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Minnesota, Nevada, Alaska Enact Property, Broker Licensing and Lending Rules.

Mortgage Servicing News

| September 01, 2007 | COPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Saint Paul, MN -- 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 ...

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