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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.
Connecticut governor issues executive order updating remote notarization guidelines
On March 30, Governor Ned Lamont issued updated remote notarization procedures, as part of a broader executive order on public health and safety during the Covid-19 crisis. The update enabled all notarizations to be conducted remotely via simultaneous sight and sound communication technology as long as specific requirements are satisfied. The changes replaced the governor’s previous order and are in place until June 23, unless otherwise noted.
DOJ reminds landlords of servicemember rights during Covid-19 crisis
On March 30, the DOJ’s Civil Rights Division released a statement encouraging landlords and property managers to provide flexibility for servicemembers who have had to quickly change housing plans and employment responsibilities. The Division explained that due to the Covid-19 outbreak, a March 13 Stop Movement Order halted domestic travel by military personnel. As a result, many servicemembers who had signed leases for housing in anticipation of a move to a new duty station will not be able to move until May 11, at the earliest. The statement continues that “[c]onsistent with federal and state law” property managers are urged “to afford the men and women of our armed forces maximum flexibility to adjust their residential lease obligations as needed to comply with military orders during this uncertain time.” The statement reminds property managers and landlords of “the responsibilities they have with respect to members of the National Guard and Reserve under USERRA, the SCRA and similar state laws,” adding that the Division “will act swiftly to bring violators to justice.”
Servicemembers with concerns regarding their civil rights should contact the DOJ or their nearest Armed Forces Assistance Program Office.
Special Alert: CARES Act “Paycheck Protection Program” offers relief and opportunities for small businesses and lenders
On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). The legislation’s first title, the “Keeping American Workers Paid and Employed Act,” provides a host of relief measures for small businesses, including $349 billion for Small Business Administration (SBA) loan forgiveness, guarantees, and subsidies. This Special Alert summarizes pertinent SBA-related provisions of the Paycheck Protection Program (PPP) and potential opportunities for both (i) small businesses, and (ii) existing and new SBA lenders to grow their small business lending portfolios. We will provide an update on the relief measures following the Treasury Department’s (Treasury) release of additional program details, which is expected imminently.
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Click here to read the full special alert
We will provide timely updates regarding any guidance published on this topic on our dedicated SBA page, which includes additional SBA resources you may find helpful. If you have any questions regarding the matters discussed in this Alert, please contact a Buckley attorney with whom you have worked in the past.
NMLS updates temporary policy for reporting deadlines
On March 30, the NMLS Policy Committee amended its temporary policy for submitting reports in NMLS. Instead of the original 60-day deadline extension, the committee encourages regulators to be lenient and not take administrative action if reports are filed within 30 days of the placement of the license item (based on the standard due date). This appears to provide greater flexibility to agencies utilizing NMLS to deviate from the initial extended deadline.
Click here to read the full update.
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.