Arkansas
Arkansas passed House Bill 1439, which clarifies the provisions relating to sponsorship of mortgage loan originators. House Bill 1439 was effective on July 30, 2023.
Colorado
The Governor of Colorado signed House Bill 1266, which requires a new disclosure at the closing of the reverse mortgage loan relating to temporary absence from the home, which can cause the reverse mortgage to become due and payable. House Bill 1266 was effective June 7, 2023.
Connecticut
The Governor of Connecticut signed Senate Bill 1033, which makes various updates relating to banking and financial institutions. One notable update is made related to mortgage licensees engaged in business with lead generators, which are required to be licensed in Connecticut. The change relative to conducting business with lead generators is effective October 1, 2023.
Florida
The Governor of Florida signed House Bill 1185, which permits loan originators to work from a remote location. House Bill 1185 was effective July 1, 2023.
Georgia
Georgia passed House Bill 55, which amends the Georgia Residential Mortgage Act relating to, most notably, background checks. House Bill 55 was effective July 1, 2023.
Georgia’s Governor signed House Bill 182, which amends Georgia’s remedial statute applicable to a defective deed. The provision was effective May 4, 2023.
The Georgia Department of Banking and Finance adopted amendments to its regulations implementing the Georgia Residential Mortgage Act. These amendments coincide with the recently passed House Bill 55, relating to background check requirements. The regulations are effective July 27, 2023.
Illinois
The Governor of Illinois signed House Bill 2717, which amends the Mortgage Escrow Account Act related to higher-priced mortgage loans, as defined under federal law. House Bill 2717 was effective July 28, 2023.
Indiana
Indiana passed Senate Bill 452, which adds a new exemption from the First Lien Mortgage Lending Act and Consumer Credit Code. The Bill was effective July 1, 2023.
Iowa
Iowa passed House Bill 609, which creates an exception for mortgage bankers in connection with the disclosure required when charging discount points. House Bill 609 was effective July 1, 2023.
Maine
House Bill 358 amends the Maine Consumer Credit Code with respect to servicing a consumer credit transaction secured by a mortgage for which the servicer controls escrow funds. The Bill was effective June 29, 2023.
Maine adopted amendments to its regulations, which update the fees for mortgage loan originator licenses. The amendments were effective June 25, 2023.
Maryland
Maryland passed House Bill 1150, which subjects shared appreciation agreements to Maryland’s mortgage laws. The Bill was effective July 1, 2023.
Maryland passed House Bill 686, which eliminates branch licensing. The Bill was effective July 1, 2023.
Missouri
Missouri enacted Senate Bill 101, which creates requirements for lender-placed insurance. While most requirements are placed on insurers and insurance producers, certain provisions affect lenders and servicers. Senate Bill 101 was effective August 28, 2023.
Montana
Montana passed House Bill 30, which revises its Mortgage Act related to, most notably, remote work. House Bill 30 was effective July 1, 2023.
Nevada
Nevada passed Senate Bill 223, which updates Nevada’s foreclosure requirements. Senate Bill 223 was effective
July 1, 2023.
New Hampshire
Effective June 20, 2023, New Hampshire updated its requirements for escrow accounts maintained by nondepository mortgage bankers, brokers, and servicers.
New York
New York implemented a new loan counseling disclosure required to be provided by mortgage bankers to applicants for a home loan guaranteed by the Veterans Affairs To facilitate compliance with this requirement, the New York Department of Financial Services has developed the New York Counseling Disclosure Form for Loans Guaranteed Under Servicemen’s Readjustment Act of 1944.
New York amended its regulation applicable to the approved indices for use in connection with variable rate junior mortgage loans. The amended regulation was effective July 5, 2023.
North Carolina
The North Carolina Office of the Commissioner of Banks updated its model form MLA 18 (Model Mortgage Broker Disclosure Form) which has a new revision date of May 3, 2023.
North Dakota
The North Dakota Governor signed into law House Bill 1068, which enacts the Residential Mortgage Loan Servicers Act. The Bill was effective August 1, 2023.
The North Dakota Governor signed into law Senate Bill 2090, which transitions current money broker licensees to residential mortgage lender licensees. The Bill was effective August 1, 2023.
North Dakota enacted Senate Bill 2263, which amends its statutory requirements related to escrow accounts. Senate Bill 2263 was effective August 1, 2023.
Oklahoma
The Oklahoma Department of Consumer Credit released changes in dollar amounts under the Uniform Consumer Credit Code, including those relating to supervised loans. The change was effective July 1, 2023.
Texas
Texas passed House Bill 219, which provides that a mortgage servicer or mortgagee must provide a release of lien for a home loan upon receipt of a correct payoff amount. House Bill 219 is effective September 1, 2023.
The Governor of Texas signed House Bill 2127, related to the preemption of certain municipal and county regulations. The amendment is effective September 1, 2023.
Vermont
The Vermont Department of Financial Regulation issued another Order Extending Suspension of the High-Rate Mortgage Loan Disclosure through December 31, 2023.
Virginia
Virginia passed House Bill 2389, which provides that a licensed mortgage lender or mortgage broker may permit employees or exclusive agents to work from a remote location. The Bill was effective July 1, 2023.
Virginia passed House Bill 1888, which relates to real estate settlement agents. House Bill 1888 was effective July 1, 2023.
Washington
Washington passed House Bill 1349, which amends the foreclosure mediation requirements. House Bill 1349 was effective July 23, 2023.
Washington passed House Bill 1420, which clarifies the first in time, first in right rule of priority applies to all mortgages, deeds of trust, and any future advances regardless of whether the future advances are options or obligatory. House Bill 1420 was effective July 23, 2023.