Arkansas Senate Bill 1137
The Governor of Arkansas signed into law SB 1137, which relates to documents concerning real property and allowing scrivener’s affidavits to correct errors in instruments affecting real property. This legislation was effective August 16, 2013.
California Assembly Bill 1091
The Governor of California signed into law AB 1091, which amends the California Finance Lenders Law. This legislation prohibits a person, subject to the CFL, from knowingly misrepresenting any material information regarding a transaction and committing any act that constitutes fraud or dishonest dealings. The legislation is effective January 1, 2014.
Delaware Senate Bill 38
The Governor of Delaware signed into law SB 38, establishing the regulation of appraisal management companies and standards for obtaining registration. The legislation requires all AMCs operating in the state as of July 1, 2013 to become registered on or before July 1, 2014.
Mississippi Senate Bill 2696 and Mississippi Final Regulations
The Governor of Mississippi signed into law SB 2696, which amends the S.A.F.E. Mortgage Licensing Act of 2009, and revises the definition of the term qualifying individual as used in the Act, revises the contents of the mortgage broker and lender applications and to increase the initial loan originator license fee, and deletes certain licensing procedures and criteria. This bill was effective July 1, 2013. The Mississippi Department of Banking and Finance adopted final regulations which reflect changes as a result of SB 2696. These regulations were effective July 1, 2013.
Missouri House Bill 446
The Missouri legislature passed HB 446 relating to real estate loans. This bill prohibits any local law or ordinance from adding, changing, or delaying any rights or obligations; imposing fees or taxes; requiring payment of fees to any government contractor related to any real estate loan agreement, mortgage, deed of trust, or other security instrument; or affecting the enforcement and servicing of a real estate loan. The enforcement and servicing of a real estate loan secured by mortgage or deed of trust or other security instrument must only be according to state and federal laws. This bill became law without the Governor’s signature and was effective on August 28, 2013.
Missouri House Bill 329
The Missouri General Assembly voted to override the Governor’s veto and enact HB 329 relating to residential real estate loan violations and reporting. The bill is currently effective.
New Hampshire House Bill 594
The Governor of New Hampshire signed into law HB 594 relating to general consumer credit laws. This legislation modifies several provisions of the consumer credit law. This legislation was effective August 26, 2013.
North Carolina House Bill 616
The Governor of North Carolina signed into law HB 616 which provides for transitional mortgage loan originator licenses. This bill was effective September 1, 2013, and applies to applications for a transitional mortgage loan originator license filed on or after that date.
North Carolina House Bill 692
The Governor of North Carolina signed into law HB 692, which amends the state high-cost and rate spread home loan provisions. The legislation was effective October 1, 2013.
Oklahoma Regulations
The Oklahoma Department of Consumer Credit amended its Truth in Lending Act rules to incorporate federal changes to Regulation Z. Specifically, the proposed rules implement enhanced mortgage disclosure requirements. The proposed rules also amend the dollar threshold amount for exempt transactions to correspond with revisions made to the Uniform Consumer Credit Code and Regulation Z. The amendments were effective July 1, 2013.
Texas Regulations
The Finance Commission of the Texas Department of Savings and Mortgage Lending has adopted amendments to the Texas Administrative Code relating to residential mortgage loan companies and licensing. These amendments were effective September 5, 2013.
Virginia Regulations
The Virginia State Corporation Commission, Bureau of Financial Institutions issued final regulations amending the Rules Governing Mortgage Lenders and Brokers. The final regulations set forth the procedures and criteria for designating bona fide nonprofit organizations; define the terms “employee” and “exclusive agent”; clarify the licensing requirements for individuals whose wages or other compensation is paid by either professional employer organizations or organizations that provide staffing services; requires a licensed mortgage loan originator to ensure that all residential mortgage loans that close as a result of the licensee engaging in the business of a mortgage loan originator are included in reports of condition submitted to the NMLS; and establishes a process whereby mortgage loan originators may challenge information. The amended regulations were effective September 15, 2013.