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Monthly State Regulatory Update: September 2017

Alaska

Uniform Fiduciary Access to Digital Assets Act – The state of Alaska enacted provisions (HB 108) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on October 31, 2017.

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.

Illinois

Notary Public Act – The state of Illinois modified its provisions (SB 265) relating to its Notary Public Act that include changes to official seal and signature, notice and advertisement, certificate of notarial acts, and prohibited acts. These provisions are effective on January 1, 2018.

Maryland

MLO Licensing Requirements – The Maryland Department of Labor, Licensing and Regulation, Commissioner of Financial Regulation, adopted provisions (REG: 09.03.09.01 – .09) relating to mortgage loan originator (MLO) licensing requirements that include, but is not limited to, pre-licensing and continuing education requirements; applications; locations; originations under an expired license; and advertising and solicitation. These provisions were effective on July 31, 2017.

Oregon

Collection of Debts Owed to State – The state of Oregon modified its provisions (SB 254) relating to collection of debts owed to state that include requiring financial institutions to participate in a data match system with the Department of Revenue. These provisions become operative on July 1, 2018.

Mortgage Loan Servicer Practices Act – The state of Oregon enacted provisions (SB 98) regarding its Mortgage Loan Servicer Practices Act that include, but is not limited to, licensing application and renewal requirements and required fees. These provisions become operative on January 1, 2018.

Debt Collection Practices – The state of Oregon amended its provisions (HB 2356) regarding debt collection practices. These provisions become operative on January 1, 2018.

Utah

Licensing under RMPLA – The Utah Department of Commerce, Division of Real Estate, adopted provisions (REG: R162-2c-201; -204) relating to licensing and registration procedures under its Residential Mortgage Practices and Licensing Act (RMPLA). These provisions are effective immediately.

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