News
and Events
News Archives | Press Releases | Events Calender | Compliance
News
-
Licensing
- Illinois: HB4812 - The Real Estate License Act of 2000 has been amended, every applicant for a broker's license must provide satisfactory proof to the Department of Financial and Professional Regulation of having been licensed and engaged in licensed real estate brokerage activities for at least 2 years out the 3 years immediately preceding the date of application.
Read More
HB4874 amends the Residential Mortgage License Act of 1987, it requires each foreign mortgagor to provide to the borrower, at closing, a written statement of compliance certifying (i) that the foreign mortgagor is in compliance with the Act or is an exempt person or entity under the Act and (ii) that the foreign mortgagor is in compliance with all applicable requirements of the Office of the Secretary of State in order to do business in Illinois.
Read More - Kansas: SB269 concerns real estate brokers and sales persons; relates to licensure; relates to escrow accounts; relates to prohibited acts.
Read More - New Mexico: SM1 - A memorial requesting a study, a report and recommendations regarding individual loan originator licensing and education requirements.
Read More
HB389 (SB322) - An act relating to taxation; permitting the taxation and revenue department to inform a licensing body of licensee failure to file or pay taxes and other relevant taxpayer information for use in disciplinary proceedings.
Read More - Oklahoma: SB1877 - Professions and occupations; modifying procedures relating to the Mortgage Broker Licensure Act and recommendations to be voted on by the Commission on Consumer Credit.
Read More - Rhode Island: SB2319 requires loan originators to be licensed by the state in order to conduct business
Read More - South Dakota: SB76 - An Act to allow an applicant for a responsible broker's license to complete certain required education requirements after licensure as a responsible broker.
Read More Back - Virginia: HB698 - A state bank or mortgage lender, pursuant to an executed originating agreement with the Virginia Housing Development Authority (VHDA), acts as an originating agent of the VHDA in connection with a mortgage loan shall not be deemed to be acting as a mortgage broker with respect to such mortgage loan.
Read More - West Virginia: HB2206 requires a license for entities that only take assignment of regulated consumer loans or for entities that only service regulated consumer loans.
HB2394 - Provides for provisional mortgage licenses; requires disclosure of fees prior to closing in a mortgage loan; changes the mortgage order appeal and hearing schedule to make them consistent with the banking code.
SB167 - A BILL to amend and reenact 46A-4-101 of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto a new section, designated 46A-4-102a, all relating to the authority of regulated consumer lenders to make loans ; and requiring continuing education of individual regulated consumer lender loan originators.
SB196 - A BILL to amend and reenact 31-17-5, 31-17-8 and 31-17-14 of the Code of West Virginia, 1931, as amended, all relating to mortgage license provisional approval; disclosure of fees in a mortgage loan; and administrative hearing, appeal and scheduling procedure.
Read More
Mortgage Fraud - Colorado: HB1323 imposes a mandatory minimum fine of $75,000 for residential mortgage fraud. Prohibits a court from accepting a plea bargain unless it includes an order of restitution to the victim. Grants the attorney general concurrent jurisdiction to prosecute mortgage fraud.
Read More
- Illinois: HB4677 amends the Criminal Code of 1961, it includes a currency exchange in the definition of financial institution under the Illinois Financial Crime Law.
Read More
- New Jersey: SB456 makes residential mortgage fraud a separate crime
Read More
- Oklahoma: SB1865 creates the Oklahoma Residential Mortgage Fraud Act
Read More
- Utah: HB159 enacts the Real Estate Fraud Act
Read More
- Illinois - Revised Rules Expected: The Illinois Department of Financial and Professional Regulation (IDFPR) is expected to publish revised rules pertaining to the Predatory Lending Database legislation that becomes law on January 1, 2006 and to publish emergency rules which will clarify that, while the law takes effect January 1, no loan must meet its terms until the pilot program can officially start.
Read More - New York - "Emergency Adoptions" OF Regulations vs. The Legislative Process: The testimony focused on the increase in the use of "Emergency Adoptions" of regulations vs. the Legislative process, and "Revenue Restructuring & New Assessments Schedules" that the Banking Department has levied upon the mortgage banking industry in New York State that will no doubt be represented in interest rates and fees charged to New York State homeowners.
Read More - Montgomery County Council Passes Predatory Lending Legislation - The bill expands the categories of lending activities that constitute discriminatory housing practices and increases the damages that the County office of Human Rights may award to victims to $500,000 from $5,000.
Read More - Ohio Supreme Court and Local Ordinances - The Ohio Supreme Court heard arguments about the unconstitutionality of local Predatory Lending ordinances.
Read More - Montgomery County Council Passes Bill 36-04: The Montgomery County Council passed Bill 36-04, the predatory lending ordinance, by a vote of 7-2, with council members Denis and Knapp providing the dissenting votes.
Read More - Massachusetts - SB2278 - Servicing: The proposed law addresses the means by which mortgages are to be discharged, the effect of recording a discharge, requirements relating to payoff statements, timing requirements for effectuation of discharge, and disclosure requirements.
Read More - Florida - Jacksonville Ordinance (2005-1012): The bill amends Ordinance Code Chapter 22 - Small Loan and Consumer Financing and Pawnbrokers - to add a new Part 3 - Payday Loan Practices.
Read More - FEDERAL - Mortgage Interest Deduction & Tax Reform: A letter was sent to Treasury Secretary Snow by 8 Republican majority members of the House Ways and Means Committee.
Read More - Date Change - Montgomery County, MD - Predatory Lending Ordinance: Montgomery County Council President has asked for a postponement of the meeting.
Read More - Outlook good for tax cuts by states in 2006
Read More - Hot off the Press: XL Dynamics at Mortgagepress.com
- HUD's delivery of Final RESPA Regulation to office of management and budget draws fire at house Committee on small Business hearing
Read More - Federal Regulators seek public comment on ways to improve privacy notices
Read More - Financial Institutions must now comply with USA PATRIOT ACT "KNOW YOUR CUSTOMER" requirements
Read More - Fairbanks Capital settlement illustrates intent of FTC and HUD to crack down on unfair or deceptive servicing practices
Read More - HUD Settlement Agreement causes concern with respect to use of Affiliated Business Arrangements
Read More