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West Virginia extends remote working for depository and non-depository entities
West Virginia’s Department of Financial Services Commissioner extended guidance enabling employees of regulated entities to work remotely through June 15 as a result of the Covid-19 crisis. The initial guidelines were announced on March 13 (previously discussed here) and were set to expire on May 1.
Illinois Department of Financial and Professional Regulation issues guidance to student borrowers
The Illinois Department of Financial and Professional Regulation has issued responses to frequently asked questions regarding the expansion of payment relief for student borrowers. The FAQs provide guidance to borrowers regarding relief options with respect to student loans.
Texas governor permits remote notarization of real estate instruments
On April 29, the governor of Texas temporarily permitted persons to appear before a notary public via videoconference when executing real estate instruments such as mortgages. The Office of the Attorney General issued a set of conditions that must be met when using remote methods of notarization. These include the use of two-way video and audio communication permitting contemporaneous interaction, verification of identity, recordkeeping requirements, and attestations of the signatory and notary that they are physically located in Texas.
Wisconsin regulator bars penalties for late/missed rent payments
On April 29, the Wisconsin Department of Agriculture, Trade, and Consumer Protection adopted an emergency rule that prohibits landlords from assessing late fees or other penalties for missed or late rent payments during Covid-19 public health emergency. The rule is in effect until 90 days after the public health emergency ends.
Wisconsin Department of Financial Services discourages unlicensed adjustment service companies
On April 29, the Wisconsin Department of Financial Institutions issued guidance on adjustment service companies and encouraged Wisconsin residents exercise caution before hiring companies to assist them with debt management. In particular the guidance discourages doing business with unlicensed companies and links to a list of licensed adjustment service companies.
Connecticut Insurance Department will grant extensions to foreign insurers for hard copy filings
On April 29, the Connecticut Department of Insurance issued a bulletin to foreign-chartered insurers, health care centers, and fraternal benefit societies authorized to do business in Connecticut discussing regulatory relief in light of the Covid-19 pandemic. The department continues to require that foreign companies timely make all required electronic filings. However, upon request, it will grant an additional 30 or 45 days to complete many hard copy filings, a list of which is included in the bulletin.
Connecticut Insurance Department will grant extensions to domestic insurers for hard copy filings
On April 29, the Connecticut Department of Insurance issued a bulletin to state-chartered insurers, health care centers and fraternal benefit societies discussing regulatory relief in light of the Covid-19 pandemic. The department continues to require that domestic companies timely make all required electronic filings. However, upon request, it will grant an additional 30, 45, 60 or 90 days (depending upon the type of filing) to complete many hard copy filings. A list of these filings is included in the bulletin.
Maryland governor prohibits garnishment of CARES Act recovery rebates
On April 29, the governor of Maryland issued an executive order prohibiting any garnishment or setoff of CARES Act recovery rebates. The order also provides that Maryland-incorporated banks and credit unions have no right of setoff or lien upon funds in a customer or member’s account that are traceable to a CARES Act recovery rebate.
Iowa adopts rulemaking for remote notarial acts
On April 29, the Iowa secretary of state adopted rules governing remote notarizations. The rules, which take effect July 1, 2020, govern training, technology, standards for communication, and proof of identity for remote notarial acts.
Rhode Island attorney general: CARES Act recovery rebates exempt from seizure
On April 28, the attorney general of Rhode Island issued guidance to financial institutions, credit unions, creditors and debt collectors announcing that, in the attorney general’s view, all CARES Act recovery rebates are exempt from attachment and execution under Rhode Island law. The attorney general also warned that if a creditor attempts to attach a CARES Act recovery rebate, the attorney general’s office may bring a civil action or seek injunctive relief.