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Rhode Island Expands Lender Licensing for Retail Installment Contracts, Allows Remote MLO Work, and Makes Other Changes to Financial Institutions Laws

August 9, 2022 By Josh Dhyani

Rhode Island made a number of amendments to financial institutions statutes with the passage of Senate Bill 2794 / House Bill 7781 Sub A. Changes include the scope of licensing requirements applicable to retail installment contracts and the permissibility of remote work for MLOs and other employees. The changes were effective upon passage on June […]

Filed Under: Consumer Loan, Licensing, Mortgage Loans, State Law Tagged With: Mortgage, Rhode Island

Georgia Amends its Residential Mortgage and Installment Loan Laws

August 4, 2022 By Nanci Weissgold, Anoush Garakani and Josh Dhyani

A&B Abstract: On May 2, 2022, Georgia Governor Brian Kemp signed HB 891 and SB 470 into law.  HB 891, effective July 1, 2022, updates various laws enforced by the Georgia Department of Banking and Finance (the “Department”) including, among other things, by amending (1) certain exemptions from licensure under the Georgia Residential Mortgage Act […]

Filed Under: Consumer Loan, Licensing, Mortgage Loans, State Law Tagged With: Georgia, passive investors, Servicing

Connecticut and Maryland Adopt Model Mortgage Servicer Prudential Standards

August 1, 2022 By Nanci Weissgold, Anoush Garakani and Josh Dhyani

A&B Abstract: On May 24, 2022, Connecticut enacted legislation that, among other things, adds financial condition and corporate governance requirements for certain licensed mortgage servicers (the “CT Standards”). In similar fashion, the Maryland Commissioner of Financial Regulation (the “Commissioner”) issued a notice of final action on March 25, 2022 adopting similar standards by regulation (the […]

Filed Under: Federal Housing Finance Agency (FHFA), Mortgage Servicing, State Law Tagged With: #GSEs, #mortgageservicing, CSBS, Mortgage Servicing, Servicing

Maryland Regulator Puts Lenders and Servicers on Notice Regarding the Assessment of So-Called “Convenience Fees”

June 8, 2022 By Anoush Garakani and Nanci Weissgold

A&B Abstract: On May 12, 2022, the Maryland Office of the Commissioner of Financial Regulation (the “OCFR”) issued an Industry Advisory (the “Advisory”) “put[ting] [the] industry on notice” of the recent decision issued by the 4th Circuit Court of Appeals in Ashly Alexander, et. al. v. Carrington Mortgage Services, LLC.  The Advisory directs lenders and […]

Filed Under: Debt Collection, Fair Debt Collection Practices Act (FDCPA), Mortgage Servicing, State Law Tagged With: #debtcollection, #FDCPA, Debt Collection, Mortgage Servicing, Regulation F, Servicing

Utah to regulate smaller commercial non-real estate secured financings

April 18, 2022 By Stephen Ornstein

A&B Abstract: We wanted to apprise you of a significant development impacting the commercial non-real estate secured lending arena which until recently has been lightly regulated by the states.  On March 24, 2022, Utah Governor Spence Cox signed into law S.B. 183, the “Commercial Financing Registration and Disclosure Act” (the “Act”) which, commencing on January […]

Filed Under: State Law Tagged With: #commercialfinancing, #Utah

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