In OCC Bulletin 2017-28 (dated August 21, 2017 and available at: https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-28.html), the Office of the Comptroller of the Currency announced its support for national banks and federal savings associations efforts “to assist in the revitalization, stabilization,…
FNMA announced a new standard ARM program, as follows:
“We are adding a five year ARM plan to our standard eligible ARM plans. Some of the characteristics associated with this plan are:
Refer to the updated Standard ARM Plan Matrix for additional details….
On July 10, 2017, the Office of the Attorney General of Ohio published amendments to Ohio Admin. Code 109:4-3-23 & 109-4-3-23 App. which modifies the format of the Ohio “Closing Disclosure” required under these regulations, as well as Ohio Rev….
On July 10, 2017, the CFPB issued a finalization of their proposed rule (see 81 FR 32830 [2016]) “to regulate arbitration agreements in contracts for specified consumer financial product [sic] and services.” (see https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/arbitration-agreements/).
Despite rumors to the contrary,…
In July, 2016 the CFPB issued proposed amendments to the “TILA-RESPA Integrated Disclosure” rule (81 FR 54318 [2016]). Today, the CFPB has issued a finalization of these amendments, as well as proposing new amendments “addressing when a creditor may use a Closing Disclosure,…
On June 13, 2017, Gov. John Kasich (R-OH) signed into law S.B. 24 (2017) which enacts a new “Ohio Consumer Installment Loan Act” under Ohio Rev. Code Ann. §§ 1321.62 through 1321.702 (see https://www.legislature.ohio.gov/legislation/legislation-summary?id=GA132-SB-24; press release of the signing can be found at: http://www.governor.ohio.gov/MediaRoom/PressReleases/TabId/200/ArticleId/703/kasich-signs-four-bills-6-13-17.aspx)….
Currently under Maryland law, the state license number of a licensed mortgage lender and licensed mortgage loan originator must be disclosed on each security instrument that is recorded (see Md. Code Ann., Real Prop. § 3-104.1 and Md. Code Regs….
On June 9, 2017 Gov. Brian Sandoval (R) signed into law AB 413 (2017), which amends various provisions of Nevada’s laws concerning electronic signatures, including electronic notary acknowledgments (see https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5521/Overview).
The day before, the Governor also signed into law AB 468 (2017),…
On June 8, 2017 Gov. Phil Scott (R-VT) signed into law S.B. 136 (2017) which “adopts miscellaneous consumer protection provisions relating to residential construction contracts, escrow account analyses, and fantasy sports contests” (see http://legislature.vermont.gov/bill/status/2018/S.136). Among other changes,…
On June 1, 2017 Gov. Greg Abbott (R-TX) signed into law TX HB 1217 (2017), which amends various parts of Chapter 121 of the Texas Civil Practice and Remedies Code to support online notary publics and online notarial acts. Notably,…
On May 25, 2017 Gov. John Hickenlooper (D-CO) signed into law CO HB 17-1238 (2017) which amends the following Acts:
…
On May 18, 2017 Gov. John. Hickenlooper (D-CO) signed into law CO SB 17-132 (2017), which enacts a new “Revised Uniform Law on Notarial Acts” (codified under new Part 5 to Article 21, Title 24), while also repealing Parts 1 and 2 of Article 55,…
On May 19, 2017 Gov. Henry McMaster (R-SC) signed into law SC S366 (2017) which amends various provisions under Chapter 22 of the South Carolina Consumer Protection Code (Title 37; bill can be viewed by visiting http://www.scstatehouse.gov/billsearch.php and entering “366” in the “Bill Numbers” field)….
Due to the frequent number of questions posed to us concerning how buydowns should be treated on the Loan Estimate and Closing Disclosure, we are publishing an “FAQ” concerning these, which addresses the most frequently asked questions (available on our “Compliance Resource” page at: http://blog.docutechcorp.com/buydown-frequently-asked-questions-faqs)….
On May 11, 2017 Gov. Terry Branstad (R-IA) signed into law S.F. 502 (2017) which amends various provisions of the Iowa Consumer Credit Code (Iowa Code Ann. §§ 537.1101 through 537.6203). Among these amendments are increases to the maximum late fee charges which may be imposed under Ibid.…
On May 10, 2017 Gov. Jay Inslee (D-WA) signed into law S.B. 5081 (2017), which effectively replaces current Chapter 42.44 of Washington’s Revised Code with a new “Revised Uniform Law on Notarial Acts” (see http://app.leg.wa.gov/billsummary?BillNumber=5081&Year=2017). Among other things,…
On May 4, 2017 Gov. Larry Hogan (R-MD) approved MD H.B. 974 (2017), concerning protections of personal information. Among other provisions, this bill alters “the circumstances under which a specified business must conduct an investigation and notify specified persons of a specified breach” (see http://mgaleg.maryland.gov/webmga/frmMain.aspx?pid=billpage&stab=01&id=hb0974&tab=subject3&ys=2017RS)….
On May 1, 2017 Gov. Phil Scott (R-VT) signed into law VT H.B. 182 (2017) which amends various provisions of Vermont’s statutes regulating “consumer litigation funding companies; licensed lenders; money servicers; debt adjusters; and loan servicers.” Effective dates for provisions within this bill vary,…
The Virginia Bureau of Financial Institutions has finalized amendments to 10 Va. Admin. Code Pt. 5-160 and published them in 33 Va. Reg. Regs. 2014 (May 1, 2017), which is available online at: http://register.dls.virginia.gov/toc.aspx?voliss=33:18. Among other changes,…
On April 21, 2017 Gov. Eric Holcomb (R-IN) signed into law S.B. 539 (2017), which (inter alia) amends Article 42, Title 33 of Indiana’s Code concerning notarial acts (see https://iga.in.gov/legislative/2017/bills/senate/539).
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes….
