Latest News & Blogs

New Jersey Amends Provisions Regarding Foreclosure Consultants

Recently, New Jersey amended provisions under the Foreclosure Rescue Fraud Prevention Act (the Act), requiring foreclosure consultants and distressed property purchasers who contract with owners of residential properties in financial distress, to adhere to certain practices in providing foreclosure...

Illinois Bill Amends Real Estate License Act; Expands Anti-Predatory Lending Database

On December 31, Illinois Governor Pat Quinn signed into law Senate Bill 1894 , a bill that increases education requirements for Illinois real estate agents and expands the state’s anti-predatory lending database to three additional counties. Specifically, the bill (i) increases the pre-licensing...

Florida Supreme Court Approves Mandatory Mediation For All Homestead Foreclosure Cases in Florida State Courts

On December 28, the Florida Supreme Court approved a model administrative order that requires mediation for all foreclosure cases in Florida state courts involving residential homestead property unless (i) the plaintiff and borrower agree otherwise, (ii) effective pre-suit mediation that...

New Jersey Adjusts Definition Of "High Cost Home Loan" Under Home Ownership Security Act

Recently, the New Jersey Department of Banking and Insurance (Department) issued a bulletin increasing the maximum principal amount of a loan that may be considered a high cost home loan to $430,955.10. High cost home loans in New Jersey are subject to additional lender requirements under the New...

District of Columbia Issues Guidance on Foreclosure Law Compliance

On November 29, the District of Columbia Department of Insurance, Securities and Banking (DISB) announced it had issued a November 24 bulletin informing licensed residential mortgage lenders and mortgage borrowers of the enactment of a new emergency law requiring mortgage lenders to go through six...

Rhode Island Considers New Surety Bond and Minimum Net Worth Requirements for Mortgage Loan Originators

On November 5, Rhode Island’s Department of Business Regulation (DBR) proposed the adoption of Banking Regulation 6 (BR 6) entitled "Surety Bond and Minimum Net Worth Pursuant to the Secure and Fair Enforcement Mortgage Licensing Act of 2009," which would implement statutory requirements for...

North Carolina UDAP Claim Preempted by FCRA

On October 29, the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of false credit reporting claims made under Article 1 of the North Carolina Unfair and Deceptive Trade Practices Act (NCUDTPA), agreeing with the lower court that those claims were preempted by the Fair...

New Jersey Permits Compensation for Mortgage Solicitor or Origination Activity if Licensee Was Authorized at Time of Activity

On October 26, the Commissioner of the New Jersey Department of Banking and Insurance (the Department), issued Bulletin 10-29 , which provides guidance on licensees’ and former licensees’ ability to pay and receive compensation for residential mortgage solicitor or loan origination activity...

A Brief History of UDAP Laws and Predictions for Post-Dodd Frank Developments

Since the Dodd Frank Wall Street Reform Act was enacted,consumer advocates, the private bar and financial providers are reviewing unfair and deceptive acts and practices laws, seeing them as the potentially most farreaching enforcement tools in the government’s consumer protection arsenal. One...

Jeffrey P. Naimon

New York Amends Law to Prohibit Fees for Payment by Mail or Receipt of Paper Billing Statement

On October 20, the Governor of New York signed into law amendments to New York General Business Law Chapter 556, prohibiting businesses from charging additional rates or fees, or a differential in rate or fee associated with payment on an account, when a consumer chooses to pay by U.S. mail or to...