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Minnesota 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...
InfoBytesSouth Dakota to License Mortgage Lenders, Brokers and Loan Originators Via NMLS
On March 16, South Dakota Governor M. Michael Rounds signed House Bill 1060 (the Bill), which allows for the licensing of mortgage lenders, brokers, and loan originators through the Nationwide Mortgage Licensing System (NMLS) and provides standards for information sharing by the South Dakota...
InfoBytesWyoming Enacts Mortgage Loan Originator Licensing and Registration
On March 12, Wyoming Governor Dave Freudenthal signed HB 169 , a bill that modifies the Wyoming Residential Mortgage Practices Act and Uniform Consumer Credit Code to provide for mortgage loan originator licensing and registration. Among other things, the bill details (i) the initial application...
InfoBytesVirginia Governor Signs Bill Amending State Consumer Real Estate Settlement Protection Act
On February 26, Virginia Governor Timothy M. Kaine signed HB 2568 , a bill that amends provisions of the state’s code relating to disclosures under the Virginia Consumer Real Estate Settlement Protection Act (the Act). The amendments make explicit that the provisions of the Act cannot be varied by...
InfoBytesSouth Dakota Governor Signs Bill Regarding Real Estate Appraisal
On February 20, South Dakota Governor M. Michael Rounds signed H.B. 1124 , a bill that prohibits real estate appraisers and licensed mortgage lenders, mortgage brokers, and mortgage loan originators from “improperly influencing” a real estate appraisal involving a property in which the appraiser or...
InfoBytesCalifornia Enacts Law Aimed at Preventing Foreclosures
On February 20, California Governor Arnold Swarzenegger signed the California Foreclosure Prevention Act (the Act) into law, which requires a person that files a notice of default to wait six months (versus three months) before filing a notice of sale. The waiting period is extended only if (i) the...
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