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Ballard Spahr LLP

Washington state “true lender” law signed, effective June 6, 2024

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After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June...more

Ballard Spahr LLP

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

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The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Goodwin

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

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In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

Orrick, Herrington & Sutcliffe LLP

North Dakota amends mortgage licensing requirements

On March 13, the North Dakota governor signed SB 2090, which, among other things, revises licensing requirements for residential mortgage lenders. ...more

Orrick, Herrington & Sutcliffe LLP

NY restricts lenders’ ability to reset statute of limitations on foreclosures

In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more

Mayer Brown

New York Enacts Retroactive Foreclosure Legislation

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While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

McCarter & English, LLP

New York’s COVID-19 Emergency Eviction And Foreclosure Prevention Act Of 2020 Offers Broad Benefits For Borrowers And Tenants

On December 28, 2020, New York Governor Andrew M. Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”), an act designed to prevent—until May 1, 2021—both evictions of...more

Holland & Knight LLP

California Legislative Roundup 2020: Financial Services

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Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more

Seyfarth Shaw LLP

Oregon Law Limits Lender Enforcement Actions Against Borrowers

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Oregon’s House Bill 4204 (the “Statute”) was signed into law on July 7, 2020, by Governor Kate Brown. The Statute imposes certain limitations on a lender’s right to undertake enforcement action against a borrower on loans...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

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On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Farrell Fritz, P.C.

New York State COVID-19 and Legislative Update – May 2020

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This week marked seventy days since the inception of New York on PAUSE (Policies to Assure Uniform Safety for Everyone). As COVID-19 emergency response efforts continue to strategically transition into economic recovery and...more

Pierce Atwood LLP

COVID-19: Massachusetts Legislature Stays Evictions and Foreclosures

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On April 20, 2020, Massachusetts Governor Charlie Baker signed House Bill 4647 (the Act), which prohibits certain evictions and foreclosures due to the economic effects of the COVID-19 pandemic. ...more

Ballard Spahr LLP

Michigan Adopts Temporary Authority Provisions

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Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Ballard Spahr LLP

Wisconsin Adopts Temporary Authority Provisions

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Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Ballard Spahr LLP

Washington State Adopts Temporary Authority Provisions

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Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

Goodwin

California Signs Two New Consumer Protection Bills into Law

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On September 25, 2019, California’s Governor signed into law two bills that impact financial consumer services companies in California: California Assembly Bill 539 and California Senate Bill 187.  Both laws go into effect...more

Ballard Spahr LLP

Vermont Supplements Recent Legislation

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Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year. Effective July 1, 2019, the following application fees apply in...more

Clark Hill PLC

2019 Arizona Legislative Updates Affecting Commercial Real Estate and Lending (June 2019)

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The First Regular Session of the 2019 Arizona Legislature produced a number of bills affecting commercial real estate and lending that were ultimately approved by the Governor. The text of, and fact sheets and other documents...more

Lowndes

Two Legislative Changes to Pay Attention to

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Here’s how the recent legislative changes will affect you: Spousal Homestead Transfer - A new law signed by Governor DeSantis extends the documentary stamp tax exemption for the conveyance of homestead property between...more

Ballard Spahr LLP

Temporary Authority Update

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Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more

Ballard Spahr LLP

California Further Expands Protections to Servicemembers, Restricts Credit Reporting About Active Duty Status, Requires Written...

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On September 19, 2018, California enacted AB-3212. The Bill amends the California Military and Veterans Code to expand the protections offered to qualifying servicemembers under state law and to impose new criminal penalties...more

BCLP

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

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New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment (see link at the bottom of this post), statutory pre-foreclosure ninety day notices (RPAPL 1304) and a...more

Troutman Pepper

Connecticut Places Additional Requirements on Judgement Lienholders

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Connecticut Governor Dannel Malloy recently signed a new bill into law that helps Connecticut consumers understand how much they would need to pay in order to satisfy a judgement lien....more

Cadwalader, Wickersham & Taft LLP

Bank Deregulation Bill Becomes Law

On May 24, President Trump signed into law the most significant banking legislation since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in 2010. The bill – named the Economic...more

Ballard Spahr LLP

President Trump signs banking bill providing Dodd-Frank relief

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Thursday afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law. The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March...more

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