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Monthly State Regulatory Update: October 2017

California

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

Connecticut

  • Licensing – The state of Connecticut amended its provisions (SB 906) 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.
  • Secured and Unsecured Lending – The state of Connecticut amended its provisions (HB 7141) regarding secured and unsecured lending that include pre-licensing and continuing education requirements, and prohibited acts. Provisions in this bill range from effective on October 1, 2017 to effective on January 1, 2019.
  • Discriminatory Practices Against Veterans – The state of Connecticut amended its provisions (SB 719) that include discriminatory practices against veterans. These provisions were effective on October 1, 2017.
  • Uniform Power of Attorney Act – The state of Connecticut amended its provisions (SB 884) regarding its Uniform Power of Attorney Act as well as enacted provisions for its Uniform Recognition of Substitute Decision-Making Documents Act. Provisions in this bill range from effective on July 1, 2017 to effective on October 1, 2017.

Delaware

Mortgagee Address Change – The state of Delaware modified its provisions (SB 32 )regarding a mortgagee’s change of address. These provisions are effective immediately.

Hawaii

  • Licensing Requirements for Mortgage Servicers – The state of Hawaii enacted provisions (SB 950) regarding licensing requirements for mortgage servicers that include change in control and presumption of control. These provisions were effective on September 1, 2017.
  • Licensing Requirements – The state of Hawaii modified its provisions (SB 951) regarding licensing requirements that include presumption of control; licensing and registration; and duties of a qualified individual and branch manager. These provisions were effective on September 1, 2017.

Illinois

  • Code of Civil Procedure – The state of Illinois modified its provisions (SB 647) relating to its Mortgage Foreclosure Article of the Code of Civil Procedure. These provisions are effective immediately.
  • Foreclosure – The state of Illinois modified its provisions (HB 3359) 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. These provisions are effective on January 1, 2018.
  • Provisions under Counties Code – The state of Illinois modified its provisions (HB 3036) under its Counties Code by requiring a county, no later than January 1, 2019, to adopt and implement a predictable fee schedule that eliminates surcharges or fees based on the individual attributes of a standard document to be recorded. These provisions are effective immediately.
  • Arrearage Payments under RMLA – The state of Illinois enacted provisions (HB 2965) under its Residential Mortgage License Act (RLMA) relating to arrearage payments. These provisions are effective on January 1, 2018.
  • Condominium Property Act – The state of Illinois amended its provisions (HB 189) relating to its Condominium Property Act. These provisions are effective on January 1, 2018.
  • Predatory Lending Database – The state of Illinois modified its provisions (SB 776) relating to the Predatory Lending Database under its Residential Real Property Disclosure Act. These provisions are effective immediately.
  • Title Insurance Act – The state of Illinois amended its provisions (HB 2702) under its Title Insurance Act. These provisions are effective immediately.

Maryland

  • Recording Requirements – The state of Maryland modified its provisions (HB 595) regarding recording requirements. These provisions were effective on October 1, 2017.
  • Uniform Electronic Legal Materials Act – The state of Maryland enacted provisions (HB 165) regarding its Uniform Electronic Legal Materials Act. These provisions are effective on October 1, 2017.
  • Personal Information Protection Act – The state of Maryland amended its provisions (HB 974) regarding its Personal Information Protection Act. These provisions are effective on January 1, 2018.
  • 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 were effective on October 1, 2017.
  • Montana
  • Uniform Fiduciary Access to Digital Assets Act – The state of Montana enacted provisions (SB 118) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions were effective on October 1, 2017.
  • Erroneous References – The state of Montana amended its provisions (SB 21) to correct erroneous references in material that include updates regarding notaries as well as mortgage servicer prohibitions. These provisions were effective on October 1, 2017.
  • Definition of Alter – The Montana Department of Administration adopted a new rule (REG: ARM 2.59.1755) pertaining to the definition “alter” of loan documents for mortgage licensees. These provisions are effective immediately.

South Carolina

  • Mortgage Lending Licensing – The state of South Carolina amended its provisions (SB 366) relating to mortgage lending licensing that include, but is not limited to, license applications, definitions, prelicensing education, state fingerprint-based criminal history record check, license renewal and loan disclosure requirements. These provisions were effective on September 18, 2017.

Texas

  • Revised Uniform Fiduciary Access to Digital Assets Act – The state of Texas enacted provisions (SB 1193) regarding its Revised Uniform Fiduciary Access to Digital Assets Act as well as updates to sample Powers of Attorney forms. These provisions were effective on September 1, 2017.
  • Durable Powers of Attorney – The state of Texas amended its provisions (HB 1974) regarding durable powers of attorney. These provisions were effective on September 1, 2017.
  • Power of Sale – The state of Texas enacted provisions (HB 1470) relating to the public sale of real property under a power of sale in a security instrument. These provisions were effective on September 1, 2017.
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