19 Jul Maine and Missouri Legislative and New York Regulatory Update
The Maine legislature recently repealed its Fair Credit Reporting Act (the “Act”) effective September 17, 2013. The Missouri legislature recently amended its laws governing mortgage loan originator education requirements and enforcement and servicing of mortgage loans. Both Missouri bills are effective August 28, 2013. The New York Financial Services Department recently extended emergency regulations, effective June 26, 2013.
MAINE LEGISLATIVE DOCUMENT 1410/SENATE PAPER 504
The Maine Legislature re-enacted the Act to conform to federal law. Therefore, compliance with the federal Fair Credit Reporting Act is compliance with the Act.
MISSOURI SENATE BILL 100
To meet the annual continuing education requirements, a licensed mortgage loan originator must complete at least 8 hours of education, which now includes one hour of Missouri law and regulations.
MISSOURI HOUSE BILL 446
The enforcement and servicing of real estate loans secured by a mortgage, deed of trust, or other security instrument will be according to state and federal law. A local law or ordinance may not add to, change, delay enforcement, or interfere with, any loan agreement, security instrument, mortgage, or deed of trust.
A local law or ordinance may not add, change, delay any rights or obligations, impose fees or taxes of any kind, or require payment of fees to any government contractor related to any real estate loan agreement, mortgage, deed of trust, or other security instrument, or affect the enforcement and servicing relating to them.
NEW YORK EMERGENCY RULES PART 419
Our August 23, 2010, December 8, 2010, March 24, 2011, May 20, 2011, August 23, 2011, November 18, 2011, January 25, 2012, May 8, 2012, August 15, 2012, December 3, 2012, January 17, 2013, and May 7, 2013 Compliance Memoranda discussed New York Emergency Regulations addressing the servicing of mortgage loans, which were effective October 1, 2010, November 1, 2010, February 1, 2011, May 2, 2011, July 22, 2011, October 20, 2011, January 17, 2012, April 17, 2012, July 12, 2012, October 7, 2012, December 13, 2012, and June 26, 2013 respectively. The New York Financial Services Department recently extended the Emergency Regulations through September 22, 2013.