Maryland Replaces its Foreclosed Property Registry
On December 31, 2018, the Maryland Commissioner of Financial Regulation provided an advisory notice clarifying how Maryland would replace its current online Foreclosed Property Registry... Read More
State Regulatory Developments
Florida Raises State Minimum Wage
The Florida Department of Economic Opportunity recently announced that effective January 1, 2019, the Florida minimum wage is $8.46 per hour. Florida law requires the... Read More
Washington State Issues Trust Account Guidance for Mortgage Brokers Under the MBPA
The Washington Department of Financial Institutions Division of Consumer Services (DFI) has issued interim regulatory guidance on the use of trust accounts by mortgage brokers.... Read More
Colorado Voters Approve Initiative to Limit Interest Rates and Fees on Payday Loans
On November 6, 2018, Colorado voters passed Proposition 111, which caps the annual percentage rate (APR) on payday loans to 36%, inclusive of fees. The... Read More
Vermont Sets 2019 Tax Interest Rates
The Vermont Commissioner of Taxes issued a memorandum setting forth the annual interest rates which will apply to tax underpayments and overpayments in 2019. The... Read More
PA Adjusts Definition of ”Base Figure” in its Loan Interest and Protection Law
On November 3, 2018, the Pennsylvania Department of Banking and Securities (the “Department”) adjusted the definition of “base figure” in the Pennsylvania Loan Interest and... Read More
Rhode Island Adopts Home Loan Protection Act and Mortgage Foreclosure Disclosure Provisions
The Rhode Island Department of Business Regulations is reformatting all of its current banking regulations in order to incorporate them into the Rhode Island Code... Read More
Tennessee Announces 2018-2019 Annual Supervision Fee
The Tennessee Department of Financial Institutions has announced its 2018-2019 annual supervision fee for non-depository financial institutions. The new fees are effective November 1, 2018,... Read More
Texas Amends Consumer Lending Regulations
The Texas Office of Consumer Credit Commissioner (OCCC) issued amended regulations as part of a general review and update to the state’s consumer lending rules. ... Read More
Michigan Publishes Mortgage Licensing Fees for 2019
The Michigan Department of Insurance and Financial Services has published its annual licensing fee schedule applicable to Michigan mortgage lenders, brokers, servicers, and loan originators.... Read More
New Jersey Consumer Protection Division Settles Securities Law Investigation
On October 5, 2018, a Minneapolis financial firm with branch offices in New Jersey agreed to settle an investigation into the sale of alternative investments... Read More
Oklahoma Amends Consumer Loans Provisions
Effective November 1, 2018, Oklahoma’s consumer loan provisions will be amended to (1) allow the charge of convenience fees for the use of certain electronic... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.