Ohio Subordinates Residential PACE Liens to First Mortgage Liens
The governor of Ohio recently signed a bill that codifies the lien priority of residential property assessed clean energy (PACE) loans, which are loans made... Read More
State Regulatory Developments
NY Adds “Citizenship or Immigration Status” to List of Protected Classes
New York recently enacted Assembly Bill A6328A, which adds provisions to prohibit discrimination based on citizenship or immigration status. This is applicable for purposes of... Read More
CA Issues New Model Co-Signer Notice with Additional Languages
California has recently issued a new Co-Signer Notice (Notice) which includes additional languages than previous model notices. This Notice was authorized by SB 633 which,... Read More
MD Adopts Changes to Residential Foreclosure Procedures
Maryland recently adopted what it characterizes as nonsubstantive changes to clarify previous regulatory amendments (adopted July 22, 2022) regarding foreclosure procedures for residential property. The... Read More
Cryptocurrency Trading Platform Pays $100MM in New York Consent Order
The New York Department of Financial Services entered a consent order on January 4, 2023, requiring a large cryptocurrency trading platform to immediately pay a $50 million... Read More
NY Passes Foreclosure Abuse Prevention Act
Recently, New York Governor Kathy Hochul signed Assembly Bill 7737B, which will disallow lenders and servicers conducting business in New York from unilaterally waiving, postponing,... Read More
Washington Adopts Rules Allowing Work-From-Home MLOs
Washington recently adopted amended rules allowing licensed mortgage loan originators to work from the originator’s home under certain conditions, without requiring the home to be licensed as a... Read More
NY Requires New Upfront Disclosures for Telemarketing Calls
New York enacted a new law which requires telemarketers to provide additional disclosures at the start of calls, including that the call recipient can be... Read More
CFPB Issues Notice of Intent to Make TILA Preemption Determinations
The CFPB recently published a notice of intent to determine whether certain New York commercial financial law provisions are preempted by TILA, after receiving a... Read More
NY Passes Prohibitions Regarding Registration of Defaulted Mortgages
As of November 21, 2022, New York prohibits local government registration of defaulted residential mortgages before a notice of pendency is filed in court. The... Read More
New York DFS Proposes Amendments to Cybersecurity Regulations
The New York Department of Financial Services (NYDFS) has proposed amendments to its cybersecurity regulations which are now open to public comment. Among other changes,... Read More
PA Amends Data Breach Notification Law
Pennsylvania recently enacted a new law which amends the state’s existing data breach notification law to expand upon and clarify existing requirements. Pennsylvania enacted its... Read More
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