Compliance Alert Archive

• Federal Legislative and New York Regulatory Update

  December 27, 2012

  The U.S. Senate and House of Representatives passed legislation amending the Federal Deposit Insurance Act.  The New York Superintendent of Financial Institutions (“Superintendent”) extended emergency regulations.

   

  H.R. 4014 

   

  On December 20, 2012 the Senate and the House of Representatives passed legislation which amended the Federal Deposit Insurance Act to include the Bureau of Consumer Financial Protection ...

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• New Jersey Legislative Update

  December 12, 2012

  The New Jersey legislature recently enacted laws establishing a summary action to foreclose mortgages on vacant and abandoned residential property, effective December 3, 2012.  However, the Senate bill’s provisions will not apply until April 1, 2013.

  NEW JERSEY SENATE BILL 2156

  “Vacant and abandoned” residential property means residential real estate with respect to which the lender proves by clear and convincing evidence that the mortgaged ...

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• California Regulatory Update

  December 11, 2012

  On December 5, 2012, the California Department of Corporations (the “Department”) issued a Bulletin addressing business arrangements that involve unlawful referral fees to third-party risk management companies.

  CALIFORNIA DEPARTMENT OF CORPORATIONS COMMISSIONER’S BULLETIN No. 001-12

   

   

  Third-party risk management companies provide supervised banks and nonbanks with a screening service to pre-screen potential service providers.  Some third-party risk management companies ...

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• California Legislative Update

  December 10, 2012

  The California legislature recently amended its laws governing mortgages and deeds of trust, foreclosure prevention alternatives, and first lien mortgage modifications.  The legislation is referred to as the Homeowner’s Bill of Rights (the “Bill”).  This Memorandum addresses the provisions of the Bill that are effective from January 1, 2013 until January 1, 2018.

  CALIFORNIA SENATE BILL 900/ASSEMBLY BILL 278

   ...

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• Kentucky and Oklahoma Legislative and New York Regulatory Update

  December 03, 2012

  The Kentucky legislature has enacted legislation governing private transfer fees.  The Oklahoma legislature recently amended the Uniform Real Property Electronic Recording Act (the “Act”) with regard to the definition of an “electronic signature.”  The New York Financial Services Department (“Department”) has extended Emergency Regulations.

  KENTUCKY HOUSE BILL 533 (effective April 11, 2012)

   

   “Payee” means the person or entity ...

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• Nebraska Legislative Update

  November 28, 2012

  The Nebraska legislature recently enacted the Nebraska Uniform Power of Attorney Act (the “Act”), effective January 1, 2013.

  NEBRASKA LEGISLATIVE BILL 1113

   

   

  A power of attorney must be signed by the principal or in the principal’s conscious presence by another individual directed by the principal to sign the principal’s name on the power of attorney.  A signature of ...

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• California, Florida, Maryland and New York Legislative Update

  November 26, 2012

  The California legislature recently amended its laws governing recording fees, real estate instruments, and the Real Estate Prosecution Trust Fund (the “Fund”).  It also amended its laws governing the limitation of interest rates on the liabilities or obligations of service members, mortgage insurance, reverse mortgage counseling, and common interest developments.  The Florida legislature recently amended its laws governing the cancellation ...

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• California Legislative Update

  November 21, 2012

  The California legislature recently amended its foreclosure laws and its laws governing deficiency judgments.  The three bills discussed in this memorandum are effective January 1, 2013.

  CALIFORNIA ASSEMBLY BILL 1599

   

   

  If the loan agreement for a residential real property containing no more than four dwelling units was negotiated in a language other than English, a lender, trustee, beneficiary, ...

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• California Legislative Update

  November 06, 2012

  The California legislature recently amended its laws governing the licensure of real estate brokers, real estate salespersons, and mortgage loan originators under the Business and Professions Code.  Provisions of the Finance Lender laws were also amended.  All of these amendments are effective January 1, 2013.

  CALIFORNIA SENATE BILL 875

   

   

  Persons suspended or barred from a position of employment, ...

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• Washington Regulatory Update

  October 25, 2012

  The Washington Department of Financial Institutions (the “Department”) has amended its rules governing mortgage loan originators and mortgage loan servicers under the Consumer Loan Act (the “Act”), effective November 1, 2012.

  WASHINGTON ADMINISTRATIVE CODE 208-620-010 TO 900

   

   

  “Advertise, advertising, and advertising material” means any form of sales or promotional materials used in connection with the business.  Advertising material ...

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