Colorado Legislative and New York Regulatory Update

Colorado Legislative and New York Regulatory Update

The Colorado legislature recently amended the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (the “Act”), effective March 22, 2013.  The New York Department of Financial Services (“DFS”) recently extended emergency regulations.

COLORADO SENATE BILL 13-118

 

 

A person licensed as a real estate broker who represents a person, estate, or trust providing mortgage financing for the sale of up to three properties in any 12-month period to purchasers of such properties, each of which is owned by the person, estate, or trust and serves as security for the loan is exempt under the Act.

NEW YORK EMERGENCY REGULATION PART 420 and SUPERVISORY PROCEDURES MB 107 and MB 108 (effective February 25, 2013)

 

Our January 25, 2010, March 22, 2010, August 10, 2010, December 16, 2010, March 24, 2011, June 30, 2011, September 29, 2011, March 23, 2012, June 6, 2012, and December 27, 2012 Compliance Memorandums discussed Emergency Regulations issued by the DFS addressing mortgage loan originator licensing and application requirements.  Supervisory Procedure MB 108 which regulated mortgage loan originator education providers and courses was repealed because regulation of education providers and courses has been transferred to the Nationwide Mortgage Licensing System and Registry.  The DFS recently extended the Emergency Regulations through May 22, 2013.

NEW YORK PART 418 AND SUPERVISORY PROCEDURES MB 109 and 110 (effectiveMarch 12, 2013)

 

 

Our July 21, 2009, October 27, 2009, January 25, 2010, March 22, 2010, August 10, 2010, December 16, 2010, March 24, 2011, June 30, 2011, September 29, 2011, January 25, 2012, April 11, 2012, July 11, 2012, and October 17, 2012 Compliance Memorandums discussed Emergency Regulations issued by the DFS addressing mortgage loan originator licensing and application requirements and mortgage loan servicer registration and financial responsibility requirements.  The DFS recently extended all of the Emergency Regulations through June 8, 2013.