Arizona The Arizona Department of Insurance and Financial Institutions adopted amendments to its regulations governing consumer loans, which are open and closed end loans of $10,000 or less. The amendments to the rule were effective October 7, 2023. Arizona passed…

Arkansas Arkansas passed House Bill 1439, which clarifies the provisions relating to sponsorship of mortgage loan originators. House Bill 1439 was effective on July 30, 2023. Colorado The Governor of Colorado signed House Bill 1266, which requires a new disclosure…

Georgia – See Hot Topics! Maryland Effective March 1, 2023, the Maryland Commissioner of Financial Regulations adopted amendments to its regulations on the foreclosure process. Massachusetts On November 23, 2022, Massachusetts updated Regulatory Bulletin 1.3-104, which applies to Massachusetts’s subprime…

California California Senate Bill 633 amended the Civil Code related to providing notice to cosigners of consumer credit contracts. Specifically, a creditor must provide the notice in English as well as Spanish, Chinese, Tagalog, Vietnamese, and Korean. Pursuant to the…

California California passed Senate Bill 633, which amends the California Civil Code related to providing notice to cosigners of consumer credit contracts. The Bill is effective January 1, 2023. The California Governor signed into law Assembly Bill 2001, which permits…

Arizona Arizona passed Senate Bill 1394, which removes the requirement to hold a separate license for additional assumed names or trade names. The Bill is effective September 24, 2022. Arizona passed Senate Bill 1204, which amends provisions related to the…

Arizona Arizona passed House Bill 2612, which updates verbiage in the Arizona Mortgage Brokers, Mortgage Bankers, and Loan Originators Act. House Bill 2612 is effective September 23, 2022. Florida Florida amended its regulation implementing Florida’s statute on excise tax. The…

California The Governor of California signed into law Assembly Bill 948, the Fair Appraisal Act (“Act”). While most provisions apply to appraisers licensed under the Real Estate Appraisers’ Licensing and Certification Law, the Act also amends the Civil Code to…

Colorado The Governor of Colorado signed House Bill 1282, which enacts the Nonbank Mortgage Servicer Act. The Act took effect January 1, 2022. Illinois The Governor of Illinois signed into law Senate Bill 595, which amends the legal procedures for…

Connecticut Connecticut passed Senate Bill 848 (Public Act 21-138), which updates certain provisions affecting mortgage lenders. The bill was effective October 1, 2021. Illinois Illinois adopted new rules for hearings before the Division of Banking and Division of Financial Intuition.…