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Minnesota Law Amends Requirements for Reverse Mortgages, Foreclosure Notices
On May 19, Minnesota Governor Tim Pawlenty signed SF 2430 , a bill that amends reverse mortgage loan and foreclosure notice requirements. Regarding reverse mortgage loans, the law: Provides for a seven-day “cooling off” period subsequent to a borrower’s written acceptance of a reverse mortgage...
InfoBytesColorado Governor Signs Bill on Refund Anticipation Loans
On May 19, Colorado Governor Bill Ritter signed HB 10-1400 , a bill that creates protections for Colorado consumers seeking refund anticipation loans (RALs). RALs are loans made based on a borrower’s anticipated income tax refund. The bill establishes the Refund Anticipation Loan Act (RAL Act),...
InfoBytesWisconsin Enacts Payday Lending Reform; Prohibits Motor Vehicle Title Loans
On May 18, Wisconsin Governor Jim Doyle signed SB 530 , a bill that increases the regulation of payday loans and bans motor vehicle title loans. The law tightens existing payday loan restrictions by (i) capping maximum loan amounts, (ii) limiting rollover loans at one-per-customer, (iii)...
InfoBytesMinnesota Passes SAFE Act Legislation
On May 14, Minnesota Governor Tim Pawlenty signed SF 2510 , an omnibus bill including provisions to effect the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The bill requires mortgage loan originators to (i) register with the Nationwide...
InfoBytesNinth Circuit Rejects Use of California UCL to Interpret FTC Act
On May 14, the U.S. Court of Appeals for the Ninth Circuit held that the California Unfair Competition Law (UCL) was not necessary to interpret a claim brought by the Federal Trade Commission (FTC) under the FTC Act. F.T.C. v. Neovi, Inc., No. 09-55093, 2010 WL 1930229 (9th Cir. May 14, 2010). In...
InfoBytesVirginia Federal Court Dismisses Note-Splitting Claims in Foreclosure Case
On May 13, the U.S. District Court for the Eastern District of Virginia rejected “splitting the note” and “illegal gambling” claims regarding credit default swaps on, and the securitization of, a mortgage loan. Ruggia v. Wash. Mutual , No. 1:09-cv-1067, 2010 WL 1957218 (E.D. Va. May 13, 2010). In...
InfoBytesCalifornia Court of Appeal Reverses Trial Court Decision Holding That State Law Requiring Disclosures on Convenience Checks is Preempted
On May 12, the California Court of Appeal reversed a trial court decision that had found that a state law requiring certain disclosures when offering convenience checks was preempted by the National Bank Act (NBA) and regulations promulgated by the Office of the Comptroller of the Currency (OCC)...
InfoBytesGeorgia Increases Mortgage Closing Fees
On May 12, Georgia Governor Sonny Purdue signed into law H.B. 1055 , a bill that, among other things, amended the Georgia Residential Mortgage Act (GRMA) by increasing the Georgia Residential Mortgage fee from $6.50 per loan to $10.00 per loan. Under the GRMA, borrowers must pay a fee to a...
InfoBytesNew York Federal Court Holds Homeowners Protection Act Preempts State Deceptive Trade Practices Claim
On May 11, the U.S. District Court for the Southern District of New York (SDNY) dismissed a borrower’s claim against a service lender upon finding that that the New York Deceptive Trade Practices Act (DTPA) was preempted by the Federal Homeowners Protection Act (HPA). Fellows v. CitiMortgage, Inc...
InfoBytesArizona Enacts Legislation Requiring Lenders to Contact Certain Borrowers to Discuss Foreclosure Avoidance
On May 11, Arizona Governor Janice Brewer signed into law H.B. 2626 , a bill requiring a lender to attempt to contact any borrower whose mortgage is secured by the borrower’s principal residence to discuss foreclosure avoidance options at least 30 days before the recording of a notice of trustee’s...
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