Minnesota, Nevada, Alaska Enact Property, Broker Licensing and Lending Rules
In other state legal news, Minnesota lawmakers have enacted legislation effective Aug. 1, which among other things increases the homestead exemption from $200,000 to $300,000. If the land is used primarily for agricultural purposes, the bill increases the homestead exemption from $500,000 to $750,000.
Also, in Nevada, the state legislature has amended its mortgage broker/agent education and licensing requirements. According to Lotstein Buckman, highlights of the legislation include new written examinations and continuing education requirements. Industry representatives are permitted to participate in the creation of regulations regarding the courses. There is a requirement for mortgage brokers who are not natural persons to designate a "qualified employee" and new accounting standards for mortgage brokers who act as broker-dealers.
The bill is effective Oct. 1, but regulatory agencies have until July 1, 2008 to propose and adopt regulations.
And a House bill in Alaska is calling for implementing broad and substantive mortgage lending requirements for mortgage lenders, brokers and originators.
Although the bill does not require the establishment of an office in the state of Alaska, it sets forth additional requirements for a licensee's principal place of business for institutions and individuals involved in mortgage lending in Alaska, according to the Washington law firm Lotstein Buckman.
Among other things, the bill states that a mortgage licensee may not maintain the mortgage licensee's principal place of business or a branch office within an office, suite, room or place of business in which any other business is solicited unless the name, ownership and business purpose of the other business is disclosed in the mortgage licensee's application for a mortgage license.
As previously noted by the law firm, the bill is effective at the beginning of July. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/