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Minnesota Commerce Department waives certain notary requirements
On March 30, pursuant to a Commissioner Order issued on the same day, the Minnesota Commerce Department issued Regulatory Guidance 20-11 regarding notary requirement waivers. In light of the disruption caused by Covid-19, the guidance waives notarization requirements for franchises pursuant to Minn. R. Chapter 2860.9920 and 2860.9930 for new applications, amendments, and annual reports filed through June 30, 2020.
Minnesota Commerce Department offers relief to franchise registrants
On March 30, pursuant to a Commissioner Order issued on the same day, the Minnesota Commerce Department issued Regulatory Guidance 20-10 to franchise registrants. The guidance extends the deadline for franchisors to file annual reports that were due by April 30, pursuant to Minn. Stat. § 80C.08, subd. 1, to June 30. Franchisors are encouraged to submit annual reports through the department’s online e-File system.
Montana regulator permits non-depository licenses to work from home
The Montana Division of Banking and Financial Institutions announced that it is temporarily permitting non-depository licensees and their employees to work from home, whether the home is in Montana or another state. The permission also applies even if the home is not a licensed branch. Non-depository licensees include, among others, licensed mortgage loan originators, loan processors, and underwriters.
Arizona governor announces cooperation program with state banks to provide foreclosure and eviction protection
On March 30, Arizona Governor Doug Ducey announced a cooperative agreement with state banks to protect small businesses and families that have been impacted by the Covid-19 crisis from evictions and foreclosure. Under the initiative, banks and mortgage servicers are suspending evictions and foreclosures for up to 60 days, which may be extended longer to overlap with the declared state of emergency. Under the program, banks and servicers have established payment forbearance programs for mortgages, and also have established payment deferral programs for specific (non-mortgage) consumer loans and for small businesses. The announcement also noted that state banks are working to lend Paycheck Protection Program loans as provided by the Small Business Administration through the CARES Act.
Maryland governor authorizes remote notarization; encourages remote closings
On March 30, Maryland Governor Larry Hogan issued an executive order permitting remote notarization under certain circumstances. Maryland-licensed mortgage lenders are strongly encouraged to use the flexibility provided by the order to conduct loan closings remotely. In conjunction with the order, the Office of the Secretary of State provided guidance on how to conduct remote notarizations. The order remains in effect until termination by the governor.
New Mexico regulator closes office, conducts remote examinations
On March 30, the Securities Division of the New Mexico Regulation and Licensing Department announced that its offices are closed and it will be conducting examinations remotely. The Division also announced that licensing staff continue to process applications and that its enforcement staff will be vigilant to detect and prevent securities fraud and illegal securities sales.
New Jersey regulator suspends real estate license application deadlines
On March 30, the New Jersey Department of Banking and Insurance issued a bulletin notifying individuals pursuing real estate licensure in New Jersey that it will suspend certain deadlines for applications. While licensure tests and applications ordinarily must be completed within one year of passing pre-licensing course work, the Department will consider candidates who do not meet the one year deadline due to Covid-19-related delays.
Colorado Department of State temporarily authorizes remote notarization
Effective March 30, the Colorado secretary of state amended its State Notary Program Rules to temporarily authorize and establish minimum standards for remote notarization. The amended rules require that both the notary and the remotely located individual be in the state of Colorado, that the system used to perform remote notarization must enable the notary to verify the identity of the remotely located individual and any required witness, that the notary, individual, and any witness are viewing the same record, and that all signatures or changes to the record made by the individual or witness are made in real time.
California chief justice extends statutory deadlines for hearings and trials
On March 30, the chief justice of California issued an order that extended statutory deadlines for preliminary hearings, arraignments and certain civil and criminal trials. The order, which was issued under authority granted to the chief justice in Executive Order N-38-20, extends the time from which a defendant charged with a felony must be taken before a magistrate judge from two to seven days, extends the time period for holding preliminary examinations of such defendants from 10 to 30 days, and extends certain statutory deadlines for holding criminal and civil trials by 60 days.
New York adopts emergency regulations for insurance customers
On March 30, the New York Department of Financial Services announced emergency regulations requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to consumers and businesses experiencing financial hardship due to the Covid-19 outbreak. Among other things, the emergency regulations: (i) extend grace periods for making life insurance payments for 90 days, and for making property and casualty insurance payments for 60 days; (ii) establishing a special enrollment period from April 1 to April 15 to obtain health insurance under the New York State’s Health Plan Marketplace; (iii) prohibit life insurers and property and casualty insurers from imposing late fees, reporting the policyholder to a credit bureau, or referring the policyholder to a debt collection agency with respect to such delayed payments; (iv) permit premiums due but not paid during the grace period to be repaid over 12 equal monthly installments; and (v) require premium finance companies to grant the same relief to consumers and businesses that have financed the payments of their premiums, subject to safety and soundness considerations.