Regulatory Updates

The California Legislature has recently enacted legislation regarding closing an equity line of credit, amendments to the Survivor’s Bill of Rights, amendments to the Property Assessed Clean Energy (“PACE”) Program, amendments to the California Military Families Financial Relief Act (“ACT”)...

The Alabama legislature recently amended provisions of its Uniform Condominium Act (“Act”) to clarify lien priority and what fees could be included in the lien, effective January 1, 2019.  The Connecticut legislature recently amended its laws related to pre-licensing education...

The Bureau of Consumer Financial Protection (“BCFP”) (also referred to as the “CFPB”) issued Compliance Bulletin 2018-01 on September 25, 2018, to announce changes to how it articulates supervisory expectations to institutions in connection with supervisory events.  The Connecticut Department...

Pennsylvania Senate Bill 653   The Pennsylvania legislature recently enacted the Vacant and Abandoned Real Estate Foreclosure Act (“Act”) to accelerate foreclosure proceedings on vacant and abandoned properties, effective December 17, 2018.   “Former owner” means an owner or obligor,...

NEW JERSEY ASSEMBLY BILL 2035   The New Jersey legislature recently amended several provisions of its Residential Mortgage Lending Act (“Act”), effective November 22, 2018.   “Approved conditional status” means the status of the license of an individual who has...

The Florida legislature recently amended its laws regarding bankruptcy matters in foreclosure proceedings, effective October 1, 2018.  The Florida Office of Financial Regulation recently amended its rules to allow military personnel, veterans, and spouses to receive reimbursement for application, renewal...

INTERAGENCY STATEMENT CLARIFYING THE ROLE OF SUPERVISORY GUIDANCE   The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively the “agencies”) issued an Interagency...

Maryland Senate Bill 848/House Bill 1048   The Maryland legislature recently amended its laws relating to notices of foreclosure, effective October 1, 2018.   “Department” means the Maryland Department of Labor, Licensing, and Regulation.   “Foreclosed Property Registry” means the...

The Connecticut legislature recently amended its laws related to foreclosure mediation and the Banking Law of Connecticut (“Act”).  All the legislation discussed in this memorandum is effective October 1, 2018.   Connecticut Senate Bill 391   The Connecticut legislature recently...

CFPB Interpretative and Procedural Rule:  Partial Exemptions from the Requirements of the Home Mortgage Disclosure Act under the Economic Growth, Regulatory Relief, and Consumer Protection Act   The Bureau of Consumer Financial Protection (“CFPB”) issued an interpretive and procedural rule...