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Illinois Legislative and Rhode Island and Utah Regulatory Update

The Illinois legislature, Rhode Island Department of Business Regulation, Banking Division, and Utah Department of Commerce, Division of Real Estate, recently released new regulatory updates.

The Illinois legislature recently amended its laws related to the publication of foreclosure notices, effective August 3, 2018.  The Rhode Island Department of Business Regulation, Banking Division issued a banking bulletin on July 27, 2018.  The Utah Department of Commerce, Division of Real Estate, recently amended its rules governing experience equivalency and points for licensed mortgage loan originators, effective July 13, 2018.

 

Illinois House Bill 5176

 

The notice of sale in a foreclosure must be published at least three consecutive calendar weeks (Sunday through Saturday), once in each week, with the first such notice to be published not more than 45 days prior to the sale and the last such notice to be published not less than seven days prior to the sale.  The notice must be published by:

  • An advertisement in the legal notice section of a newspaper circulated to the general public in the county in which the real estate is located; and
  • A separate advertisement in the section of such a newspaper where real estate other than real estate being sold as part of legal proceedings is commonly advertised.

 

In counties with a population of 3,000,000 or less, these publications may be the same newspaper.

 

In counties with a population of more than 3,000,000, such notices must be published in different newspapers.  The advertisement which must be published in the real estate section of the newspaper must be published in a newspaper in the township in which the real estate is located.

 

Rhode Island Banking Bulletin 2018-2

 

The Rhode Island Department of Business Regulation, Banking Division, recently issued a banking bulletin to notify mortgagees of the Notice of Default and Mortgagee’s Right to Foreclose which must be provided to borrowers no less than 45 days prior to initiating a foreclosure of real estate.  The form is available in both English and Spanish and can be found at http://www.dbr.ri.gov/documents/news/banking/Banking_Bulletin_2018-2.pdf.

 

Utah Administrative Rules R162-2c

 

Applicants for Utah Mortgage Broker licenses must have acquired certain experience and points in order to be granted a license.

 

Thirty months of full-time experience in the following activities is considered equivalent to one year of experience as a first-lien residential mortgage loan originator:

  • Loan underwriter;
  • Mortgage loan manager;
  • Loan processor;
  • Certified mortgage pre-licensing instructor;
  • Second-lien residential loan originator; and
  • A licensed mortgage loan originator working as a junior loan officer or assistant loan officer.

 

The same activities listed above earn 0.5 experience points/month.

 

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