Compliance Alert Archive

• Montana Regulatory Update

  July 28, 2015

  The Montana Department of Administration (“Department”) recently amended its rules related to mortgage license applications and renewals and the recovery of costs related to administrative actions, effective July 17, 2015.

   

  MONTANA RULES 2.59.1716, 2.59.1741, AND 2.59.1753

   

  An application for initial license under the Montana Mortgage Act submitted to the Department through the Nationwide Mortgage Licensing System (“NMLS”) during ...

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• Rhode Island Legislative Update

  July 16, 2015

  The Rhode Island legislature recently amended its laws governing notice of mediation conference prior to foreclosure proceedings, effective July 2, 2015.  The legislature also amended its laws to prohibit military status discrimination as an unlawful housing practice, and amended its laws to specify prohibited acts or practices which may result from solicitations based upon information contained in a mortgage ...

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• Washington Legislative Update

  July 13, 2015

  The Washington legislature recently amended its law governing the protection of consumer financial information due to a security breach, effective July 24, 2015.

   

  WASHINGTON HOUSE BILL 1078

   

  Any person or business that conducts business in Washington and that owns or licenses data (previously computerized) that includes personal information must disclose any breach of the security of the system ...

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• Connecticut Legislative Update

  July 10, 2015

  The Connecticut legislature recently amended its laws governing foreclosure mediation, effective July 1, 2015.

   

  CONNECTICUT HOUSE BILL 6752

   

  “Mortgagor” (borrower) means the owner-occupant of one-to-four family residential real property located in Connecticut, which is the primary residence of such owner-occupant, who is also the borrower under a mortgage encumbering such residential real property, or if not the borrower ...

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• Texas Judicial Update

  July 09, 2015

   

  Harris County, Texas v. MERSCORP, Inc., 2015 (U. S. Court of Appeals for the 5^th Circuit, June 26, 2015)

   

  The U.S. Court of Appeals for the Fifth Circuit recently heard arguments on whether the use of the Mortgage Electronic Registration System, Inc. (“MERS”) violates Texas laws and results in fraudulent misrepresentation and unjust enrichment ...

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• South Dakota Legislative Update

  July 02, 2015

  The South Dakota legislature recently amended its laws governing money lending, effective July 1, 2015.

   

  SOUTH DAKOTA HOUSE BILL 1027

   

  “Business of Lending Money” includes originating, selling, servicing, acquiring, or purchasing loans, or servicing, acquiring, or purchasing retail installment contracts.

   

  “Duration” is the time a loan exists before it is paid off, renew, rolled over, or flipped....

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