Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Jul 28, 2020
On June 20, 2020 the Colorado Division of Real Estate announced that they had adopted amendments to 4 Colo. Code Regs. Pt. 725-3. The Division summarizes these changes as follows:
“. . . rules that have been updated to consider mortgage loan originators holding licenses in other jurisdictions, reconcile with NMLS processes and procedures, and ensure consistent disclosure and record retention timelines. The proposed rules have been written in plain language and are easier to use and understand. Additionally, the proposed rules provide a clearer roadmap of the licensing and enforcement requirements of the Mortgage Loan Originator Licensing and Mortgage Company Registration Act. These rules are effective beginning January 1, 2021.”
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.