Electronic Notary Public Act – The state of Arkansas enacted provisions (House Bill 1479) creating the Electronic Notary Public Act. These provisions are effective on August 18, 2017 (or 91 days after adjournment of the current legislative session).
Colorado
MLOs and Mortgage Companies – The Colorado Department of Regulatory Agencies, Division of Real Estate, adopted provisions (REG: 4 CCR 725-3) regarding mortgage loan originators and mortgage companies including updates and repeals to its definitions and professional standards. These provisions are effective on March 17, 2017.
Oregon
Surety Bond Information – The Oregon Department of Consumer and Business Services, Finance and Securities Regulation, adopted provisions (REG: OAR 441-730-0026; -860-0020, -0025, -0050; 885-0010) allowing licensees to submit required surety bond information through the Nationwide Mortgage Licensing System and Registry. These provisions were effective on April 1, 2017.
South Dakota
Nonresidential Mortgage Loans – The state of South Dakota enacted provisions (HB 1179) relating to exemptions from licensure for nonresidential mortgage loans that do not exceed a specified amount. These provisions are effective on July 1, 2017.
Virginia
Uniform Fiduciary Access to Digital Assets Act – The state of Virginia enacted provisions (HB 1608) regarding its Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on July 1, 2017.
Tenants by the Entireties – The state of Virginia amended its provisions (HB 2050) by providing that no interest in real property held as tenants by the entireties may be severed by written instrument unless it is a deed signed by both spouses as grantors. These provisions are effective on July 1, 2017.
Electronic Filing of Land Records – The state of Virginia modified its provisions (SB 870) relating to the electronic filing of land records. These provisions are effective on July 1, 2017.
Protection of Escrow Funds and Security Deposits of Tenants Post-Foreclosure Sale – The state of Virginia amended its provisions (SB 866) relating to the protection of escrow funds and security deposits for tenants after a foreclosure sale. These provisions are effective on July 1, 2017.
Notice to Tenant in Event of Foreclosure – The state of Virginia amended its provisions (HB 1623) regarding residential rental properties by providing that a notice of foreclosure acts as a termination of the rental agreement by the landlord and the tenant may remain in possession on a monthly basis until the new owner provides a notice of termination of the monthly occupancy. These provisions are effective on July 1, 2017.
Residential Property Disclosure Act – The state of Virginia modified its provisions (HB 2034) relating to its Residential Property Disclosure Act. These provisions are effective on July 1, 2017.
Wyoming
Uniform Consumer Credit Code – The Wyoming Department of Audit, Division of Banking, adopted provisions (Chapters 1, 3 and 5: Uniform Consumer Credit Code) regarding licensing fees as well as updating obsolete language and consolidating other existing rules. These provisions are effective immediately.
Uniform Power of Attorney Act – The state of Wyoming enacted provisions (Senate File 105) creating its Uniform Power of Attorney Act that includes providing for applicability, sample forms and the repeal of provisions relating to durable powers of attorney. These provisions are effective on January 1, 2018.
Source : http://www.mortgagecompliancemagazine.com/regulatory/monthly-state-regulatory-update-april-2017/
