions (HB 320) under its Notaries Public Reform Act. These provisions are effective on May 8, 2017.

West Virginia

Fees and Allowance – The state of West Virginia modified its provisions (SB 588) relating to fees the clerk of county commission may charge. These provisions were passed on April 5, 2017 and are effective 90 days from this passage date.

Uniform Trust Code – The state of West Virginia amended its provisions (SB 581) relating to trusts that includes, but is not limited to, eliminating the requirement to provide notice to the trustee of substitution under certain circumstances; and establishing the insurable interest of a trustee. These provisions were passed on April 5, 2017 and are effective 90 days from this passage date.

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