The Maryland General Assembly recently adjourned without passing a bill that would have required reverse mortgage lenders to establish escrow accounts for the payment of property taxes and … more MD Legislature Adjourns Without Approving Escrow Bill
State / Local
MA Regulator Finalizes Flood Insurance Guidelines
The Massachusetts Division of Banks published a final regulation this week that prohibits creditors from requiring residential property owners to buy flood insurance in an amount that exceeds … more MA Regulator Finalizes Flood Insurance Guidelines
Illinois RM Bill implements Cooling Off Period and Educational Documents
Illinois Governor Bruce Rauner (R ) signed legislation into law that would implement a 3-day “cooling-off” period, impose restrictions on the cross-selling of insurance products, create new borrower … more Illinois RM Bill implements Cooling Off Period and Educational Documents
Rhode Island Amends Reverse Mortgage Statute
Rhode Island has amended its statute regulating reverse mortgage loans. As amended, the statute allows a reverse mortgage lender to perform certain actions in processing a reverse mortgage … more Rhode Island Amends Reverse Mortgage Statute
Utah Enacts Reverse Mortgage Act With “Cooling Off” Period
The Utah state legislature recently passed the Utah Reverse Mortgage Act, which was signed into law on March 27 by Governor Gary Herbert. The bill, S.B. 120, includes … more Utah Enacts Reverse Mortgage Act With “Cooling Off” Period
F2F Counseling Remains In Effect in MA
The Massachusetts legislature this week failed to restore a two-year delay for mandatory face-to-face counseling.
California Enacts Seven Day “Cooling Off” Period
California Gov. Jerry Brown signed a new consumer protection bill that imposes a 7-day “cooling off” period between the time a borrower is counseled and the application begins.
Massachusetts In-Person Counseling Requirements
Massachusetts’ Division of Banks confirmed with NRMLA’s outside legal counsel that those seniors who received counseling on or before July 31, do not have to be re-counseled in-person.