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  • Georgia, New Jersey Implement SAFE Act

    On May 4, New Jersey Governor Jon Corzine signed AB 3816 , the “New Jersey Residential Mortgage Lending Act,” and, on April 29, Georgia Governor Sonny Perdue signed HB 312 . The bills reflect compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) by...

  • Indiana Governor Signs Law Relating to Residential Mortgage Lending Practices

    On April 30, Indiana Governor Mitch Daniels signed HB 1176, a bill that, among other things, (i) disallows a creditor from contracting for or charging a borrower a prepayment fee or penalty for an adjustable interest rate residential mortgage loan closing after June 30, 2009, (ii) restricts and...

  • Massachusetts Division of Banks Releases Industry Letter on Mortgage Loan Modification

    On April 27, the Massachusetts Division of Banks (Division) published an industry letter addressing several frequently asked questions regarding mortgage loan modifications in Massachusetts. The Division determined that a broker or any third party cannot charge a modification fee on any loan where...

  • Nevada Regulator Revises Mortgage Banking Regulations to Permit Electronic Reproduction and Storage of Mortgage Records

    On April 23, the Nevada Commissioner of Mortgage Lending (Commissioner) published final regulations in the Nevada Register of Administrative Regulations that, among other things, permits the Commissioner, for good cause, to allow a mortgage banker to electronically reproduce and store required...

  • California Regulator Makes Available Foreclosure Prevention Act Draft Regulations, Report Form for Comment

    On April 21, the California Department of Corporations (the Department) made available draft regulations and a reporting form in connection with the California Foreclosure Prevention Act (the Act). The Act grants an additional 90 days (in addition to the period already provided) before a mortgage...

  • California Federal Court Holds that CAN-SPAM Act Does not Preempt State Law Claims

    The U.S. District Court for the Northern District of California recently ruled that the federal Controlling Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM Act) does not preempt California’s Deceptive Commercial Email statute (the Code). Asis Internet Servs. v...

  • Additional States Implement SAFE Act

    Several states recently amended applicable state law to reflect compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act); namely, (i) on April 22, Nebraska Governor Dave Heineman signed LB 328 , (ii) on April 15, Iowa Governor Chet Culver signed SF 355...

  • Delaware Amends Delaware General Corporation Law

    On April 10, Delaware Governor Jack Markell signed HB 19 , a bill amending the Delaware General Corporation Law. In addition to technical amendments, the amendments authorize, but do not require (i) corporate bylaws to include stockholder nominees to the board in the corporation’s proxy...

  • North Dakota Amends State Mortgage Law

    On April 9, North Dakota Governor John Hoeven signed SB 2160 , a bill amending North Dakota mortgage law. The bill outlines permissible and maximum charges and permissible payment installments by licensees. In addition, the bill reflects compliance with the federal Secure and Fair Enforcement for...

  • New Mexico Passes Mortgage Loan Originator Licensing Act

    On April 6, New Mexico Governor Bill Richardson signed into law SB 342 , the “New Mexico Mortgage Loan Originator Licensing Act” (the Act). The Act implements the mandate of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) by providing for the licensing of all...