Field Index 123528 “Co-op is Real Property or Personal Property” is used to differentiate loans secured by a borrower’s lease and shares in a cooperative unit (aka “cooperative loans”) from being treated as secured by real property or personal property,…
Earlier this year, Gov. Ralph Northam (D) signed into law VA SB 1080 (2019), which revamps many of Virginia’s laws governing real property laws, including the creation of a new Title 55.1 and the repeal of Title 55 (see https://lis.virginia.gov/cgi-bin/legp604.exe?ses=191&typ=bil&val=SB1080&submit=GO)….
As previously announced, the headquarters of the South Carolina Department of Consumer Affairs has been relocated. The Department’s main address is listed on their “Fee Agreement Sample” form available on their website, within the context of disclosing to borrowers the places (and means) where they may file complaints concerning the origination of their loan….
On May 20, 2019 the South Carolina Department of Consumer Affairs announced (in Release # 19-09) that their headquarters are moving from their current location on Devine Street to a new address on Greystone Boulevard, in Columbia, South Carolina. The Department will open for operation at the new address starting May 24th….
Even though four states refer to themselves as commonwealths (Kentucky, Massachusetts, Pennsylvania, and Virginia), none of these states use the word “commonwealth” in their respective statutory notarial certificate examples. These notarial certificate examples show the word “state” instead.
In an effort to streamline notarial certificates to be more uniform and compliant,…
On May 7, 2019 Gov. Tim Walz (DFL) signed into law MN HF 1840 (2019) which removes references to “subprime” in several sections of Minnesota’s Statutes (see https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1840&ssn=0&y=2019), including references in Minn. Stat. Ann. § 58.13(1)(a)(18), which requires certain disclosures for loans with a lower investment grade….
As previously announced, the Government of Utah repealed the provisions formerly found in Utah Code Ann. § 17-21-18.5(4)(b) which required documents for loans subject to RESPA to contain the caption “RESPA” before they are recorded.
Pursuant to this repeal,…
On May 6, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1136 (2019), which (inter alia) amends Ind. Code Ann. § 34-4.5-3-203.5 to establish a tiered late payment charge restriction structure based on the frequency of when installment payments become due (e.g.…
On May 1, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1487 (2019) which, inter alia, amends Ind. Code Ann. § 26-1-9.1-521 to permit the use of either the Indiana Secretary of State’s version of the Uniform Commercial Code (“UCC”) forms (e.g.…
On May 1, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1440 (2019), which repeals Chapter 5, Article 2, Title 23 of Indiana’s Code (concerning loan brokers) and substantively replaces it with new Article 2.5, Title 23 (see http://iga.in.gov/legislative/2019/bills/house/1440)….
