Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
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...
InfoBytesNew 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...
InfoBytesIllinois Law Requires Notice of Right to Seek Foreclosure Counseling; Creates 30-Day Grace Period
On April 5, Illinois Governor Pat Quinn signed SB 2513 , an omnibus bill containing provisions requiring mortgage lenders to notify borrowers in default for 30 days or more of the borrower’s right to seek housing counseling, which will provide a 30-day grace period during which the mortgage lender...
InfoBytesFirst Circuit Holds State Law Claims Insufficient to Defeat HOLA Preemption Defense
On April 3, the U.S. Court of Appeals for the First Circuit upheld the denial of a plaintiff’s state law claims in a case involving default interest charged on a credit card. Yeomalakis v. Federal Deposit Insurance Corporation , No. 08-1444, 2009 WL 884936 (1st Cir. Apr. 3, 2009). The plaintiff’s...
InfoBytesArkansas Amends Fair Mortgage Lending Act
On April 1, Arkansas Governor Mike Beebe signed HB 1881 , a bill that amends the Arkansas Fair Mortgage Lending Act. In general, the bill amends the Act’s definitions, surety bond requirements, license application procedures, reporting requirements, prohibited activities, and penalties...
InfoBytesMinnesota Federal Court Dismisses Putative Class Action Against Lender
On March 31, the U.S. District Court for the District of Minnesota dismissed a putative state-wide class action involving claims of breach of contract, unlawful and deceptive trade practices, breach of fiduciary duties, and unjust enrichment against a residential mortgage lender. Weller v...
InfoBytesKansas Governor Signs Bill Amending State Mortgage Law, Safeguarding Personal Financial Information
On March 27, Kansas Governor Kathleen Sebelius signed SB 240 , a bill that amends Kansas state mortgage law to reflect compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and to impose requirements regarding the protection of personal consumer...
InfoBytesVirginia Implements SAFE Act Requirements, Tightens Restrictions on Mortgage Lenders and Brokers
On March 27, Virginia Governor Timothy M. Kaine signed a series of bills to carry out the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and to tighten restrictions on mortgage lenders and mortgage brokers. To implement the SAFE Act, Virginia’s...
InfoBytesKentucky Attorney General Issues Opinion on Mortgage Recordation
On March 20, Kentucky Attorney General Jack Conway issued an opinion concluding that the Kentucky County Clerk does not have the authority to refuse to file amended mortgages. The opinion letter clarifies that the relevant Kentucky statute (KRS 382.300) does not require a document to be titled “...
InfoBytesUtah Enacts Financial Institutions Loan Originator Licensing Act
On March 20, Utah Governor Jon M. Huntsman, Jr. signed House Bill 286 (the Bill), which amends the Utah Consumer Credit Code, as well as mortgage lending and servicing provisions, to address the regulation of consumer and residential mortgage loans. The Bill establishes the Financial Institutions...
InfoBytes