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Connecticut and North Carolina Legislative Update

The Connecticut legislature has amended its laws regarding real estate closings, while the North Carolina legislature has updated the charge for a returned check.  Both bills discussed here are effective October 1, 2019.

 

CONNECTICUT SENATE BILL 320

 

The law has been amended to provide that real estate closings may only be conducted by an attorney licensed to practice law in Connecticut. 

 

A “real estate closing” means the closing for a mortgage loan transaction to be secured by real property, other than a home equity line of credit transaction or any other loan transaction that does not involve the issuance of a lender’s or mortgagee’s policy of title insurance in connection with such transaction; or any transaction where consideration is paid to a party to the transaction to effect a change in the ownership of real property in Connecticut. 

 

NORTH CAROLINA SENATE BILL 529

 

The North Carolina legislature has increased the processing fee that a person may collect for a check that has been refused by the payor bank because of insufficient funds from $25 to $35, effective October 1, 2019.

 

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Diane Jenkins

Director, National Mortgage Compliance Practice Group, AsurityDocs Of Counsel, Sandler Law Group

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