Arizona SB 1218
The Governor of Arizona signed into law SB 1218 relating to recording fees. The bill is effective July 3, 2015.
Arizona SB 1448
The Governor of Arizona signed into law SB 1448 relating to the notice of a trustee sale prior to a foreclosure action. The bill is effective July 3, 2015.
Colorado SB 142
The Governor of Colorado signed into law SB 142, which aligns the rule regarding the escrow of ad valorem taxes with RESPA. The bill is currently effective.
Kentucky HB 201
The Governor of Kentucky signed into law HB 201, which provides that a mortgage executed and delivered by the borrower to the lender secures payment of all interest rate modifications whether so provided in the mortgage or not. Previously, a recorded mortgage only secured payment of interest rate reductions. The bill is effective June 24, 2015.
Kentucky SB 148
The Governor of Kentucky signed into law SB 148, which revises the provisions relating to the required content of mortgages and deeds for which a lien is retained. This bill is effective June 24, 2015.
Louisiana Regulations
The Louisiana Real Estate Appraisers Board of Certification amended its rules regarding the minimum education, experience and examination requirements for real property appraisers to obtain state certification. The amended rules were effective February 20, 2015.
Massachusetts Regulations
The Massachusetts Office of Consumer Affairs and Business Regulation, Division of Banks amended 209 CMR 32.00 by adopting the Consumer Financial Protection Bureau’s Regulation Z while preserving certain differences in Massachusetts’ truth in lending regulation that the Division deems advantageous to Massachusetts consumers. The regulation applies to all persons who regularly offer or extend credit that is subject to a finance charge or is payable by a written agreement in more than four installments and is offered or extended to consumers for personal, family or household purposes. The regulation was effective January 2, 2015.
Montana SB 98
The Governor of Montana signed into law SB 98, which amends the Montana Mortgage Act. The bill is effective October 1, 2015.
Nebraska LB 151
The Governor of Nebraska signed into law LB 151, which requires foreclosing parties to designate a person to receive notices regarding ordinance violations. The bill will become effective three months after the end of the legislative session. The legislative session is scheduled to end Friday, June 5th. Thus, this bill is expected to be effective on September 5, 2015.
Nebraska LB 352
The Governor of Nebraska has signed into law LB 352, which revises the Residential Mortgage Licensing Act relating to payoff statements and recordkeeping. The bill will become effective three months after the end of the legislative session. The legislative session is scheduled to end Friday, June 5th. Thus, this bill is expected to be effective on September 5, 2015.
New Jersey High-Cost Loan Threshold
The New Jersey Department of Banking and Insurance issued a bulletin adjusting the maximum principal amount for a loan to be considered “high cost” under New Jersey’s Home Ownership Security Act of 2002. The adjustment is effective for all completed applications on loans received by the lender on or after January 1, 2015.
North Dakota HB 1220
The Governor of North Dakota signed into law HB 1220, which allows closing agents to accept cashier’s checks for loan funds. The bill is effective August 1, 2015.
North Dakota HB 1101
The Governor of North Dakota signed into law HB 1101, which prohibits money broker licensees from making precomputed loans and applies provisions governing disclosure of customer information to money brokers. The bill also adds two new exemptions from North Dakota’s mortgage loan originator licensing requirement. The bill is currently effective.
Oregon Regulations
The Oregon Department of Consumer and Business Services adopted rules revising the bonding calculations for licensed mortgage bankers and mortgage brokers. The revisions were effective January 1, 2015.
Utah HB 227
The Governor of Utah signed into law HB 227, which amends the Residential Mortgage Practices Act. The bill is effective May 11, 2015.
Utah Regulations
The Utah Department of Commerce/Division of Real Estate adopted revisions to the Utah Residential Mortgage Practices and Licensing Rules governing licensing and registration of lending managers. The revisions were effective February 10, 2015.
Virginia SB 999
The Governor of Virginia signed into law SB 999, which relates to the recordation tax imposed on deeds of trust and mortgages. The bill will become effective on July 1, 2015.
Virginia SB 1157
The Governor of Virginia signed into law SB 1157, which requires notice of sale under deed of trust to property owners’ associations. The bill will become effective on July 1, 2015.
Washington DFI Interpretive Statement
The Washington Department of Financial Institutions issued an Interpretive Statement on January 7, 2015, clarifying that Washington’s disclosure summary need not be provided to consumers so long as a lender complies with the disclosure requirements of the Truth In Lending Act and Real Estate Settlement Procedures Act.
West Virginia HB 2926
The Governor of West Virginia signed into law HB 2926, relating to modification and deferral charges on consumer loans. The bill is effective June 12, 2015.