Oregon Adds Mortgage Servicer License Requirement
The Governor of Oregon recently signed into law the Mortgage Loan Servicer Practices Act (Act), which requires licensure of residential mortgage loan servicers and regulates... Read More
State Regulatory Developments
Oregon Passes Debt Buyer Legislation
On August 2, 2017, the Governor of Oregon signed into law House Bill 2356 which establishes: (1) licensing requirements for debt buyers; and (2) requirements... Read More
Colorado Issues Guidance on Fees for Debt Cancellation and Suspension Agreements
On August 7, 2017, the Colorado Uniform Consumer Credit Code (UCCC) Administrator issued an Administrator Opinion stating that the UCCC does not authorize additional charges... Read More
Utah Updates MLO Requirements under Utah Residential Mortgage Practices and Licensing Rules
The Utah Division of Real Estate (the Division) has amended its Utah Residential Mortgage Practices and Licensing Rules by making the following changes: Making the... Read More
Connecticut amends provisions regarding secured and unsecured lending
Connecticut HB 7147 requires licensees under the banking statutes to supervise the operation of their business to ensure compliance with applicable law and to prohibit... Read More
Maryland Amends Mortgage Loan Originator Licensing, Advertising, and Solicitation Regulations
The Maryland Commissioner of Financial Regulation adopted amended Mortgage Loan Originator (“MLO”) regulations, effective July 31, 2017, permitting MLOs to originate loans under an expired... Read More
New Jersey Establishes Process for Consideration of Short Sale Buyers’ Offers during Residential Mortgage Foreclosures
On July 29, 2017, the state of New Jersey passed a bill that establishes a process for the consideration of offers from short sale buyers... Read More
Hawaii Modifies Licensing Requirements
Hawaii Senate Bill 951 amends the Hawaii Revised Statutes, Section 454-1 by updating mortgage loan origination licensing law to clarify: Persons who are subject to... Read More
Maryland Revises Mortgage Lender Disclosure Requirements for Certain Transactions
Maryland Governor Larry Hogan recently signed into law a bill, Maryland Senate Bill 392 (“S.B. 392”), which revises the Maryland financing agreement and commitment disclosure... Read More
Ohio Attorney General Changes the Name of a Closing Disclosure
On July 10, 2017, the Ohio Attorney General made revisions to a disclosure required in Ohio in connection with certain residential mortgage loans. In particular,... Read More
Rhode Island Amends Penalty Provisions Related to Mortgage Foreclosures
Rhode Island recently enacted House Bill 5397 that amends the Rhode Island foreclosure statutes by increasing the penalty for failing to record foreclosure deeds and... Read More
Rhode Island Enacts Provisions Regarding Mortgage Fraud
On July 5, 2017, Rhode Island enacted House Bill 5695 which introduces new definitions, penalties, and statute of limitations relating to residential mortgage fraud. The... Read More
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