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Proposed budget seeks to create California version of CFPB
Posted Date: Monday, January 13, 2020
As part of his proposed budget, California Gov. Gavin Newsom proposed expanding the state’s Department of Business Oversight’s authority and capacity, changing its name to the Department of Financial Protection and Innovation to better reflect its current and future purpose. Read on for more details.
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New York DFS creates Consumer Protection Task Force
Posted Date: Monday, January 13, 2020
New York Financial Services Superintendent Linda A. Lacewell announced the creation of a new Consumer Protection Task Force within the Department of Financial Services (DFS) that will further DFS’ mission to protect consumers as the federal government rolls back important consumer protections. Read on for more details.
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Easement abandonment leads to title dispute
Posted Date: Wednesday, November 13, 2019
The current owner of property sued the seller, arguing she violated their statutory warranty deed by abandoning an easement prior to selling the property. The current owner also sued the underwriter for failing to defend. Read on for more details.
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Lender seeks coverage after HOA foreclosure
Posted Date: Wednesday, November 20, 2019
A lender and title insurer dispute coverage after a homeowners association foreclosed on property and subsequently sold it. Read on for more details.
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Virginia considers settlement kickback prohibition
Posted Date: Monday, January 13, 2020
The Virginia General Assembly is considering a bill that would create a prohibition against payment or receipt of settlement services kickbacks, rebates, commissions and other payments. It also provides specific criminal and civil penalties. Read on for more details.
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New York DFS issues cybersecurity alert
Posted Date: Monday, January 6, 2020
The New York State Department of Financial Services issued an alert to all regulated entitles concerning heightened risk of cyberattacks. Read on for more details.
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Owner sues over missed delinquent taxes
Posted Date: Wednesday, January 15, 2020
The current owner of property in Pennsylvania brought suit against Pennsylvania state court judges, the Court of Common Pleas of Philadelphia County, the tax revenue bureau and chairwoman Nancy Kammerdeiner, alleging that the city of Philadelphia began foreclosure proceedings despite providing the city with accord and satisfaction. She argued she was unaware of the delinquent taxes on the property when she purchased it in 2007. Read on for more details.
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Former CFPB deputy heads to New York DFS
Posted Date: Wednesday, January 15, 2020
Leandra English, the former deputy director of the Consumer Financial Protection Bureau (CFPB), was recently announced as special policy advisory at the New York Department of Financial Services. Former CFPB Director Richard Cordray’s second-in-command may be best known for being involved in a dispute with former acting director Mick Mulvaney over who was to lead the bureau after Cordray’s departure. Read on for more details.
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Michigan DIFS issues letter regarding marijuana services
Posted Date: Wednesday, January 15, 2020
The Michigan Department of Insurance and Financial Services recently issued letter 2020-CU-01 to the Board of Directors and Management of Michigan State-Chartered Credit Unions regarding financial services to the Marijuana Industry. Attached to the letter was a recent memorandum on Financial Services and the Michigan Marijuana Industry. Read on for more information.
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Alabama to consider changes to mortgage satisfaction law
Posted Date: Wednesday, January 15, 2020
The Alabama Legislature is considering a bill to expand the Alabama Residential Mortgage Satisfaction Act to require recordation of satisfaction to include mortgages securing commercial agricultural properties. It would rename the act the Alabama Residential and Agricultural Mortgage Satisfaction Act. Read on for more details.
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Washington considers insurance commissioner’s fraud account
Posted Date: Wednesday, January 15, 2020
The Washington Legislature is considering a bill to fund the state insurance commissioner’s criminal investigation unit by creating the insurance commissioner’s fraud account. Read on for more details.
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New Jersey bulletin discusses Home Ownership Security Act
Posted Date: Wednesday, January 15, 2020
The New Jersey Department of Banking and Insurance recently issued Bulletin No. 20-01 regarding the New Jersey Home Ownership Security Act of 2002 – specifically, the annual review required in the acts definition of a high cost home loan. Read on for more detail.
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West Virginia introduces electronic recording act
Posted Date: Monday, January 13, 2020
The West Virginia Legislature has introduced the Uniform Real Property Electronic Recording Act, a bill that would clarify the law regarding electronic recording of real property documents. It initially was drafted by the Uniform Law Commission and has been adopted in 36 states. Read on for more details.
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West Virginia considers identity theft legislation
Posted Date: Monday, January 13, 2020
The West Virginia Legislature is considering legislation relating to the theft of consumer identity protections, including specific protection for theft of identity information of persons 60 years of age or older or individuals under 18 years of age. Read on for more details.
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New Jersey investor charged with conspiracy
Posted Date: Monday, January 13, 2020
An Essex County, N.J., man was arraigned on charges that he engaged in a conspiracy to commit mortgage fraud that resulted in potential losses in excess of $1 million. Read on for more details.
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Parties present dueling quiet title motions
Posted Date: Wednesday, January 8, 2020
After the original owner of property fell behind on his homeowners’ association payments, the HOA foreclosure agent foreclosed on the property and sold it to a third party. The third party then sued the first lienholder to quiet title, and the first lien holder filed a countermotion to quiet title. The case eventually went before the Court of Appeals of Nevada.
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Couple seeks quiet title after foreclosure
Posted Date: Wednesday, January 8, 2020
Having unsuccessfully prevented a foreclosure and trustee’s sale from happening, a couple in California filed suit against parties involved with their defaulted loan, arguing that because the parties did not legally obtain or assign their interests in the promissory note and deed of trust, they did not have the authority to enforce those instruments. The case eventually went before the Second District Court of Appeal of California. Read on for more details.
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NAIC drafts principles on AI
Posted Date: Wednesday, January 8, 2020
The National Association of Insurance Commissioners Artificial Intelligence Working Group drafted Principles of Artificial Intelligence that are currently out for comment. Read on for more on these principles.
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New York considers real estate compensation requirements
Posted Date: Wednesday, January 8, 2020
The New York Assembly is considering a bill that would amend the state’s real property law regarding the compensation of buyer’s agents in real estate transactions. Read on for more details.
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Mortgage broker settles FTC allegations over posting consumer information
Posted Date: Wednesday, January 8, 2020
A California-based mortgage broker will pay $120,000 to settle Federal Trade Commission allegations that it violated the Fair Credit Reporting Act and other laws by revealing personal information about consumers in response to negative reviews posted on the review website Yelp. Read on for more details.
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New Hampshire issues bulletin regarding data security law
Posted Date: Monday, January 6, 2020
Acting New Hampshire Insurance Commissioner Alex Feldvebel issued a bulletin to all insurance providers in the state to inform them of the new requirements that are now in effect after the state legislature passed RSA 420-P, relating to insurance data security. Read on for more details.
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