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  • Massachusetts Regulator Issues Cease-Activity Directives to Payday Lenders

    On August 18, the Massachusetts Division of Banks (the Division) announced that it has issued cease-activity directives to 95 companies allegedly making illegal payday loans to Massachusetts consumers. According to the Division, many of the companies it identified were charging annual percentage...

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  • Eighth Circuit Holds DIDMCA Does Not Preempt State Law Limits on Closing Costs and Fees

    On August 7, the U.S. Court of Appeals for the Eighth Circuit held that the Depository Institutions Deregulation and Monetary Control Act (DIDMCA) does not preempt a Missouri state law governing the types and amounts of closing costs and fees a lender may charge on second-lien residential mortgage...

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  • New Hampshire Enacts Bills Relating to Health Data Privacy

    On August 7, New Hampshire Governor John Lynch signed into law H.B. 542 , which primarily addresses health privacy issues. The new law (i) authorizes health care providers to disclose an individual’s protected health information to health information exchanges, and (ii) allows individuals to opt...

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  • Additional States Pass SAFE Act Legislation

    Recently, Illinois, Massachusetts, Michigan, New Hampshire, Ohio, Oregon, and Rhode Island joined the list of states that have enacted legislation to effect the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Illinois HB 4011 , Massachusetts SB 452,...

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  • Additional States Pass SAFE Act Legislation

    North Carolina and Pennsylvania recently joined the list of states that have enacted legislation to effect the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). North Carolina HB 1523 and Pennsylvania HB 1654 require mortgage loan originators to...

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  • Alabama Enacts Alabama Uniform Real Property Electronic Recording Act

    Alabama Governor Robert Riley recently signed SB 90 , a bill that enacts the “Alabama Uniform Real Property Electronic Recording Act.” SB 90 allows for (i) the electronic recording of documents that must otherwise, by law, be original, and (ii) the electronic signature of documents that must...

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  • Colorado Division of Real Estate Adopts New Mortgage Loan Originator Rules

    The Colorado Division of Real Estate recently adopted new rules relating to the business practices and licensing of mortgage loan originators. Among other items, the new rules (i) establish minimum surety bond requirements for licensees (Rule 1-2-2), (ii) set forth when the Division may inactivate...

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  • Additional States Enact SAFE Act Legislation

    Recently, Alaska, Florida, Maine, and Tennessee each signed into law legislation designed to meet the mandate of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 by providing for the licensing of mortgage loan originators under the Nationwide Mortgage Licensing System (...

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  • Illinois Governor Signs Legislation Relating to Residential Property Foreclosures

    On July 31, Illinois Governor Pat Quinn signed two bills ( HB 3863 and HB 153 ) amending the Illinois Code of Civil Procedure in connection with residential property foreclosures. Among other things, HB 3863 requires certain entities - such as lenders acting in the capacity of a mortgagee in...

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  • North Carolina Governor Signs Legislation to Protect Victims of Identity Theft

    On July 27, North Carolina Governor Beverly Perdue signed SB 1017 , an Act enhancing protections available to victims of identity theft. In general, the Act creates new legal obligations for credit reporting agencies (CRAs), creditors, businesses, and credit monitoring services. Under the Act, CRAs...

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