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Hawaii issues executive order permitting remote notarization
On March 29, the Hawaii governor issued an executive order that, among other things, suspends requirements in Chapter 456 of the Hawaii Revised Statutes relating to notaries public, and any related administrative rules, to the extent that they would require close physical contact to accomplish notary functions. The executive order also sets out rules governing the performance of notarial acts while using audio-visual technology.
New York issues executive order addressing certain Banking Law requirements
On March 29, New York Governor Cuomo issued an executive order granting the superintendent of Financial Services (superintendent) the authority to promulgate emergency regulations to apply the provisions of the executive order relevant to policy cancellations to premium finance agencies, subject to safety and soundness considerations. The executive order also provides that all instruments that are signed and delivered to the superintendent under the New York Banking Law, and that are required to be verified or acknowledged thereunder, may be verified or acknowledged by including standard verification or acknowledgment language in the instrument and transmitting a legible copy of the signed instrument by fax or electronic means.
Nevada imposes moratorium on foreclosures and evictions
On March 29, the governor of Nevada issued an emergency directive suspending evictions and foreclosures based on mortgagee or tenant default on both residential and commercial real estate. The suspension took effect on March 29, and lasts until Nevada terminates its Covid-19-related state of emergency. The declaration contains exceptions for cases of criminal activity and property damage, among other things.
Illinois prohibits certain vehicle repossessions
On March 28, the Illinois governor issued an executive order suspending certain provisions of Illinois law regarding the repossession or usability of vehicles. However, the executive order does not relieve any individual of the obligation to make payments or comply with any other obligation that an individual may have under a loan agreement or otherwise.
New Jersey regulator announces residential mortgage relief initiative
On March 28, the New Jersey Department of Banking and Insurance announced that it is working with more than 40 banks, credit unions and servicers to provide relief to New Jersey homeowners. Under the new initiative, residents of New Jersey impacted by the Covid-19 pandemic may be eligible for a 90-day forbearance from mortgage payments and relief from fees and charges upon contacting their financial institutions. Cooperating institutions have also agreed not to start any foreclosure sales or evictions for 60 days.
Colorado issues executive order temporarily suspending the personal appearance requirement for notarization due to the presence of Covid-19
On March 27, the Colorado governor issued an executive order temporarily suspending the requirement to appear personally before notarial officers to perform notarizations. The order authorizes the Secretary of State to issue temporary emergency rules to permit notarial officers to perform remote notarizations. The order does not affect the rights or duties of parties to existing contracts of insurance or other private contracts that may require or anticipate in-person notarization of documents. The order expires within 30 days of issuance, unless extended further by executive order.
North Carolina Department of Insurance issues guidance on debt collection
On March 27, the North Carolina Department of Insurance issued guidance clarifying certain debt collection obligations for insurance companies and related entities. Entities involved in collections must provide customers specific relief for payments, submission of claims, and other responsibilities. They must allow consumers, whose requests may have been impacted by the Covid-19 disaster, additional time for their requests to be received and reviewed. Additionally, the timeframes to submit additional information for previously pending requests will also be extended. The guidance is in effect for 60 days.
Michigan Department of Insurance and Financial Services issues FAQs for Consumer Finance Licensees and Registrants
On March 27, the Michigan Department of Insurance and Financial Services (Department) issued FAQs for Consumer Finance Licensees and Registrants. The FAQs provide responses to questions regarding examinations, the Department’s reduction of services, scams, and working with consumers such as waiving or reducing late fees, offering payment accommodations, and adjusting or modifying terms on existing loans where possible.
Nevada regulator asks mortgage servicers to assist troubled borrowers
On March 27, the Nevada Department of Business and Industry, Division of Mortgage Lending issued guidance to state-regulated mortgage servicers and mortgage companies encouraging them to assist borrowers adversely impacted by the Covid-19 pandemic. The division requested these entities provide 60 days mortgage payment forbearance, waive late payment and transactional fees for 60 days, ensure security of consumer data, and refrain from foreclosures for 60 days, among other things.
Florida State Department extends annual filing deadlines to June 30
On March 27, Florida’s secretary of state issued an emergency order postponing the annual report filing deadlines for businesses. The order extends reporting deadlines to June 30, unless an additional extension is granted through a subsequent order.