The Virginia legislature recently passed bills amending its laws related to foreclosure. The bills are effective July 1, 2018. Virginia House Bill 311 If, on the date of a foreclosure sale of a single-family residential dwelling unit, the former owner remains in possession of the dwelling unit, such former owner becomes a tenant at sufferance. […]
The Iowa legislature recently amended its laws related to mortgage releases and to shorten the period of time for redeeming real property from foreclosure and delaying sale of foreclosed property and to adjust the statute of limitations period for executing judgments on claims for rent. All the legislation discussed in this memorandum is effective July […]
Connecticut House Bill 7141 The Connecticut legislature recently amended its laws related to mortgage servicing, effective July 1, 2018. No mortgage servicer shall, directly or indirectly: Employ any scheme, device or artifice to defraud or mislead borrowers or mortgagees or to defraud any person; Engage in any unfair or deceptive practice toward any person or […]
Florida Rules 69B-186.010 The Florida Department of Financial Services Division of Insurance Agents and Agency Services (“Department”) recently amended its rules regarding unfair methods of competition and unfair or deceptive acts or practices in the transaction of title insurance, effective May 13, 2018. A “referrer of settlement service business” means any person who is in […]
Georgia House Bill 780 The Georgia legislature recently amended various laws governing financial institutions, effective May 3, 2018. A prohibition order, which prohibits an individual from participating in any capacity in the affairs of a financial institution, may be issued by the Commissioner in connection with a suspension order. Such prohibition order may provide that […]
The Montana Department of Administration (“Department”) recently revised rules related to annual reporting for consumer loan licensees, mortgage definitions, mortgage renewal fees, and escrow funds held by mortgage companies, effective April 28, 2018. The New Jersey Department of Banking and Insurance (“Department”) issued Bulletin 18-04, on April 10, 2018, warning consumers about the prevalence of […]
Washington House Bill 2057 The Washington legislature recently amended its laws related to foreclosure in the case of a deceased borrower or an abandoned property, effective June 7, 2018. The seeking of the appointment of a receiver, or the filing of a civil case to obtain court approval to access, secure, maintain, and preserve property […]
Oregon Senate Bill 1551 The Oregon legislature recently amended provisions of its laws related to breaches of security, effective June 2, 2018. In addition to specifically enumerated information, “personal information” now includes any information or combination of information that a person reasonably knows or should know would permit access to the consumer’s financial account. If […]
West Virginia has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective June 5, 2018 (the “West Virginia Act”). The Wisconsin legislature recently amended its laws governing payoff statements and transfers by affidavit, effective April 18, 2018. WEST VIRGINIA SENATE BILL 102 The Uniform Fiduciary Access to Digital Assets Act (the “Act”) […]
Oregon Rules Chapters 850 and 890 The Oregon Department of Consumer and Business Services (“Department”) recently amended its rules related to mortgage lending and mortgage servicing, effective April 17, 2018. “Contract or agreement for servicing the residential mortgage loan” means an agreement for the ongoing servicing of a loan and does not include one-time transfers […]
