Contact Us

Nevada and Utah Legislative and Minnesota Regulatory Update

Nevada The Foreclosure Mediation Program expires on June 30, 2017, and all mediations should have been completed by April 30, 2017. Utah Utah House Bill 13 recently passed, defining digital assets and parties involved for electronic loan compliance. Some measures include: Identifying custodians (persons/entities that carry, maintain, process, receive, or store digital assets for users) […]

Nevada

The Foreclosure Mediation Program expires on June 30, 2017, and all mediations should have been completed by April 30, 2017.

Utah

Utah House Bill 13 recently passed, defining digital assets and parties involved for electronic loan compliance. Some measures include:

  • Identifying custodians (persons/entities that carry, maintain, process, receive, or store digital assets for users)
  • Digital assets (electronic records to which an individual has a right or interest)
  • Users (person who has an account with a custodian)
  • Designated recipient (person chosen by a user to administer the user’s digital assets)
  • Fiduciary (personal representative, executor, administrator, trustee, etc. performing a fiduciary role in regards to a user)

Minnesota

Minnesota penned a supervisory guidance letter to residential mortgage originators that identified five deficiencies typically identified in routine examinations, including:

  • Failure to properly disclose the agency or non-agency relationship of the lender with the borrower.
  • Failure to properly disclose the five requirements of the agreement, complete the agreement in its entirety, and include a disclaimer.
  • Failure to maintain necessary records for the required 60 months.
  • Failure to demonstrate tangible net benefits to a consumer for refinance loans.
  • Failure to disclose advance fee contracts, deposit advance fees or escrows into a trust account.

You can read the full text of the article on the MRG website.

Sign up for news + updates

Expert insights and regulatory updates on RegTech, compliance management, and fair lending.
[piotnetforms id=3756]

Recommended Resources

Goals Module Overview

Learn more about the Goals Module and its key monitoring and reporting features.

Reg+Tech Magazine Volume 2 Issue 1

Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.

Reg+Tech Magazine Vol. 1 Issue 2

Regulatory and technology experts discuss innovation, CRA reforms, and how single-close construction loans are reenergizing rural America.

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram