Compliance Alert Archive

• New York Assembly Bill 6924

  July 31, 2009

  The New York legislature has recently amended its Banking Law (the “Act”), to conform the regulation of mortgage loan originators in New York to the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  If you have any questions concerning this Distribution Memorandum, please contact Laura LaRaia. 

   

  Definitions

  “Annual expiration date” means ...

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• Hawaii Legislative Update

  July 31, 2009

  The Hawaii legislature recently enacted the Secure and Fair Enforcement for Mortgage Licensing Act (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”) and adopted the Uniform Real Property Electronic Recording Act, both effective July 1, 2009.  If you have any questions concerning this Distribution Memorandum, please contact ...

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• Oregon House Bill 2189

  July 30, 2009

  The Oregon legislature recently enacted legislation (the “Act”) providing licensing requirements for mortgage loan originators and amended its Mortgage Bankers and Mortgage Brokers laws to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  If you have any questions concerning this Distribution Memorandum, please contact Laura LaRaia. 

   

  Definitions

  “Depository ...

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• New Mexico Senate Bill 342

  July 30, 2009

  The New Mexico legislature, through Senate Bill 342, enacted the New Mexico Mortgage Loan Originator Licensing Act and amended the Mortgage Loan Company and Loan Broker Act and amended the Home Loan Protection Act.  Except for one section in the law, which is discussed within the Mortgage Loan Originator Business section of this memorandum, the Bill is effective July ...

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• Colorado and Kentucky Regulatory Update

  July 29, 2009

  The Colorado Uniform Consumer Credit Code (“UCCC”) Administrator has recently amended the Rules implementing the UCCC, and the Kentucky Department of Financial Institutions has issued an Order related to the implementation of the S.A.F.E. Act. If you have any questions concerning this memorandum, please contact Laura LaRaia.

  Colorado Uniform Consumer Credit Code Rules 4CCR 902-1 (effective July 30, 2009)...

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• Colorado House Bill 1085 (effective August 5, 2009)

  July 27, 2009

  The Colorado legislature recently amended the Mortgage Brokers Licensing Act, which is now the Mortgage Loan Originator Licensing Act (the “Act”), to conform to the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  Throughout the Act, the term “mortgage loan originator” has replaced the term “mortgage broker.”  Mortgage loan originators are now ...

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• Nevada Emergency Rules Chapter 645F

  July 24, 2009

  Our Distribution Memorandum dated June 9, 2009, discussed Nevada Assembly 152 (the “Bill”), effective July 1, 2009, which required the Commissioner of Mortgage Lending (the “Commissioner”) to adopt regulations establishing licensing requirements for persons conducting loan modification and foreclosure consulting activities on behalf of Nevada homeowners.  The Commissioner has recently adopted emergency regulations to implement the Bill.  If ...

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• Connecticut Legislative and Oklahoma Regulatory Updates

  July 22, 2009

  The Connecticut legislature recently enacted legislation amending its law relating to mortgage lender, mortgage correspondent lender, mortgage broker, and mortgage loan originator license application requirements, high cost home loans, mortgage fraud and nonprime home loans.  This Distribution Memorandum addresses the provisions relating to license applications, which were effective July 7, 2009.  We will later report on the ...

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• New York Regulatory Update

  July 21, 2009

  The New York Banking Department (the “Department”) recently issued Emergency Rules Part 418 of the Superintendent of Bank’s Regulations and adopted Supervisory Procedure MB 109 implementing the requirement under New York Banking Law that certain mortgage loan servicers (“servicers”) must be registered with the Superintendent of Banks (“Superintendent”) and financial responsibility requirements for both registered and exempt servicers.  If ...

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• Delaware Legislative Update

  July 14, 2009

  The Delaware legislature recently enacted the Delaware Secure and Fair Enforcement for Mortgage Licensing Act of 2009 (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”) and amended its laws related to mortgage loan brokers and licensed lenders (“licensees”) who engage in mortgage loan modification services.  If you ...

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