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 House Bill 2010, which amends record keeping requirements related to mortgage bankers and mortgage brokers. House Bill 2010 was effective October 30, 2023.
Florida
Florida passed Senate Bill 708, which amends a mortgagee’s responsibilities with respect to estoppel letters used to determine the loan payoff amount necessary to release a mortgage. Senate Bill 708 was effective October 1, 2023.
Kentucky
Kentucky adopted amendments to its administrative regulations applicable to various financial institutions, including mortgage loan companies and mortgage loan brokers. The amended regulations were enacted October 3, 2023, effective retroactive to September 5, 2023.
Maine
Maine passed Senate Bill 449, related to mortgage insurance disclosures in connection with a residential mortgage transaction. The Bill was effective October 25, 2023.
Montana
Effective August 26, 2023, the Montana Department of Administration adopted amendments to its rule that sets forth the renewal fees for mortgage licensees. The renewal fees for mortgage lender and mortgage servicer entities have increased from $187.50 to $750.00.
Oklahoma
Oklahoma passed Senate Bill 212, which requires an affidavit to be filed with each deed recorded with the county clerk. The Bill was effective November 1, 2023.
The Oklahoma Department of Consumer Credit amended its calculation of the loan finance charge applicable to supervised loans made under the Uniform Consumer Credit Code.
Oregon
Oregon passed House Bill 2029, which increases the font size for recorded instruments. House Bill 2029 is effective January 1, 2024.
Pennsylvania
The Pennsylvania Department of Banking announced the adjusted “base figure” for calendar year 2024. Under the Loan Interest and Protection Law, certain restrictions and limitations are applicable to loans with a loan amount equal to or less than the base figure. The adjusted base figure for calendar year 2024 is $312,159. The adjusted base figure is effective January 1, 2024.
Utah
The Utah Division of Real Estate updated its rules applicable to mortgage entities under the Residential Mortgage Practices and Licensing Rules. These updates were effective August 8, 2023.
Vermont
The Vermont Commissioner of Taxes released the “declared rate” for 2024. The rate change is effective
January 1, 2024.