The Governor of Colorado signed House Bill 1282, which enacts the Nonbank Mortgage Servicer Act. The Act took effect January 1, 2022.
The Governor of Illinois signed into law Senate Bill 595, which amends the legal procedures for foreclosure actions. The Bill was effective January 1, 2022.
The Governor of Nevada signed Assembly Bill 237, which amends various provisions affecting real property. The Bill was effective January 1, 2022.
The New Jersey Department of Banking and Insurance signed a bulletin adjusting the maximum principal amount for a loan to be considered “high cost” under New Jersey’s Home Ownership Security Act of 2002. The adjustment is effective for all completed applications on loans received by the lender on or after January 1, 2022.
The Pennsylvania Department of Banking announced the adjusted “base figure” for calendar year 2022, which is $278,204. The adjusted base figure was effective January 1, 2022.
The Governor of Texas signed Senate Bill 43, which took effect on January 1, 2022. The Bill creates a new Chapter 159 in the Finance Code related to wrap mortgage loans.
The Texas Finance Commission adopted wrap mortgage regulations to implement Senate Bill 43. The rules were effective January 8, 2022.
Texas adopted amendments to the regulations that implement the home equity lending provisions of Texas Constitution, Article IVI, Section 50(a)(6). The amendments largely address the permissibility of electronic disclosures. The regulations were effective January 6, 2022.
On November 1, 2021, Utah adopted amendments to its mortgage loan originator regulations, removing the “good moral character” requirement. The amendments are currently effective.
Wyoming adopted amendments to its regulations affecting consumer lenders under the Consumer Credit Code. The regulations were effective upon adoption on December 2, 2021.