California
California passed Senate Bill 633, which amends the California Civil Code related to providing notice to cosigners of consumer credit contracts. The Bill is effective January 1, 2023.
The California Governor signed into law Assembly Bill 2001, which permits employees of licensees under the California Financing Law to work from a remote location. The Bill is effective January 1, 2023.
The California Department of Real Estate amended its regulation related to prohibited discriminatory conduct by a real estate licensee. The amendment was effective October 1, 2022.
The California Department of Real Estate updated its regulations applicable to real estate brokers. Mostly, the amendments bring the verbiage used in the regulations up to date with the current version of the statute. However, it does make a minor update to the applicability of the dual capacity disclosure. These changes were effective April 2022.
The Governor of California signed Assembly Bill 2745, related to real estate broker license qualifications. The Bill is effective January 1, 2023.
Delaware
Delaware’s Governor signed House Bill 338, which amends the statutory provisions affecting the satisfaction of a mortgage after a lapse in time. The Bill was effective October 14, 2022.
Florida
Florida enacted Senate Bill 546, which amends the law applicable to a licensee under the Consumer Finance Act. The Bill was effective October 2, 2022.
Georgia
The Governor of Georgia signed into law House Bill 974, which amends the provisions related to recording requirements for deeds to secure debt and other documents. The Bill is effective July 1, 2023.
Indiana
The Indiana Department of Financial Institutions released the dollar amounts required to be adjusted under the Uniform Consumer Credit Code. Effective January 1, 2023, the high-cost loan threshold is amended from $48,000 to $56,000. This amount is effective January 1, 2023 through December 31, 2024.
Louisiana
Louisiana passed House Bill 1079, which authorizes the commissioner of financial institutions to impose additional continuing education classes on a residential mortgage originator or broker. These provisions were effective August 1, 2022.
Maryland
Maryland’s Office of the Commissioner of Financial Regulation issued revisions to its regulations governing mortgage lenders and mortgage servicers. In addition to updating the definition of “mortgage servicer,” the new regulations create uniform standards for safety and soundness, financial responsibility, and corporate governance. The regulations were effective June 27, 2022.
Missouri
Missouri enacted House Bill 1662, related to requirements for recording documents. The Bill was effective August 23, 2022.
Montana
Montana’s Department of Banking and Financial Institutions amended its mortgage lending regulations. Under Montana’s Mortgage Act, a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator may not conduct any business covered by the Secure and Fair Enforcement for Mortgage Licensing Act without being licensed. The amendments were effective September 24, 2022.
Oregon
Oregon adopted amendments to its regulations implementing the Oregon Mortgage Lender Law to permit loan originators to work remotely. The amendments were effective October 1, 2022.
Oregon updated its Interest Rate Lock/Float Agreement in July 2022.
Pennsylvania
The Pennsylvania Department of Banking announced the adjusted base figure for calendar year 2023 is $301,022. The adjusted base figure is effective January 1, 2023.
Texas
Texas adopted amendments to its regulations concerning recording keeping requirements for mortgage bankers, mortgage companies, and mortgage loan originators. The regulations became effective May 14, 2022.
The Department of Savings and Mortgage Lending is transitioning to the use of electronic surety bonds, and updated its regulations to allow for the use of such electronic surety bonds, which the Department began accepting October 1, 2022. These rule changes were adopted November 20, 2022.