Maine Amends Provisions Regarding Foreclosure Proceedings by Civil Action
The Maine legislature recently enacted Senate Paper (SP) 280 to protect a homeowner’s equity of redemption in a foreclosure action. SP 280 becomes effective on... Read More
State Regulatory Developments
Maine Modifies Consumer Credit Code to License Mortgage Servicers
Maine recently enacted legislation that modifies the Maine Consumer Credit Code to require mortgage servicers to obtain the Supervised Lender License. The measure, Maine Senate... Read More
Constitutional Provisions Regarding Home Equity Loans Up for Vote in Texas
On November 7, 2017, Texans will have the opportunity to vote on Texas Proposition 2, the Home Equity Loan Amendment, which amends portions of Article... Read More
Pennsylvania AG’s Office Files Complaint against Student Loan Provider for UDAP Violations
The Pennsylvania Attorney General’s Office (AG) filed a complaint against a student loan provider (the Company) alleging unfair, abusive and deceptive acts and practices involving... Read More
California Modifies Provisions Regarding the PACE Program
The California Department of Business Oversight has proposed updates to the California Finance Lenders Law, changing the name of the law to the California Financing... Read More
Illinois Amends the Residential Mortgage License Act of 1987 to Align with NMLS Licensing Requirements and CFPB TRID Rules
Effective on October 6, 2017, the Illinois Department of Financial and Professional Regulation extensively amended the Residential Mortgage License Act of 1987 (the RMLA) to... Read More
New Nevada Internet Privacy Requirements Now in Effect
The State of Nevada recently enacted legislation that requires Internet operators to provide consumers with privacy notices about personal information they collect about consumers who... Read More
New York Proposes Expanding Cybersecurity Regulations to Cover Consumer Credit Reporting Agencies
The New York State Department of Financial Services (DFS) recently proposed regulations that would require all consumer credit reporting agencies reporting on consumers in the... Read More
Montana Amends Mortgage Broker and Loan Originator Licensing Rules to Clarify Prohibition on Altering Mortgage Documents
The Montana Division of Banking and Financial Institutions (the Division) has amended its Mortgage Broker and Loan Originator Licensing Rules to clarify that Montana law... Read More
State Regulators Launch Redesign for NMLS
The Conference of State Bank Supervisors (“CSBS”) recently launched a major redesign of the Nationwide Multistate Licensing System (“NMLS”) as part of a larger effort... Read More
Nevada Amends Mortgage Banker and Broker Licensing Exemption for Certain Foreign LLCs
Effective October 1, 2017, Nevada’s Assembly Bill 468 (“AB 468”) will amend the exemption from licensure for certain foreign LLCs found within the foreign LLC... Read More
Texas Enacts Provisions Regarding Power of Sale
Texas House Bill 1470 becomes effective September 1, 2017 and amends Texas Title 2, Business & Commerce Code by adding Chapter 22. The new section... Read More
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