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Fair Credit Reporting: 15.6.2.3 Verification of Information for Re-use in Subsequent Investigative Report

If a CRA prepares an investigative consumer report that contains adverse information, the CRA may not include that information in a subsequent consumer report unless the information “has been verified in the process of making such subsequent consumer report.”217 The required verification does not refer to the initial process to obtain the information, but to a verification made at the time of a subsequent report of the same information.

Fair Credit Reporting: D.1 Introduction

In July 2011, the Federal Trade Commission issued a report entitled 40 Years of Experience with the Fair Credit Reporting Act: An FTC Staff Report with Summary of Interpretations (hereinafter FTC, 40 Years Staff Report Accompanying FTC Staff Summary). This report included a summary of the FTC’s key interpretations and guidance concerning the Fair Credit Reporting Act.

Fair Credit Reporting: H.1 Introduction

This appendix provides a state-by-state analysis of state laws that affect a consumer’s credit report. Most states have a state fair credit reporting statute. A number of states have also enacted statutes that:

Fair Credit Reporting: 10.7.1.3 When Is State Law Inconsistent with the FCRA?

The FCRA does preempt state law “to the extent that those laws are inconsistent with any provision of this title, and then only to the extent of the inconsistency.”264 State law is inconsistent, for preemption purposes, only where the actor would violate the FCRA by complying with the state statute.265 For example, a state fair credit reporting act that provided attorney fees to a prevailing CRA was held not to be preempted by the FCRA because a consumer could avoid the risk of becoming responsi

Home Foreclosures: B.3.3 VA Guaranteed Loans Circulars and Handbook

The VA provides instruction to lenders and servicers of guaranteed loans through circulars and the VA Servicer Handbook. The Handbook outlines servicers’ responsibility with respect to loss mitigation, and the VA’s role with respect to monitoring servicer activity. The VA Servicer Handbook M26-4 is available at https://www.benefits.va.gov.

The VA Circulars provide up-to-date information on the guaranteed loan program, including the VA’s policy on:

Home Foreclosures: Introduction

This appendix is a summary of individual state laws relating to reverse mortgages. These statutes vary dramatically. Some states merely define reverse mortgages or leave their regulation to more general laws related to home-secured loans. Other states provide specific substantive and procedural protections to reverse mortgage borrowers in varying degrees.

Home Foreclosures: ALABAMA

Definition and Scope

No applicable law. There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Cooling Off Period: No applicable law.

Home Foreclosures: ALASKA

Alaska Stat. § 06.45.060; Alaska Admin. Code tit. 3, § 170

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Home Foreclosures: ARKANSAS

Ark. Code Ann. §§ 23-54-101 to 23-54-109 (Reverse Mortgage Protection Act)

Definition and Scope

“Reverse mortgage” is a nonrecourse loan secured by a borrower’s principal residence that: (a) provides cash advances to a borrower based upon equity in the borrower’s residence; and (b) requires no payment of principal or interest until the entire loan becomes due and payable. § 23-54-103. Statute applies to reverse mortgages executed on or after January 1, 2006. § 23-54-102.

Home Foreclosures: CALIFORNIA

Cal. Civ. Code §§ 1923 to 1923.10 (West); Cal. Civ. Code §§ 2923.4 to 2923.7, 2924.9 to 2924.19 (West) (loss mitigation, non-judicial foreclosure); Cal. Fin. Code § 7504 (West) (savings associations)

Definition and Scope

Home Foreclosures: COLORADO

Colo. Rev. Stat. §§ 11-38-101 to 11-38-112; Colo. Rev. Stat. § 38-38-103.1 (loss mitigation)

Definition and Scope

Home Foreclosures: CONNECTICUT

Conn. Gen. Stat. §§ 8-265i, 36a-265, 49-2; Conn. Gen. Stat. §§ 49-31k to 49-31o (foreclosure mediation program); Conn. Agencies Regs. § 17a-392-6(b)

Definition and Scope

Home Foreclosures: DELAWARE

Del. Code Ann. tit. 5, §§ 2244 (licensed lenders), 2118(a) (mortgage loan brokers)

Definition and Scope

Mortgage loans, the proceeds of which are disbursed to the mortgagor in one or more lump sums, or in equal or unequal installments, and which requires no repayment until a future time, upon the earliest occurrence of one or more events specified in the reverse mortgage loan contract. § 2244(a)(2) (licensed lenders), § 2118(a)(2) (mortgage loan brokers).

Home Foreclosures: DISTRICT OF COLUMBIA

D.C. Code §§ 26-1151.01(7), 42-815.02

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Home Foreclosures: FLORIDA

Fla. Stat. §§ 420.101, 420.102, 697.04

Definition and Scope

Housing Development Corporations established under Florida law are authorized to make, service, and manage home equity conversion mortgages, defined as a reverse mortgage loan made to an elderly homeowner which is secured by a lien on real property. §§ 420.101, 420.102.

Origination

Authorized Lenders: No applicable law.

Home Foreclosures: GEORGIA

Ga. Code Ann. § 50-26-17

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Cooling Off Period: No applicable law.

Home Foreclosures: HAWAII

Haw. Rev. Stat. §§ 506-10, 454M-5.5; Haw. Code R. § 17-1725.1-59 (LexisNexis)

Definition and Scope

Home Foreclosures: IDAHO

Idaho Code §§ 45-1506C, 45-108 (future advances)

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Home Foreclosures: ILLINOIS

765 Ill. Comp. Stat. § 77/78; 765 Ill. Comp. Stat. §§ 945/1 to 945/40 (Reverse Mortgage Act); 815 Ill. Comp. Stat. § 137/65

Definition and Scope

Home Foreclosures: INDIANA

Ind. Code §§ 24-4.4-1-201, 24-4.4-1-301, 24-4.4-2-201, 24-4.4-2-401, 24-4.4-2-502, 24-4.4-2-503, 28-15-11-9, 32-30-10.5-10; 405 Ind. Admin Code 2-3-14

Definition and Scope