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Minnesota issues executive order suspending evictions and writs of recovery, requesting moratorium on foreclosures
On March 23, the Minnesota governor issued an executive order suspending evictions and writs of recovery during the Covid-19 pandemic. The order also requests that financial institutions holding home mortgages implement an immediate moratorium on all pending and future foreclosures and related evictions when the foreclosure or foreclosure-related eviction is caused by the Covid-19 pandemic. Financial institutions are also strongly urged not to impose late fees or other penalties for late mortgage payments related to the Covid-19 pandemic. The executive order will remain in effect until the declared emergency is terminated or rescinded.
New Hampshire issues emergency order authorizing secure remote online notarization
On March 23, the New Hampshire governor issued an emergency order temporarily authorizing secure remote online notarization, with certain specified conditions. If state law requires an individual to appear personally before or be in the physical presence of a notarial officer at the time of a notarization, this requirement is satisfied if the individual and the notarial officer can communicate simultaneously by sight and sound through an electronic device or process at the time of the notarization. The order provides additional guidance on the signature, mailing, official date and time, and validity and recognition of the notarization.
New York issues administrative order limiting court filings
On March 22, the Chief Administrative Judge of the New York State Courts issued an administrative order directing that, effective immediately and until further order, no papers will be accepted for filing by a county clerk or court in any matter not considered an “essential matter.” Essential matters include certain criminal matters, family court matters, Supreme Court matters, civil/housing matters, and any other matters the court deems essential. The list of essential proceedings is subject to ongoing review and amendment, as necessary.
New York issues executive order relating to financial institutions
On March 21, the New York governor issued an executive order stating that it is an “unsafe and unsound business practice” for banks to fail to “grant a forbearance to any person or business who has a financial hardship as a result of the COVID-19 pandemic for a period of 90 days.” The Order directs the New York Department of Financial Services (NYDFS) to promulgate emergency regulations to mandate that applications for forbearance be made widely available for consumers. Additionally, the order empowers the NYDFS to promulgate emergency regulations to direct that, solely for the period of the Covid-19 emergency, fees for the use of automated teller machines (ATMs), overdraft fees and credit card late fees, may be restricted or modified in accordance with the Superintendent’s regulation of licensed or regulated entities, “taking into account the financial impact on the New York consumer, the safety and soundness of the licensed or regulated entity, and any applicable federal requirements.”
New Hampshire issues executive order prohibiting evictions and foreclosures
On March 17, the New Hampshire governor issued an emergency order temporarily prohibiting evictions and foreclosures. All judicial and non-judicial foreclosure actions are prohibited during the declared State of Emergency, and all applicable provisions of any law, rule, or other regulation which would allow for the initiation of foreclosure proceedings are suspended for the same duration. However, the order does not relieve an individual of their obligations to pay rent, make mortgage payments, or any other obligation which an individual may have under a tenancy or mortgage.
Connecticut regulator permits paperless submission of security and business filings
On March 25, the Securities and Business Investments Division of the State of Connecticut Department of Banking issued interim guidance permitting paperless regulatory filings in light of the Covid-19 pandemic. The interim guidance permits and “highly encourage[s]” securities registration, exemption and covered security filers, as well as business opportunity registration filers, to submit regulatory filings and payments electronically. The Division also waived certain manual signature and notarization requirements.
Minnesota Department of Commerce warns consumers about unlicensed predatory lenders
On March 25, Minnesota’s Department of Commerce issued a warning to consumers not to borrow from unlicensed online lenders that advertise and offer short-term, payday, or installment loans during the Covid-19 pandemic. The announcement offered tips to consumers, including verifying the lender is licensed, reading the fine print, considering alternative loan products, and consulting with credit counseling services.
Nebraska issues guidance regarding examinations during Covid-19 emergency
On March 25, the Nebraska Department of Banking and Finance (Department) announced it will temporarily halt all regular examinations unless the examination is critical to safety and soundness, consumer protection, or is necessary to address an urgent or immediate need. If the Department already has a majority of the requested information, the institution may elect to move forward with the Department’s examination. The Department will reassess this approach on April 24 or when the emergency has ended, whichever is sooner.
Colorado issues guidance on business continuity, pandemic planning to credit unions, savings and loan institutions
On March 10, the Colorado Department of Regulatory Agencies, Division of Financial Services, issued guidance on business continuity and pandemic response to Colorado state-chartered credit unions and savings and loan institutions. The guidance reminds regulated financial institutions to review and revise, if necessary, the institutions’ business continuity and pandemic response plans, which could also include liquidity management, contingency funding, and emergency response plans.
Pennsylvania temporarily suspends in-person notarization requirements for real estate sales
On March 25, the Pennsylvania Department of State issued a temporary suspension of regulations requiring in-person notaries for real estate transactions. The suspension applies to personal real estate transactions that were already in process prior to the announcement of emergency measures. The department also waived personal appearance requirements (subject to certain requirements) for commercial real estate transactions both prior to and during the crisis. The department has approved three remote notarization providers: Doc-Verify, Safe-Docs, and Pavaso (for title companies).