Colorado
The Governor of Colorado signed into law House Bill 1306, amending, repealing and relocating several provisions in accordance with the Federal Secure and Fair Enforcement For Mortgage Licensing Act of 2008 certain disclosure requirements. The bill was effective August 10, 2016.
Massachusetts
The Massachusetts Office of Consumer Affairs and Business Regulation, Division of Banks amended several regulations related to mortgage business. The amendments were effective August 26, 2016.
The Massachusetts Office of Consumer Affairs and Business Regulation, Division of Banks finalized minor amendments in an effort to streamline 209 CMR 40.00 for easier compliance by providing that compliance with cited provisions of the Consumer Financial Protection Bureau’s Regulation Z constitutes compliance with Massachusetts law. These amendments were effective June 2, 2016.
New Hampshire
The Governor of New Hampshire signed into law House Bill 1685, repealing the Mortgage Servicing Act. The bill was effective August 20, 2016.
North Carolina
The Governor of North Carolina signed into law Senate Bill 19, related to fees for recording deeds of trusts and mortgages. Specifically, this bill adjusts the uniform fees for recording deeds of trust with the register of deeds in order to comply with the closing disclosure requirements established by the federal Truth in Lending and Real Estate Settlement Procedures Acts.” The legislation was effective October 1, 2016.
Ohio
The Governor of Ohio signed into law House Bill 390, relating in part to an expedited process for foreclosing on abandoned properties in the state. Specifically, this bill permits the mortgagee to bring an expedited foreclosure action against residential property that is “vacant and abandoned.” The bill also makes other changes that modify the procedures that generally apply to the judicial sale of property. The legislation was effective September 28, 2016.
The Governor of Ohio also signed into law House Bill 303, relating to the D.O.L.L.A.R. Deed Program. Specifically, this bill creates a program where a borrower can provide their mortgage holder a deed in lieu of foreclosure and remain in the property pursuant to a lease with the mortgage holder while waiting for approval for financing or other mortgage assistance by the Federal Housing Administration. Lender participation in the program is optional. The bill was effective September 28, 2016.