Compliance Alert Archive

• Florida, Louisiana, Oregon, and Pennsylvania Legislative Update and New York and Oklahoma Regulatory Update

  June 30, 2011

  The Florida legislature recently enacted legislation relating to the recording of real property documents.  The Louisiana legislature recently amended the Louisiana S.A.F.E. Residential Mortgage Lending Act (the “SAFE Act”).  The Oregon legislature recently amended its recordation laws and laws governing the Director of the Department of Consumer and Business Services (the “Director”) supervisory authority over mortgage bankers, ...

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• Texas Legislative Update

  June 29, 2011

  The Texas legislature recently added a section to the Finance Code addressing payoff statements and mortgage insurers and added a section to the Property Code addressing correction instruments.

   

  Texas House Bill 558 (effective September 11, 2011)

   

  “Mortgagee” means:

  • The grantee, beneficiary, owner, or holder of a security instrument;
  • A book entry system; or
  • If the security interest ...

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• Nevada Legislative Update

  June 27, 2011

  The Nevada legislature recently amended its Mortgage Brokers and Mortgage Agents laws and Mortgage Bankers laws (collectively the “laws”) and its Mortgage Lending laws addressing foreclosure consultants, foreclosure purchasers, and loan modification consultants.

   

  Assembly Bill 77 (Effective July 1, 2011)

   

  Mortgage Brokers, Mortgage Agents, and Mortgage Bankers

   

  “Dwelling” means a residential structure or mobile home, which contains ...

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• Nevada Legislative Update

  June 24, 2011

  The Nevada legislature recently enacted legislation prohibiting a banking or other financial institution from unreasonably delaying a response to an offer for a sale in lieu of  foreclosure sale.  The legislature also amended its foreclosure laws and its Mortgage Lending Laws. 

   

  Senate Bill 414 (effective June 13, 2011)

   

  “Banking or other financial institution” means ...

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• Texas, Alabama and Tennessee Legislative Update

  June 22, 2011

  The Texas and Tennessee legislatures recently addressed private transfer fees, and the Alabama legislature recently amended the amount of a late charge and addressed closing protection letters.

   

  TEXAS HOUSE BILL 8 (effective June 17, 2011)

   

  “Encumbered property” means all property, including the property of a subsequent purchaser, subject to the same private transfer fee obligation.

   

  “Lender” ...

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• Texas Legislative Update

  June 21, 2011

  The Texas legislature recently enacted legislation addressing the authority of a co-owner of residential property to encumber the property to preserve or maintain it, foreclosure data collection, and assignment of rents.  The legislation was effective June 17, 2011.

   

  Texas Senate Bill 1368

   

  The following applies only to residential property:

  • That has residential improvements primarily designed for ...

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• Nevada Legislative Update

  June 17, 2011

  The Nevada legislature recently enacted legislation related to recording fees, foreclosure sales, deficiency judgments, deeds of trust, and deceptive trade practices.

   

  NEVADA ASSEMBLY BILL 192 (effective July 1, 2011)

   

  A board of county commissioners may, in addition to any fee that a county recorder is otherwise authorized to charge and collect, impose by ordinance a fee of ...

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• Nevada Legislative Update

  June 17, 2011

  The Nevada legislature recently enacted legislation related to recording fees, foreclosure sales, deficiency judgments, deeds of trust, and deceptive trade practices.

   

  NEVADA ASSEMBLY BILL 192 (effective July 1, 2011)

   

  A board of county commissioners may, in addition to any fee that a county recorder is otherwise authorized to charge and collect, impose by ordinance a fee of ...

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• Arizona and Tennessee Legislative and Illinois and new Jersey Regulatory Update

  June 16, 2011

  The Arizona legislature recently amended its laws governing mortgage brokers, mortgage bankers, and loan originators and enacted laws addressing exempt persons.    The Tennessee legislature recently enacted legislation providing criminal penalties for drawing a deed without actual ownership.  The Illinois Department of Financial Institutions recently amended its rules under the Consumer Installment Loan Act (the “Act”).  The New ...

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• Alabama and Indiana Legislative Update

  June 15, 2011

  The Alabama and Indiana legislatures recently enacted legislation addressing private transfer fees.  The Indiana legislature also amended its consumer protection laws.

   

  ALABAMA HOUSE BILL 184 (effective May 25, 2011)

   

  “Association” or “unit owner’s association” means a condominium association or a nonprofit or cooperative membership organization composed exclusively of owners of mobile homes, manufactured housing, time-shares, camping ...

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