Compliance Updates: April 2025 In Review
Jun 13, 2019
We saw several states completing the lawmaking process in May, which may result in some changes to our system or document library. The details are here in our monthly compliance update blog post. You can always find up-to-the-minute compliance information on our compliance blog. Subscribe to the blog to be among the first to learn about all the industry’s most important compliance news.
State and Investor Compliance News
Several state legislatures completed work on new laws in May, and the various state governors have signed them into law. We are now studying the updated state codes and will provide advice and update notifications on our compliance blog.
Here is a look at what happened in May.
Colorado. Governor John Hickenlooper has signed CO HB 19-1172 (2019), which concerns “an organizational recodification of Title 12 of the Colorado Revised Statutes.” We are reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Indiana. In May, Governor Eric Holcomb signed IN HB 1136 (2019) into law, which (inter alia) amends the state’s code to establish a tiered late payment charge restriction structure based on the frequency of when installment payments become due. We are currently reviewing the change to the late charge restrictions to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
The Indiana Governor also signed IN HB 1487 (2019) which, inter alia, amends the code to permit the use of either the Indiana Secretary of State’s version of the UCC forms or the International Association of Commercial Administrators. We are reviewing this change to determine any impact to our document library. Learn more.
Finally, Indiana’s Governor signed IN HB 1440 (2019), which repeals Chapter 5, Article 2, Title 23 of Indiana’s Code (concerning loan brokers) and substantively replaces it with new Article 2.5, Title 23. We are reviewing this change to determine any impact to our document library. Learn more.
Minnesota. In May Gov. Tim Walz signed MN HF 1840 (2019) into law, which removes references to “subprime” in several sections of Minnesota’s Statute. We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Nevada. Last month, Nevada Governor Steve Sisolak (D) signed NV SB 201 (2019) into law, which modifies various parts of Chapter 604A of Nevada’s Revised Statutes. The chapter coincides and supplements the Federal “Military Lending Act” and the Federal regulations implementing such “Act.” Since the laws exempt their MLA provisions from applying to a “residential mortgage,” this term leaves a loophole which may make mortgage loans secured by vacant property subject to MLA provisions. We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Virginia. Earlier this year, Gov. Ralph Northam signed a new law that revamps many of Virginia’s laws governing real property laws. The effective date of this bill is October 1, 2019. We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Document Changes
The document library also saw a few revisions in May. They’ve been summarized below with links to the full descriptions of the updates.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.