New York DFS Amends Cybersecurity Regulations
The New York Department of Financial Services recently amended its cybersecurity regulations, creating new requirements for covered entities, establishing a new class of covered entity... Read More
State Regulatory Developments
Oklahoma Now Requires Citizenship Affidavit with Deeds
Effective November 1, 2023, any deed filed with an Oklahoma county clerk must include an affidavit executed by the person or entity coming into title... Read More
CA Enacts Law Requiring Mortgage Service Transferees to Honor Certain Agreements to Repair Property
The Governor of California recently signed into law Senate Bill 455 (the Bill) which requires a transferor mortgage servicer that services a mortgage secured by... Read More
NMLS Releases XML Submission Specification for Implementation of MCR Form Version 6
NMLS recently announced that the revisions to the mortgage call report (MCR) proposed in Proposal 2018-1 will go into effect on January 1, 2024, and... Read More
States Settle with Mortgage Payment Processor over Unauthorized “Testing” Transactions
On October 17, 2023, a payment processor agreed to pay $10 million to 44 state money transmitter regulators, and $10 million to 50 state and... Read More
California Amends Notary Laws to Allow Remote Notarizations
California recently passed Senate Bill 696 (the Bill) to enact permanent remote online notarization statutes. Online notarial acts may be performed on the date the... Read More
CA DFPI UDAAP Rules Regarding Commercial Financial Products Now Effective
The California Department of Financial Protection and Innovation’s (DFPI) regulations (the Regulations) regarding new unfair, deceptive, and abusive acts and practices (UDAAP) rules for certain... Read More
Ex-CCO of California Money Transmitter Brings Whistleblower Claims over Change of Control
The former chief compliance officer (CCO) of a California money transmitter recently brought whistleblower retaliation and wrongful termination claims against her former employer, stemming from... Read More
Washington DFI Issues Consent Order over LO Comp Violations in Downpayment Assistance Loans
The Washington State Department of Financial Institutions (DFI) recently entered into a consent order with a non-bank mortgage lender to resolve multiple alleged violations of... Read More
NY Increases Penalties for Telemarketing Violations
The New York Legislature increased the penalties for violations of the state’s telemarketing protection law. NY has a state-level telemarketing law—akin to the federal Telephone... Read More
Delaware Enacts Comprehensive Personal Data Privacy Law
Delaware recently enacted the Delaware Personal Data Privacy Act (DPDPA). DPDPA is a comprehensive state personal data privacy law. Multiple other states have enacted data... Read More
CA Issues Regulations that Impose UDAAP Restrictions and Reporting Requirements for Certain Commercial Transactions
The California Department of Financial Protection and Innovation (DFPI) recently issued final regulations that prohibit providers of commercial products and services (covered providers) from engaging... Read More
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