Montana Reduces the Required Surety Bond for Mortgage Lenders and Brokers
On April 22, 2016, the Montana Department of Administration proposed a revision to Mont. Admin. R. 2.59.1735. This rule sets forth the requirement that an... Read More
State Regulatory Developments
Florida Clarifies Licensing Requirements Relating to Business Purpose Loans
On April 26, 2016, the Florida Office of Financial Regulation (FOFR) issued a written Declaratory Statement and Final Order that provides clarification regarding licensing requirements... Read More
Connecticut Amends Its Consumer Protection and Banking Provisions
On May 26, 2016, Connecticut Governor Dannel Malloy signed into law a bill, House Bill 5571 (HB 5571), that modifies the Connecticut provisions governing foreclosures,... Read More
MMC Issues 2015 Report to State Regulators
The Multi-State Mortgage Committee (MMC) published its Report to State Regulators (Report) for 2015. According to Karyn Tierney, Chair of the MMC, “In 2015, the... Read More
CSBS Issues 2015 Annual Report
The Conference of State Bank Supervisors (CSBS) has released their 2015 Annual Report (Report). CSBS outlines its three major objectives as part of their strategic... Read More
Tennessee Amends Condominium Act to Protect Priority of Liens
Tennessee has amended its Condominium Act (Act) to clarify the priority of a condominium association (COA) lien in relation to prior recorded mortgage or deed... Read More
Nebraska Revises Its Credit Report Protection Act, Uniform Deceptive Trade Practices Act, and Financial Data Protection and Consumer Notification of Data Security Breach Act of 2006
Nebraska has enacted a variety of amendments to its Credit Report Protection Act, Uniform Deceptive Trade Practices Act, and Financial Data Protection and Consumer Notification... Read More
Idaho Department of Finance Amends the Residential Mortgage Practices Act
The Idaho Department of Finance (Department) recently adopted a rule (Rule 12.01.10) that revises the Idaho Residential Mortgage Practices Act (IRMPA). The new rule amends... Read More
State of Nebraska Enters Consent Order with Payday Lender over Alleged Unfair and Deceptive Practices
The state of Nebraska recently entered into a consent order with CashCall, Inc., Delbert Services Corporation, WS Funding, LLC, Western Sky Financial, LLC, and the... Read More
Kentucky Amends Registration Requirements for Mortgage Loan Processors
On April 13, 2016, Kentucky adopted 2016 Senate Bill 97 (“the bill”), which amends provisions under the Mortgage Licensing and Regulation Act (“MLRA”) including, in... Read More
Kansas Amends Provisions Regarding Mortgage Business Act
Kansas has amended a number of provisions regarding its Mortgage Business Act (“MBA”), including requirements pertaining to licensing, exemptions, license display, solicitations, commissioner powers, bond... Read More
Virginia Revises Various License and Reporting Requirements
On March 14, 2016, Virginia approved various revisions to its mortgage lending license and reporting provisions. These amendments include the following: New provisions regarding inactive... Read More
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