Alabama
Redemptions – The state of Alabama modified its provisions relating to the redemption of certain real property foreclosed on under a mortgage or sold by virtue of a judgment as well as reducing the redemption period. These provisions are effective on January 1, 2016.
Arizona
Foreclosure – The state of Arizona amended its provisions relating to the action to foreclose, the right to redeem as well as subsequent certificates of purchase by assignment. These provisions are effective on July 3, 2015.
Colorado
Foreclosure Sales by Public Trustee – The state of Colorado amended its provisions regarding the conduct of foreclosure sales by a public trustee; and authorizing the public trustee of a county to conduct foreclosure sales through the internet or another electronic means. These provisions are effective on September 1, 2015, unless a referendum petition is filed for the November general election in 2016, in such a case it would take effect based on the official declaration of the vote.
Georgia
Foreclosures – The state of Georgia revised its provisions relating to the witnessing requisites of deeds, mortgages, and bills of sale; and relating to foreclosure by providing for the filing of deeds under power within a certain time after a foreclosure sale. These provisions are effective on July 1, 2015.
Joint Tenancy with Survivorship – The state of Georgia amended its provisions relating to joint tenancy with survivorship as well as providing a procedure for tenancy in common with joint tenants divorce or having their marriage annulled, under specified circumstances. These provisions are effective on July 1, 2015.
Licensing – The state of Georgia modified its provisions regarding licensing that includes a notice of intent to suspend licensing to a mortgage loan originator (MLO) when the MLO is no longer sponsored by a licensed or registered mortgage broker or lender. These provisions are effective on July 1, 2015.
Idaho
Residential Mortgage Practices Act – The Idaho Department of Finance adopted provisions regarding the Residential Mortgage Practices Act by incorporating, by reference, the most recent changes to TILA and RESPA. These provisions are effective immediately.
Indiana
Provisions For SCRA – The state of Indiana enacted provisions regarding the Servicemembers Civil Relief Act. These provisions are effective on July 1, 2015.
Vacant and Abandoned Housing and Property – The state of Indiana amended its provisions regarding vacant and abandoned housing and property by providing that a county, city, or town fiscal body may adopt an ordinance to establish a deduction period for rehabilitated property that has also been determined to be abandoned or vacant; specifying that there must be delinquent property taxes or special assessments on real property before it may be sold by the county treasurer as an abandoned or vacant property; and relating to delinquent tax sales, the tax sale blight registry, mortgage servicing, sales disclosure forms and foreclosure prevention agreements. Provisions vary from effective immediately to effective on July 1, 2015.
Changes to Multiple Requirements – The state of Indiana modified its provisions regarding first lien mortgage lenders, persons licensed under the Uniform Consumer Credit Code, debt management companies as well as financial institutions. These provisions are effective on July 1, 2015.
Maine
Mortgage Defaults – The state of Maine amended its provisions regarding mortgage defaults by clarifying the requirements for the Notice of the Right to Cure a Mortgage Default. These provisions are effective on September 15, 2015 (or 90 days following adjournment of the legislative session).
Maryland
Recording and State Transfer Tax Exemptions – The state of Maryland amended its provisions by providing for exemptions from the recordation tax and state transfer tax for a purchase money mortgage or purchase money deed of trust related to a transfer from a certified community development financial institution under specified circumstances. These provisions are effective immediately.
Foreclosure for Abandoned Property – The state of Maryland modified its provisions by authorizing the governing body of Prince George’s County to file a complaint to foreclose all rights of redemption in abandoned property consisting of a vacant lot or improved property cited as vacant and unfit for habitation on a housing or building violation notice at any time after the date of sale. These provisions are effective on June 1, 2015.
Minnesota
Foreclosure Advertising Requirements – The state of Minnesota amended its provisions regarding foreclosures by clarifying the mortgage foreclosure by advertisement publication requirements. These provisions are effective on July 1, 2015.
Foreclosure Sales – The state of Minnesota modified its provisions by clarifying the requirements regarding foreclosure sales. Provisions in this bill vary from effective immediately to effective on August 1, 2015.
