Elections & Politics Residential Real Estate

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Womble Carlyle Legislative Update - August 7, 2015

Angel and Laura worried all week about what we could tell you about in our weekly update, but then yesterday happened. Lo and behold this week has written itself. Silly us! New Senate Budget Strategy: truce, sort...more

S. 682 Offers Possible Relief for Consumers Stranded by CFPB

Recent history has shown that the regulations designed to implement the Dodd-Frank Act thresholds for High-Cost Mortgages under the Home Ownership and Equity Protections Act (HOEPA) for personal property loans are having a...more

Illinois Legislature Deals Deathblow to Dina

Recently, in a rare display of bipartisanship, the Illinois House and Senate passed—almost unanimously—an amendment to the Illinois Residential Mortgage License Act, 205 ILCS 635/1-1 et al. (IRMLA). On July 23, 2015, Governor...more

Should California Eliminate USPAP as its Sole Standard of Valuation Practice for Real Estate Appraisers?

Six weeks ago, I wrote about California Assembly Bill 624 and the Appraisal Institute’s effort to change California law that presently requires all licensed appraisers to comply with the Uniform Standards of Professional...more

Action Needed – FY 2016 Appropriations Bill may cut HOME program funding by 93%

The Fiscal Year 2016 Transportation, Housing and Urban Development, and Related Agencies (THUD) Subcommittee has proposed critical markups to the Year 2016 Appropriations Bill. One of the most dramatic funding cuts all but...more

Under the Dome: Inside the Maine State House

Thank you for your readership. The First Regular Session of the 127th Legislature is nearing its end. For now, the Legislature has adjourned but plans to reconvene on July 16. As the pace of legislative developments is now...more

Nevada Assembly Passes Legislation Relating to Mortgage Lending and Servicing Regulation, Licensing and Fees

On June 9, Governor Brian Sandoval (R-NV) signed into law AB 480, which revises existing law concerning the licensing and regulation of escrow agents and escrow agencies. The law also authorizes a wholesale lender from...more

The Assessment Of Common Area Land: Indiana Tax Court Rejects Taxpayers’ Appeals, General Assembly Creates A New Exemption

Indiana allows taxpayers to correct certain property tax assessment mistakes using a Form 133 Petition for Correction of an Error. In Muir Woods, Inc. v. Marion County Assessor (June 18, 2015), the Indiana Tax Court held...more

Amendments to Condominium Termination Law Impede Ability to Terminate

Responding to perceived abuses in condominium terminations, the 2015 Florida Legislature passed Chapter 2015-175, amending the termination provisions of the Condominium Act. This statute clears up certain problems experienced...more

Texas Becomes First State to Ban Fracking Bans

On May 18, 2015, Texas Governor Greg Abbott signed House Bill 40 into law, putting restrictions on the ability of municipalities to regulate the oil and gas industry in their jurisdictions. Because the bill passed both the...more

Nevada Senate Passes Bill Affecting Super-Priority Liens in Foreclosure

The Nevada Legislature recently passed a bill intended, in part, to address issues resulting from the Nevada Supreme Court’s decision that a homeowners association lien is a true super-priority lien that, if foreclosed,...more

Proposition 218 Guide for Special Districts

In this Guide: - Taxes (Article XIII C) - Assessments, Fees and Charges (Article XIII D) - Assessments (Article XIII D, Sections 4 And 5) - Property-Related Fees and Charges (Article XIII D,...more

Nevada Enacts Payday Lender Best Practices Act

On May 27, Nevada Governor Brian Sandoval signed into law S.B. 242, enacting the Payday Lender Best Practices Act. The legislation requires payday and similar lenders to use various specified best practices – advocated by the...more

Client Alert: New Florida Law Protecting Tenants in Foreclosure

New Florida Law Protecting Tenants in Foreclosure - On June 2, 2015, Florida Governor Rick Scott signed into a law a new statute titled "Termination of rental agreement upon foreclosure," which became effec­tive upon...more

Oklahoma Amends SAFE Act

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

255 members of Congress seek TILA/RESPA integrated disclosure rule grace period

A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more

Redevelopment By Any Other Name Would Still Be Redevelopment…

It appears the state assembly is trying to get California back on the redevelopment wagon…again. (For a brief history lesson on redevelopment, see below.) Assembly Bill 2 (AB2), which passed the assembly earlier this month,...more

The House Joins the Senate Finance Committee in Proposing FIRPTA Reform

FIRPTA real estate tax reform continues its momentum with the recent release of bill text for H.R. 2128, the latest House bill introduced by Kevin Brady (R-Texas) and J Crowley (D-NY). In connection with the filing of the...more

Virginia Legislation Significantly Impacts Construction Industry

At its recently-concluded 2015 Regular Session, the Virginia General Assembly passed legislation which will significantly affect those persons who deal with potential mechanic’s lienors. The revision to section 43-3 of the...more

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

The Construct - May 2015

In This Issue: - Construction Contract Claims Against a Third-Party Lender? The Unforeseen Consequences of a Standard Practice: For those of us who commonly represent lenders, there is nothing more unsettling...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

New Georgia Law Sets Deadlines for Deeds, Relaxes Attestation Requirements

If you thought you knew the decades-old Georgia requirements for attesting a security instrument or recording a deed under power, think again. These basic rules are changing on July 1, 2015, and the changes are expected to...more

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