Delaware
The Governor of Delaware signed into law House Bill 353, which relates to foreclosure proceedings. The bill was effective June 28, 2016.
Georgia
The Georgia Department of Banking and Finance adopted final revisions to its rules making various changes to a number of provisions. The revised rules were effective July 10, 2016.
Hawaii
The Governor of Hawaii signed into law Senate Bill 2850, related to mortgage loan originator and mortgage servicing laws. A number of the amendments were added to clarify the scope of activities relevant to the mortgage servicer laws and mortgage loan originator laws. The bill was effective on July 1, 2016.
Idaho
The Idaho Department of Finance adopted a rule related to disclosure requirements for mortgage brokers and lenders. Specifically, the regulation eliminates certain disclosure requirements that are already provided under TILA and Regulation Z, and RESPA and Regulation X. The regulation was effective March 25, 2016.
Illinois
The Illinois Department of Financial and Professional Regulation adopted the SAFE Uniform State Test for state-licensed mortgage loan originators as of June 1, 2016.
Kentucky
The Governor of Kentucky signed into law Senate Bill 97, implementing changes to a number of sections related to mortgage loans, including repealing the requirement for W-2 processors to be individually registered. The bill was effective July 15, 2016.
The Governor of Kentucky also signed into law Senate Bill 122, making multiple amendments related to recording statutes. The bill was effective July 15, 2016.
Maryland
The Governor of Maryland signed into law Senate Bill 87, which relates to the licensing of mortgage loan originators. Specifically, this bill repeals the requirement for applicants for a mortgage loan originator license to have a Maryland criminal background check. The bill was effective July 1, 2016.
The Governor of Maryland also signed into law House Bill 970, clarifying the notification required by plaintiffs in a right of redemption foreclosure action to homeowner or condominium associations. The bill was effective July 1, 2016.
The Maryland Commissioner of Financial Regulation approved amendments related to mortgage lender and mortgage loan originator license application fees. Specifically, the amended regulations reduce the nonrefundable application investigation fee for mortgage lenders and mortgage loan originators from $100.00 to $1.00. These amendments were effective July 1, 2016.
Mississippi
The Governor of Mississippi signed into law Senate Bill 2504, making multiple changes to the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act. The bill was effective July 1, 2016.
Montana
The Montana Department of Administration reduced the surety bond requirement for new mortgage brokers and mortgage lenders. Currently, the new entities applying for a license as a mortgage broker or mortgage lender for the first time in Montana are required to purchase a surety bond in the amount of $50,000. As of June 16, 2016, new mortgage brokers or lenders are only required to purchase a $25,000 surety bond.
Tennessee
The Governor of Tennessee signed into law House Bill 2401, relating to the Tennessee Condominium Act of 2008. The bill was effective June 1, 2016.
Texas
The Finance Commission of Texas revised several of its regulations related to residential mortgage loan companies and mortgage bankers and residential mortgage loan originators. The revisions were effective as of June 30, 2016.
The Finance Commission of Texas also revised several of its regulations related to the Residential Mortgage Loan Servicer Registration Act. The revisions were effective June 30, 2016.
Virginia
The Governor of Virginia signed into law Senate Bill 204 relating to real estate settlement agents. The bill was effective July 1, 2016.
Washington
The Governor of Washington has signed into law House Bill 2876, addressing the foreclosure of deeds of trust and reporting requirements. This legislation was effective July 1, 2016.
Wisconsin
The Governor of Wisconsin signed into law Assembly Bill 720, which relates to the redemption period and the notice of sale applicable to foreclosures of one to four family residences. The bill was effective April 27, 2016.