News By Edition

Massachusetts Attorney General Andrea Joy Campbell’s office secured a preliminary injunction in an ongoing lawsuit against MV Realty, a company the AG’s office alleges deceptively presents itself as a real estate brokerage, while, in actuality, aggressively markets a deceptive loan product to financially struggling homeowners in Massachusetts.

A co-debtor appealed an order denying a motion to vacate a default final judgment, vacate a writ of garnishment, and dismiss the case. The title company seeking to collect on an unpaid promissory note had previously obtained a default judgment against the other co-debtor.

After a trust defaulted on a loan on property in Riverside County, Calif., a notice of default and election to sell was recorded, followed by a notice of trustee’s sale. The trust attempted to evade the sale but was unsuccessful, and a foreclosure sale took place. The holder of the loan obtained title and served notices to quit before filing an unlawful detainer action.

The Utah Insurance Department issued Bulletin 2023-2: Settling loans that utilize an attorney opinion letter.

The chairman of the House Financial Services Committee and the chair of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, commented on the Financial Crimes Enforcement Network’s Notice of Proposed Rulemaking regarding access to beneficial ownership information.

The Connecticut General Assembly is considering legislation that would permit notaries to remotely notarize certain documents under certain specified circumstances.

The Georgia Senate passed legislation requiring local governments to remove upon request certain personally identifiable information of public employees from certain property records. The bill now goes before the Georgia House.

The Federal Trade Commission voted to extend the public comment period for its proposed rule to ban employers from imposing non-competes on their workers.

The Alabama Department of Insurance hired a new government relations manager.

The Utah Legislature passed legislation that, among other things, would provide that certain residential property service agreements are void and prohibits the recording of void residential property service agreements. It awaits the governor’s signature.

A coalition of numerous state and federal associations, including the Mortgage Bankers Association, wrote to oppose the Federal Trade Commission’s proposed rule to impose a nationwide ban on most noncompete clauses.

The Virginia General Assembly passed legislation that would require the written consent of the seller’s counsel before a settlement agent or its subsidiaries, affiliates, or subcontractors can collect any fees payable to the agent, its subsidiaries, affiliates, or subcontractors from a represented seller. The bill awaits the governor’s signature.

The Texas Legislature introduced legislation relating to the authority of a business to file electronic documents with a county clerk that accepts electronic filings.

A loan officer from Osceola County, Fla., was charged with three counts of bank fraud and one count of aggravated identity theft connected to a mortgage fraud scheme targeting the financial institution where she worked.

The U.S. House passed the Securing and Enabling Commerce Using Remote Electronic Notarization Act of 2023, which updates and modernizes the notarization process across the country.

The New Mexico Legislature is considering legislation that would amend provisions of state law that authorize the corrections of minor drafting or clerical errors or omissions in recorded instruments of real property.

The Montana Department of Commerce launched the Montana Cybersecurity Program, which would award small to medium-sized businesses up to $8,000 in reimbursement for newly implemented cybersecurity measures paid to an accredited Montana cybersecurity company.

Arizona Gov. Katie Hobbs appointed a new director of the state’s Department of Insurance and Financial Institutions. The new director is expected to join the department on March 6.

The Nevada Department of Business and Industry Director Terry Reynolds announced the appointment of a new insurance commissioner at the Nevada Division of Insurance, effective Feb. 27.

Rep. Patrick McHenry (R-N.C.), the chairman of the U.S. House Financial Services Committee, introduced the Data Privacy Act of 2023. The legislation would modernize financial data privacy laws and give consumers more control over how their personal information is collected and used.

A federal court in Nevada held that an endorsement to a title policy covers a homeowners association’s foreclosure sale of Nevada property.

The Texas Legislature introduced legislation relating to the release of a deed of trust or other contract lien securing a home loan after a payoff by the mortgagor.

The Alabama Department of Insurance welcomes a new deputy commissioner.

The Minnesota Senate confirmed a new commissioner for the Minnesota Department of Commerce, the state agency that oversees 40 industry areas, including insurance, financial institutions and energy resources.