Ohio goes digital: The Notary Public Modernization Act

In December 2018, now former Governor Kasich signed into law S.B. 263, also known as the Notary Public Modernization Act. The act overhauls Ohio’s notary laws and will allow documents to be notarized online through audio-video conferencing.

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Legal Developments, State Regulatory

TCPA: Not all leads are created equal

This year, more than 5,000 lawsuits alleging violations of the Telephone Consumer Protection Act (TCPA) have been filed. Many of these suits are destined for class action status.

The TCPA, in its present state, is almost unworkable for most modern businesses, most of which now drive business through technology and automation. If your company is engaging in any form of phone sales based on leads created through the internet or smart phone applications, it is particularly at risk. Read more >>

Federal Regulatory, State Regulatory

Remember to update the Ohio Homebuyers’ Protection Act form for 2017

Residential Mortgage lenders should be mindful to not forget to update their Ohio Homebuyers’ Protection Act Informational Document with the 2017 prepayment penalty adjustment. Beginning January 1, 2017, no mortgage broker, loan officer or nonbank mortgage lender may charge a penalty for the prepayment or refinancing of a residential mortgage obligation secured by a first lien if the loan amount is less than $88,503. See Ohio Revised Code 1343.011(C)(2).

The Ohio Homebuyers’ Protection Act Informational Document is required by Ohio Revised Code 1345.05(G). An acknowledgement of the consumer’s receipt must be retained by the lender, mortgage broker and loan officer, as applicable. The Ohio Attorney General and the Department of Commerce may examine your records to ensure that you are providing the most current version of this document to consumers with the 2017 adjusted amount.

Also, don’t forget that Nationwide Multistate Licensing System & Registry (NMLS) renewal season started November 1.

Consumer Lending and Services, Fair Lending, Legal Developments, State Regulatory