Arizona House Bill 2434 The Arizona legislature recently enacted a regulatory sandbox program (see definition below) to allow companies to test innovative financial service products without a licensing requirement, effective August 3, 2018. “Applicable agency” means an Arizona department or agency established by law to regulate certain types of business activity in Arizona […]
District of Columbia B22-0185 The Council of the District of Columbia recently enacted the Consumer Protection Clarification and Enhancement Amendment Act of 2018 (“Act”) to provide clarification on unfair or deceptive trade practices, effective July 17, 2018. In construing the term “unfair or deceptive trade practice” due consideration and weight must be given […]
The North Carolina legislature recently amended its laws related to foreclosure. The amendments apply to foreclosure sales noticed on or after July 1, 2018.
Colorado House Bill 18-1128 “Biometric data” means unique biometric data generated from measurements or analysis of human body characteristics for the purpose of authenticating the individual when he or she accesses an online account. “Covered entity” means a person (defined as an individual, corporation, business trust, estate, trust, partnership, unincorporated association, or two or […]
Colorado House Bill 1174 The law requiring the licensing of mortgage loan originators was scheduled to be repealed on September 1, 2018. This has been extended to September 1, 2029. Each individual applicant for initial licensing as a mortgage loan originator must have satisfactorily completed: At least twenty hours of education (previously nine hours) as […]
OCC Bulletin 2018-17 The Office of the Comptroller of the Currency (“OCC”) recently issued a bulletin on June 15, 2018 to provide national banks, federal savings associations, and federal branches and agencies (collectively the “banks”) with clarification regarding OCC supervisory policies and processes on how examiners evaluate and communicate bank performance under the Community Reinvestment […]
The Minnesota Department of Commerce (“Department”) recently issued Residential Mortgage Originator and Servicer Supervisory Guidance to bring attention to the most common deficiencies the Department has identified in examinations and investigations. The common deficiencies are as follows: Interest Rate Lock and Discount Point Agreements: Failure to properly disclose the five requirements of the agreement, complete […]
South Carolina House Bill 4628 The South Carolina legislature recently enacted the South Carolina Telephone Privacy Protection Act (“Act”), effective May 18, 2018. The Act applies to “Telephone solicitations” which means the initiation of a telephone call, or a text or media message sent, to a natural person’s residence in South Carolina, or to a […]
The Arizona legislature recently adjusted the licensing fees paid to the Department of Financial Institutions and amended its law related to data security breaches. Both bills discussed in this memorandum are effective July 16, 2018. Arizona Senate Bill 1150 The following nonrefundable fees are payable to the Department of Financial Institutions: To apply for a […]
South Dakota Senate Bill 62 The South Dakota legislature recently amended its laws to address identity theft, effective July 1, 2018. "Breach of system security" means the unauthorized acquisition of unencrypted computerized data or encrypted computerized data and the encryption key by any person that materially compromises the security, confidentiality, or integrity of personal or […]
