Illinois Amends its AMC Licensing Law
Effective July 13, 2018, Illinois amended its statutory scheme licensing appraisal management companies (AMC) to bring the state into compliance with several aspects of the... Read More
State Regulatory Developments
California Exempts Reverse Mortgages from Successor in Interest Requirements
On July 18, 2018, California enacted Senate Bill 1183. The new law amends section 2920.7(i) of the California Civil Code and specifies that reverse mortgages... Read More
Illinois AG Announces Settlement with Bank over Alleged Misconduct with RMBS
The Illinois Attorney General Lisa Madigan recently announced Illinois’ eighth settlement in a series of settlements with large financial institutions over the sale of residential... Read More
California Enacts Broad New Data Protection Law
California recently passed the California Consumer Privacy Act of 2018, effective January 1, 2020, which will impose new obligations on businesses with regards to the... Read More
Georgia Department of Banking and Finance Requires Anti-Money Laundering Program and Updates Mortgage Servicer Regulations
Georgia’s Department of Banking and Finance issued a final rulemaking on June 27, 2018, requiring loan or finance companies to maintain an anti-money laundering program... Read More
Indiana Department of Financial Institutions Publishes Consumer Credit Fees
The Indiana Department of Financial Institutions published the new schedule of consumer credit fees. The fee schedule is effective from July 1, 2018 to June... Read More
Credit Reporting Agency Signs Data Security Improvement Deal with 8 States
Regulators in eight states signed a consent order with a large, national credit reporting agency requiring it to improve its data security and information technology... Read More
New Hampshire Revises Banking and Consumer Credit Laws
New Hampshire amended several provisions within its banking and consumer credit laws in order to make technical corrections and clarify existing provisions. Among several substantive... Read More
Texas Revises Requirements for Registering Names of Business Entities
Texas recently amended certain requirements for registering the names of domestic and foreign filing entities transacting business in Texas, moving to the “distinguishable in the... Read More
NY Implements New Regulation Applicable to Consumer Credit Reporting Agencies
On June 25, 2018, the New York Department of Financial Services (NYDFS) announced a final regulation requiring credit reporting agencies with significant operations in New... Read More
Kentucky Revises Provisions Relating to Recovery of Interest Upon Default and Other Contract Obligations
Kentucky recently revised its statutes governing contracts to specify that parties are entitled to recover interest at the rate expressed in a contract after a... Read More
New Minnesota Dollar Amount Adjustments for Consumer Credit Code and Regulated Loan Act
Minnesota’s recent increases to the dollar amounts listed in its state Regulated Loan Act and Consumer Credit Code will become effective July 1, 2018. These... Read More
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