Connecticut passed Senate Bill 848 (Public Act 21-138), which updates certain provisions affecting mortgage lenders. The bill was effective October 1, 2021.
Illinois adopted new rules for hearings before the Division of Banking and Division of Financial Intuition. The rules were effective September 23, 2021.
Maine passed House Bill 1014A, which creates requirements for option contracts for the purchase of real property or rent-to-own property. The bill creates contract requirements, recordation requirements, termination provisions, and remedies in the event of a violation. The bill was effective October 18, 2021.
Maryland passed House Bill 1213, which requires certain financial institutions to evaluate specific verifiable alternative indications of creditworthiness. The bill was effective October 1, 2021.
Maryland adopted amendments to its mortgage lender regulations related to the requirement that a mortgage lender licensee obtain and maintain physical, paper licenses. The amendments were effective
October 4, 2021.
Montana updated its renewal fees for licensees under the Montana Mortgage Act. The rules were effective October 9, 2021.
New Hampshire passed House Bill 312, with clarifies certain examination and licensing requirements. House Bill 312 was effective July 24, 2021.
North Carolina updated language in its Good Fund Settlement Act. The update was effective
July 22, 2021.
The Governor of Oklahoma signed into law Senate Bill 796, relating to supervised loans made under the Uniform Consumer Credit Code. The Bill was effective November 1, 2021.
Oklahoma House Bill 2398 amends its mortgage release provisions. The Bill was effective
November 1, 2021.
Oregon passed House Bill 2007, which allows the Director of the Department of Consumer and Business Services to mandate implicit bias training for mortgage loan originators. The amendments are effective January 1, 2022.
Oregon House Bill 2009 established temporary limitations on a lender’s remedies against a borrower for defaulting on a mortgage due to the covid-19 pandemic. The “emergency period” then in effect expired September 30, 2021. The Governor extended House Bill 2009’s moratorium until December 31, 2021.
Pennsylvania updated servicing regulations to reflect the Consumer Financial Protection Bureau’s federal mortgage servicing updates. The amendments went into effect September 25, 2021.
Texas adopted amendments to its mortgage banker regulations regarding work from home employees and loan originators. The regulations are scheduled to become effective November 4, 2021.