State Compliance Updates for the Mortgage Industry

California

Military Families Financial Relief Act – The state of California amended its provisions relating to deferment of financial obligations for reservists by removing the requirement under the Military Families Financial Relief Act to provide a signed letter, under penalty of perjury, and instead require a written request. These provisions are effective on January 1, 2019 (AB 2521).

Connecticut

Consumer Credit Licenses – Connecticut has modified provisions under its Banking Law concerning consumer credit licenses. The new provisions expand the authority granted to the Banking Commissioner in various circumstances. The effective dates for these provisions range from July 1, 2018 to July 1, 2019 (HB 5490).

Indiana

Consumer Credit Fees – The Indiana Department of Financial Institutions published its annual consumer credit fees schedule. These fees are effective from July 1, 2018 through June 30, 2019 (schedule).

Georgia

Anti-Money Laundering – Effective July 17, 2018 the Georgia Department of Banking and Finance adopted multiple provisions relating to mortgage lenders, brokers and servicers that include lenders and brokers that satisfy the definition of “loan or finance company” under the Bank Secrecy Act must have an anti-money laundering program; and various updates to its mortgage servicing standards (80-11-6).

Michigan

Notary Provisions – The state of Michigan amended its provisions relating to notaries that include performance of notarial acts; remote electronic notarization; and signature of notary public. These provisions are effective immediately and this act takes effect on September 30, 2018 (HB 5811).

Pennsylvania

Foreclosure Provisions – Effective December 17, 2018, Pennsylvania has enacted provisions regarding the foreclosure of vacant and abandoned properties (PA HB 653).

Rhode Island

Mediation Conference – The state of Rhode Island modified its provisions relating to mediation conference prior to mortgage foreclosure by extending certain sunset provisions as well as limiting the amounts a HUD-approved agency may receive for a mediation and filing fee. These provisions are effective immediately (HB 7385).

Electronic Recording Act – Effective July 1, 2019, the state of Rhode Island enacted provisions relating to its Uniform Real Property Electronic Recording Act (HB 7080).

Source: http://www.mortgagecompliancemagazine.com/regulatory/state-regulatory-updates/monthly-state-regulatory-update-august-2018/

Leave a Reply

Your email address will not be published. Required fields are marked *

Web Statistics