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2013 Virginia Legislative Update

By on April 12, 2013

The following bills should be of interest to providers of financial services.  All but two of the bills will be effective July 1, 2013.  Senate Bill 1117 dealing with watercraft titling certificates is effective July 1, 2014; Senate Bill 1052 dealing with wills and trusts was effective retroactively to July 1, 2012.  This summary, which for […]

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Morris_Dewey

Mortgage Loan Originators

By on April 2, 2013

The State Corporation Commission has recently amended its regulations governing Mortgage Loan Originators.  Among other things, the amendments affect the criteria used by the Commission in determining whether an applicant has the financial responsibility, character and general fitness required for a license.  The new regulations also establish time periods within which licensees must respond when […]

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Dewey-Morris-5-Edit

Virginia to Adopt the NMLS Uniform State Test for Mortgage Loan Originators

By on March 14, 2013

Beginning April 1, 2013, Virginia will adopt the NMLS uniform state test for mortgage loan originators.  This test will replace the state specific test component currently required in Virginia.  New applicants and current licensees who are required to take the state component test should visit the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx for information about the […]

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Joley Eason

Outpatient treatment: Mental health care outside of a facility

By on February 21, 2013

As seen in Virginia Lawyers Weekly February 19, 2013 It’s no secret that mental health care in this country is inadequate, and unfortunately, Virginia’s system is no exception. In 2009, the National Alliance on Mental Illness gave Virginia a C for how it treats the mentally ill. (The national average was a D.) Nearly one out […]

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Morris_Dewey

Mortgage Advertising Warning

By on November 26, 2012

On November 19, 2012, the Consumer Financial Protection Bureau (“CFPB”) and the Federal Trade Commission (“FTC”)  sent warning letters to 20 mortgage lenders and mortgage brokers advising that they were using potentially false and misleading advertisements.  The letters identified potential problems dealing with representations about government affiliation, interest rates, reverse mortgages and the amount of […]

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Morris_Dewey

Financial Crimes Red Flag

By on October 24, 2012

Susan Hancock, Deputy Commissioner of the Virginia Bureau of Financial Institutions, reminded licensees attending the 2012 VAMB annual conference that mortgage lenders and brokers are required to comply with recently effective anti-money laundering requirements of the Financial Crimes Enforcement Network (FinCen) of the Department of the Treasury.   These requisites include, among other things, that licensees […]

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Musick_Robert

Rule 68 Offers of Judgment

By on August 28, 2012

The Eleventh Circuit Court of Appeals reversed the dismissal of three collection lawsuits. The District Courts in question dismissed the plaintiffs’ cases based on a rejected offer of judgment that would purportedly have offered complete relief under an FDCPA claim. The offers of judgment offered $1,001 in damages and costs and reasonable attorneys fees. The […]

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Morris_Dewey

TILA/RESPA Disclosures

By on July 26, 2012

TILA/RESPA Disclosures.  The Consumer Financial Protection Bureau has recently published for comment another draft of a combined Truth in Lending-RESPA disclosure mandated by the Dodd-Frank Act.  The new form will replace early truth in lending disclosures and the Good Faith Estimate currently required under RESPA.  The theme of the proposal is “Know Before You Owe”, […]

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