Montana
Trustee Sales – The state of Montana amended its provisions by revising the disposition of proceeds from a trustee sale as well as adding additional filing requirements upon deposit of surplus funds with the county clerk and recorder. These provisions are effective on October 1, 2015.
Notarial Acts – The state of Montana revised its provisions regarding notarial acts by providing for reciprocity with notarial acts in other jurisdictions; allowing for attestations of electronic records and signatures; describing the maintenance and use of a notary public’s journal; and relating to the identity of an individual, personal appearances, identification methods, oaths, depositions, and affirmations. These provisions are effective on October 1, 2015.
Oklahoma
Licensing Provisions Under UCCC – The state of Oklahoma modified its provisions regarding renewal licensing requirements under the Uniform Consumer Credit Code. These provisions are effective on November 1, 2015.
Multiple UCCC Provisions – The state of Oklahoma revised multiple provisions regarding the Uniform Consumer Credit Code, including updating references and language; clarifying applicability of the Code; authorizing municipalities and certain municipal public trusts to charge convenience fees; stating limitations; permitting aggrieved party to obtain judicial review of final agency order; specifying jurisdiction and venue for review; and authorizing Consumer Credit Advisory Committee to advise and give recommendations to the Commission on Consumer Credit . These provisions are effective on November 1, 2015.
Loan Finance Charges for Supervised Loans – The state of Oklahoma revised its provisions regarding loan finance charges for supervised loans under the Uniform Consumer Credit Code. These provisions are effective on November 1, 2015.
Release of Mortgage – The state of Oklahoma amended its provisions regarding mortgage releases by reducing the time for filing a release of mortgage after debt payment; and allowing that a title insurance company may bring action on behalf of the mortgagor to recover the penalty against a holder who has failed to release the mortgage. These provisions are effective on November 1, 2015.
Recording Requirements – The state of Oklahoma modified its provisions regarding recording requirements that include clarifying the acceptance and filing of certain documents by county clerks as well as prohibiting additional fees. These provisions are effective on November 1, 2015.
Title Insurance – The state of Oklahoma added provisions regarding title insurance including authorizing a title insurance company to execute and record certain records; requiring affidavit contents; and providing that certain affidavits will operate as a release for certain mortgages. These provisions are effective on November 1, 2015.
SAFE Act Provisions – The state of Oklahoma modified multiple provisions relating to the SAFE Act that includes updating references; correcting citations; deleting provisions for inactive status of license; adding topics for pre-licensing education requirements; and removing classroom continuing education requirements for loan originators. These provisions are effective on November 1, 2015.
Tennessee
Notice of Sale – The state of Tennessee amended its provisions regarding the contents to the notice of sale. These provisions are effective on July 1, 2015.
Property Insurance – The state of Tennessee enacted provisions stating that no person or depository institution, or affiliate of a depository institution, who lends money or extends credit shall require in connection with a loan or extension of credit secured by real property, that the debtor procure insurance for the protection of the property for an amount that exceeds the replacement cost of the structures existing on the secured property at the time of the loan or extension of credit or, in the case of a construction or improvement loan, insurance that exceeds the value the structures are expected to have upon completion of the construction or improvements. These provisions are effective immediately.
utah
Anti-Discrimination and Fair Housing Acts – The state of Utah amended multiple provisions regarding the state Anti-Discrimination and Fair Housing Acts. In addition, Senate Bill 296 added sexual orientation and gender identity under prohibited discrimination provisions regarding residential real estate-related transactions. This bill is effective on May 11, 2015 (or 60 days following adjournment of the legislative session). This information was originally published on 03/13/2015 and serves as a reminder.
Washington
Residential Mortgage Lending and Fraud – The state of Washington amended its provisions by updating, clarifying and strengthening the state’s enforcement, licensing and examination statutes regarding residential mortgage lending as well as addressing issues relating to fraud. These provisions are effective on July 23, 2015.
The post State Regulatory Issues Update – June 2015 appeared first on Mortgage Compliance Magazine.