Pennsylvania Senate Bill 653   The Pennsylvania legislature recently enacted the Vacant and Abandoned Real Estate Foreclosure Act (“Act”) to accelerate foreclosure proceedings on vacant and abandoned properties, effective December 17, 2018.   “Former owner” means an owner or obligor, or a successor in interest of an owner or obligor, whose interest in a mortgaged […]

NEW JERSEY ASSEMBLY BILL 2035   The New Jersey legislature recently amended several provisions of its Residential Mortgage Lending Act (“Act”), effective November 22, 2018.   “Approved conditional status” means the status of the license of an individual who has satisfied all conditions for licensure as a mortgage loan originator or qualified individual licensee except […]

The Florida legislature recently amended its laws regarding bankruptcy matters in foreclosure proceedings, effective October 1, 2018.  The Florida Office of Financial Regulation recently amended its rules to allow military personnel, veterans, and spouses to receive reimbursement for application, renewal and reactivation fees for a loan origination license, effective September 25, 2018.  The Oklahoma legislature […]

INTERAGENCY STATEMENT CLARIFYING THE ROLE OF SUPERVISORY GUIDANCE   The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively the “agencies”) issued an Interagency Statement Clarifying the Role of Supervisory Guidance on September 11, 2018 to explain the role […]

Maryland Senate Bill 848/House Bill 1048   The Maryland legislature recently amended its laws relating to notices of foreclosure, effective October 1, 2018.   “Department” means the Maryland Department of Labor, Licensing, and Regulation.   “Foreclosed Property Registry” means the Foreclosed Property Registry established by the Department.   “Local jurisdiction” means: A county; or A […]

The Connecticut legislature recently amended its laws related to foreclosure mediation and the Banking Law of Connecticut (“Act”).  All the legislation discussed in this memorandum is effective October 1, 2018.   Connecticut Senate Bill 391   The Connecticut legislature recently amended the law governing foreclosure mediation to remove the requirement that a borrower represented by […]

CFPB Interpretative and Procedural Rule:  Partial Exemptions from the Requirements of the Home Mortgage Disclosure Act under the Economic Growth, Regulatory Relief, and Consumer Protection Act   The Bureau of Consumer Financial Protection (“CFPB”) issued an interpretive and procedural rule (the “Rule”) to clarify provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act […]

Illinois Senate Bill 2432   The Illinois legislature recently amended provisions of its laws related to foreclosure, effective August 23, 2018.   A court’s jurisdiction is not affected by a technical error in format of a summons if the summons has been issued by a clerk of the court, the person or entity to be […]

Idaho Department of Finance Policy Statement 2018-01   The Idaho Department of Finance (“Department”) recently issued a policy statement on July 1, 2018 concerning the requirement of financial responsibility/fitness of mortgage loan originators, qualified persons in charge, and designated control persons of mortgage brokers and lenders under the Idaho Residential Mortgage Practices Act.  The policy […]

Annual Privacy Notice - 83 FEDERAL REGISTER 40945   The Bureau of Consumer Financial Protection (“CFPB”) recently amended provisions of Regulation P (which implements the Gramm-Leach-Bliley Act) related to the annual privacy notice, effective September 17, 2018.   Unless otherwise provided, a financial institution for which the CFPB has authority must provide a clear and […]