The Nebraska legislature recently passed the Online Notary Public Act (“Act”), effective May 30, 2019. The Nevada legislature recently amended its laws to permit an individual to simultaneously apply for appointment as a notary public and register as an electronic notary public, and amended the licensing requirements for mortgage loan originators effective July 1, 2019. […]
The Georgia legislature recently amended provisions of its laws related to mortgage lenders and mortgage brokers, effective July 1, 2019. GEORGIA HOUSE BILL 185 A licensed mortgage lender is authorized to engage in all activities that are authorized for a mortgage broker and, as a result, is not required to obtain a mortgage broker license. […]
FEDERAL AGENCIES AMEND REGULATIONS REGARDING FLOOD HAZARD AREAS - 82 FEDERAL REGISTER 4953 The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), the Farm Credit Administration (“FCA”), and the National Credit Union Administration (“NCUA”) are amending their regulations regarding […]
The Arizona legislature recently amended its recording fees, effective June 30, 2019. The Arkansas legislature recently amended the Fair Mortgage Lending Act (the “Act”). It also amended its laws to require closing agents to provide certain disclosures when closing a transaction involving rural and agricultural properties and amended its Personal Information Protection Act. The Arkansas […]
The Florida legislature recently amended its laws regarding licensing exemptions, effective July 1, 2019, while the New Hampshire legislature amended provisions affecting non-depository mortgage bankers, brokers, and servicers, effective May 15, 2019. FLORIDA HOUSE BILL 935 An individual who does not hold himself or herself out to the public as being in the mortgage lending […]
ILLINOIS REGULATION 38 IL ADMIN CODE PART 1050 The Illinois Department of Financial and Professional Regulation recently amended certain rules related to the Residential Mortgage License Act (“Act”) related to independent loan processors and advertisements, effective May 10, 2019. "Independent loan processing entity" means an entity engaged solely in providing loan processing services through the […]
The New Jersey legislature recently revised the statute of limitations for foreclosures, amended its laws related to common interest associations regarding the recording of liens for unpaid assessments, amended its laws related to residential mortgage lending, all effective April 29, 2019. In addition, the legislature amended its related to foreclosure and abandoned properties, effective May […]
The West Virginia legislature recently amended its laws related to financial institutions and to provide for out-of-state commissioners who may take acknowledgments of deeds and other writings to be admitted for recording in West Virginia. The legislation discussed in this memorandum are effective May 30, and June 7, 2019 respectfully. WEST VIRGINIA SENATE BILL 453 […]
The Utah legislature has recently amended its mortgage loan originator licensing laws to allow temporary authority, the law setting recording fees; the law regarding notices filed with the State Construction Registry (“Registry”); the laws allowing remote notarization and liability for notarial acts of an employee. All the laws discussed are effective May 13, 2019. UTAH […]
OBDUSKEY V. MCCARTHY & HOLTHUS U.S. SUPREME COURT, CASE #17-1307 2018 The U.S. Supreme Court recently held in favor of law firms that handle foreclosures on behalf of lenders. The opinion was issued March 20, 2019. Wells Fargo hired the law firm McCarthy & Holthus LLP to carry out a nonjudicial foreclosure on a Colorado […]
