Regulatory Updates

The Minnesota legislature has amended its licensing laws with respect to manufactured home dealers and salespersons, effective August 1, 2019.  The New Hampshire legislature has amended its notary laws effective August 4, 2019.   MINNESOTA HOUSE FILE 990   A...

CFPB Updates TRID FAQ’s Regarding Loan Estimates   The Consumer Financial Protection Bureau (“CFPB”) recently updated its TILA/RESPA Integrated Disclosure (“TRID”) FAQ’s on July 31, 2019 to address questions regarding when a Loan Estimate must be provided to consumers.  ...

Rhode Island has enacted the Uniform Fiduciary Access to Digital Assets Act which has been enacted in various states on which we have previously reported, effective July 15, 2019.  The South Carolina legislature recently amended its laws to provide a...

The State of Maine recently enacted the Maine Revised Uniform Fiduciary Access to Digital Assets Act, effective June 20, 2019.  The Washington legislature recently amended laws related to electronic signatures, effective July 28, 2019.   MAINE LEGISLATIVE DOCUMENT 1535  ...

NEVADA RULES CHAPTER 645B AND 645F   The Nevada Commissioner of Mortgage Lending (“Commissioner”) recently amended rules to add provisions regarding mortgage brokers and mortgage agents (Chapter 645B) and loan modification consultants and mortgage servicers (Chapter 645F).  The rules were...

NORTH DAKOTA HOUSE BILL 1110   The North Dakota legislature recently amended its notarial laws to permit remote online notarizations, effective August 1, 2019.    A notarial officer may now certify that a tangible copy of an electronic record is...

Almost four years after TRID took effect, on May 1st the CFPB issued a factsheet designed to give lenders guidelines for when an assumption of an existing loan by a new consumer requires them to deliver TRID disclosures (Loan Estimate and Closing Disclosure) to the new consumer.

The Tennessee legislature recently enacted the Online Notary Public Act, effective July 1, 2019.  In addition, the Tennessee Department of State has adopted rules for the commissioning of online notary publics and the standards for performing online notarizations.  TENNESSEE SENATE...

The New Mexico legislature recently amended its laws to provide for the filing of duplicate documents.  The Rhode Island legislature has enacted the Uniform Real Property Electronic Recording Act (“Act”).  All the legislation discussed here is effective July 1, 2019....

KENTUCKY HOUSE BILL 285 The Kentucky legislature recently amended several provisions of its Consumer Loan Company Act (“Act”), effective June 26, 2019. "Consumer loan company" means a person licensed to engage in the business of making loans to a consumer...