MRG Compliance Alerts

Kentucky and Ohio Legislative Update

btaylor — Wed, 16 May 2012 15:54:39 GMT

The Kentucky legislature recently amended its laws governing conveyances and encumbrances, real estate recordation taxes, penalties for defrauding secured creditors, and Mortgage Loan Companies and Brokers and enacted legislation governing foreclosure sales of vacant and abandoned property. The Kentucky legislation is effective July 12, 2012. The Ohio ...

Georgia Legislative Update

btaylor — Fri, 11 May 2012 08:24:01 GMT

The < region=''>Georgia< region=''> legislature recently enacted legislation authorizing closing protection letters.

It also amended its laws governing residential mortgage fraud and foreclosure and enacted legislation governing the foreclosure process with vacant property.

< region=''>GEORGIA< region=''> SENATE BILL 331 (effective May 2, 2012)

“Closing protection letter” means insurance that indemnifies ...

Hawaii, Iowa, South Dakota and Utah Legislative Update

btaylor — Thu, 10 May 2012 09:30:07 GMT

Our May 26, 2011 Compliance Memorandum discussed provisions of Senate Bill 651 amending Hawaii’s foreclosure laws and mortgage servicer’s laws that were effective May 6, 2011. The provisions of Senate Bill 651, which are effective July 1, 2012, further amend Hawaii’s mortgage servicer’s laws. The Iowa...

Indiana and Michigan Legislative Update

btaylor — Wed, 09 May 2012 13:19:45 GMT

The Indiana legislature recently amended the First Lien Mortgage Lending Act (the “Act”) and the Uniform Consumer Credit Code (the “UCCC”) and amended mortgage and vendor’s lien laws related to foreclosure. The Michigan legislature recently amended the General Property Tax Act (the “Tax Act”).

INDIANA HOUSE BILL 1239 ...

New Jersey Assembly Bill 359

btaylor — Thu, 03 May 2012 11:03:12 GMT

The New Jersey legislature recently enacted the Foreclosure Rescue Fraud Prevention Act (the “Act”) which is effective June 17, 2012.

Definitions

“Business day” means any day other than a Saturday, Sunday, or a federal holiday.

“Conventional mortgage rate” means the highest mortgage rate published for the ...

West Virginia Legislative Update

btaylor — Tue, 01 May 2012 12:53:30 GMT

The West Virginia legislature recently enacted House Bill 4390, the Uniform Power of Attorney Act (the “Act”), which is effective June 8, 2012.

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 ...

Federal Regulatory and Vermont Legislative Update

btaylor — Mon, 30 Apr 2012 11:13:18 GMT

The Consumer Financial Protection Bureau (“CFPB”) recently issued a bulletin addressing fair lending requirements under the Equal Credit Opportunity Act (“ECOA”) and its implementing regulation, Regulation B. The Vermont legislature recently amended its laws governing licensed lenders and mortgage loan originators.

CFPB BULLETIN 2012-04 (dated April 18, 2012...

Federal Regulatory and West Virginia Legislative Update

btaylor — Tue, 24 Apr 2012 14:50:28 GMT

The Consumer Financial Protection Bureau (“CFPB”) issued a bulletin on April 19, 2012, addressing transitional loan originator licensing under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”). The West Virginia legislature recently amended the powers of the Commissioner of Banking (the “Commissioner”), amended ...

Oregon Legislative Update

btaylor — Fri, 20 Apr 2012 11:41:05 GMT

Chapter 86 of the Oregon Code governing mortgages and trust deeds was amended effective April 11, 2012.

OREGON SB 1552

“Foreclosure avoidance measure” is an agreement between a lender or holder (hereinafter referred to as “lender”) and a borrower that uses one or more of the ...

Nebraska Regulatory Update

btaylor — Wed, 18 Apr 2012 15:41:36 GMT

The Nebraska Department of Banking and Finance (the “Department”) recently issued Interpretative Opinions regarding the Residential Mortgage Licensing Act (the “Act”).

NEBRASKA DEPARTMENT OF BANKING INTERPRETATIVE OPINIONS 1 to 5 (effective April 16, 2012)

Interpretative Opinion No. 1 Activities Requiring Licensure as a Mortgage Loan Originator

...

Federal and New York Regulatory and Vermont and West Virginia Legislative Update

btaylor — Wed, 11 Apr 2012 15:08:35 GMT

The Consumer Financial Protection Bureau (“CFPB”) issued a Bulletin on April 2^nd. The New York Department of Financial Services extended emergency regulations. The Vermont legislature recently amended its banking and finance laws, and the West Virginia legislature recently amended the West Virginia Residential Mortgage Lender, Broker, ...

Utah and Washington Legislative Update

btaylor — Tue, 10 Apr 2012 09:48:39 GMT

Recent Utah legislation extends a repeal date. The Washington legislature recently enacted legislation governing releasing a mortgage or deed of trust and amending its foreclosure laws.

UTAH HOUSE BILL 280 (effective May 7, 2012)

Our March 30, 2010 Compliance Memorandum discussed Utah House Bill 243, effective ...

Washington, West Virginia and Wisconsin Legislative and Ohio Regulatory Update

btaylor — Mon, 09 Apr 2012 09:17:40 GMT

The Washington legislature recently amended the Consumer Loan Act (the “CLA”), the Mortgage Broker Practices Act (the “MBPA”), and the Mortgage Lending and Homeownership laws. The West Virginia legislature recently enacted legislation governing the status and rights of tenants under a preexisting lease when residential rental property is sold ...

Utah Legislative Update

btaylor — Fri, 06 Apr 2012 12:54:23 GMT

The Utah legislature recently amended the Utah Mortgage Practices and Licensing Act (the “Act”) and enacted legislation governing the foreclosure of trust deeds.

UTAH HOUSE BILL 191 (effective May 8, 2012)

“Branch lending manager” means an individual who is:

Licensed as a lending manager; and
Designated in ...

Indiana and Wyoming Legislative Update

btaylor — Wed, 28 Mar 2012 15:37:27 GMT

The Indiana legislature recently amended its foreclosure laws. This Memorandum discusses the provisions of Senate Bill 298 that were effective March 19, 2012. We will later report on the provisions of the Bill that are effective July 1, 2012. The Wyoming legislature recently enacted legislation ...