Federal Legislative and Maryland and New York Regulatory Update

Federal Legislative and Maryland and New York Regulatory Update

The US Congress has enacted the National White-Collar Crime Control Act (the “Act”), effective November 2, 2017.  The Maryland Commissioner of Financial Regulation (“Commissioner”) recently revised its regulations related to foreclosure procedures for vacant and abandoned property, effective November 6, 2017.  The New York Department of Financial Services (the “Department”) has updated its submission requirements for licensed lenders, effective November 1, 2017.


Federal House Resolution 1616


The Act aids in the identification, investigation, and prosecution of white collar crime by providing comprehensive, direct, and practical training and technical assistance to law enforcement officers, investigators, auditors and prosecutors in states and units of local government.  White collar crime includes economic crime, such as financial fraud and mortgage fraud.


The Act allows the federal government to provide assistance with training for state, local, tribal and territorial law enforcement agencies and officers and other criminal justice professionals and allows states, units of local government, not-for-profit entities and institutions of higher-education to apply for grants to establish programs to address white collar crime.


Maryland Regulations 09.03.12


“Vacant and abandoned” is a finding by the appropriate circuit court that a residential property is vacant and abandoned pursuant to Maryland law.


The Commissioner will promulgate a notice to comply with the notice of filing requirement when accompanying an order to docket or complaint to foreclose with respect to a property that is vacant and abandoned.


New York 23 NYCRR Part 501


The Department has indicated that any application or other submission pertaining to licensed lenders, including the payment of fees, must now be submitted through the Nationwide Multistate Licensing System and Registry (“NMLS”).