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Monthly State Regulatory Update: November 2017

California

Multiple Provisions Including Renaming of Finance Lenders Law – The state of California modified multiple provisions (AB 1284) that include, but is not limited to, renaming the state Finance Lenders Law to Financing Law as well as updates to Business and Professions and Financial Codes. Provisions in this bill range from effective immediately to effective on January 1, 2019.

Delaware

Satisfaction of Mortgage – The state of Delaware amended its provisions (SB 52) relating to the authorization to satisfy a mortgage. These provisions are effective immediately.

Illinois

Residential Mortgage Licensing Act – The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend certain parts of its Residential Mortgage License Act (REG: 38 IAC Part 1050 – Residential Mortgage License Act) well as updates to its Real Estate License Act (REG: 68 IAC Part 1450 – Real Estate License Act) and Consumer Installment Loan Act (REG: 38 IAC Part 110 – Consumer Installment Loan Act). These provisions are effective immediately.

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 were effective on October 31, 2017.

Consumer Credit Code Provisions – The state of Maine amended its provisions (Senate Paper 444) under its Consumer Credit Code applicable to mortgage loan servicers. These provisions were effective on October 31, 2017.

Michigan

Property Tax Exemptions – The state of Michigan amended its provisions (HB 4335) relating to property tax exemptions. These provisions are effective immediately.

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