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Mortgage Lending: OKLAHOMA

Oklahoma law deems all contracts for deed that are “made for the purpose of establishing immediate and continuing right of possession” to be mortgages and requires foreclosure in the case of default.99 Prior to foreclosure, the seller must ensure that “the documents have been filed of record in the county clerk’s office” and the applicable mortgage tax is paid.100 This simple requirement provides a substantial amount of protection to contract buyers as they do not face forfeiture and instead are

Collection Actions: Listing of Provisions

50 U.S.C. §§ 3901–4043 (formerly cited as 50 U.S.C. App. §§ 501–596)

[As enacted by Pub. L. No. 108-189, 117 Stat. 2835 (2003), unless otherwise noted]

Title 50—War and National Defense

* * *

Chapter 50—Servicemembers Civil Relief Act

Sec.

3901. Short title

3902. Purpose

3911. Definitions

3912. Jurisdiction and applicability of Act

3913. Protection of persons secondarily liable

Collection Actions: Listing of Provisions

50 U.S.C. §§ 3901–4043 (formerly cited as 50 U.S.C. App. §§ 501–596)

[As enacted by Pub. L. No. 108-189, 117 Stat. 2835 (2003), unless otherwise noted]

Title 50—War and National Defense

* * *

Chapter 50—Servicemembers Civil Relief Act

Sec.

3901. Short title

3902. Purpose

3911. Definitions

3912. Jurisdiction and applicability of Act

3913. Protection of persons secondarily liable

Collection Actions: Listing of Provisions

This appendix reprints 31 C.F.R. §§ 212.1 to 212.12 and apps. A, B, and C (effective May 1, 2011) as promulgated by 76 Fed. Reg. 9939 (Feb. 23, 2011) and amended by 78 Fed. Reg. 32,099 (May 29, 2013).

Title 31—Money and Finance—Treasury

* * *

Chapter II—Fiscal Service, Department of the Treasury

Subchapter A—Bureau of the Fiscal Service

* * *

Student Loan Law: Listing of Provisions, Source, and Authority

The Consumer Financial Protection Bureau (CFPB) now has authority to issue Regulation Z and its commentary. See Pub. L. No. 111-203, tit. X, §§ 1100A, 1100H, 124 Stat. 1376, 2107 (July 21, 2010). On December 21, 2011, the CFPB issued its version of Regulation Z and its commentary. The Federal Reserve Board (FRB) has not withdrawn its version of Regulation Z and its commentary, certain kinds of credit are not within the CFPB’s enforcement authority, and the FRB regulation thus may remain relevant.

Student Loan Law: Listing of Provisions, Source, and Authority

TITLE 34—EDUCATION

SUBTITLE B—REGULATIONS OF THE OFFICES OF THE DEPARTMENT OF EDUCATION

CHAPTER VI—OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION

PART 600—INSTITUTIONAL ELIGIBILITY UNDER THE HIGHER EDUCATION ACT OF 1965, AS AMENDED

SUBPART A—GENERAL

34 C.F.R. sec.

600.1 Scope.

600.2 Definitions.

600.3 [Reserved]

Fair Debt Collection: B.3.11 CFPB, Bulletin 2023-01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts

This guidance focuses on unfair acts and practices in violation of the Dodd-Frank Act, where servicers collect on student loans that were discharged in bankruptcy. It also reminds servicers of the need for adequate policies and procedures to identify loans that are discharged by bankruptcy and to engage in proactive review and remediation where servicers identify errors.

Mortgage Lending: Introduction and Listing of Provisions

The following subsection reprints Regulation G, 12 C.F.R. part 1007, as repromulgated by the Consumer Financial Protection Bureau (CFPB) on December 30, 2011. Regulation G applies to mortgage originators who must register but who are exempt from state licensing. See § 4.3, supra.

Mortgage Lending: Introduction and Listing of Provisions

The following subsection reprints selected provisions of Regulation H, 12 C.F.R part 1008, as repromulgated by the Consumer Financial Protection Bureau (CFPB) on December 30, 2011. Regulation H applies to mortgage originators who must be state licensed and sets minimum standards for state law. See § 4.3, supra.

Mortgage Lending: PUERTO RICO

P.R. Laws Ann. tit. 7, §§ 3061 to 3071 (Reverse Mortgage Consumer Protection Act); P.R. Laws. Ann. tit. 32, §§ 2881 to 2886

Definition and Scope

Mortgage Lending: RHODE ISLAND

34 R.I. Gen. Laws §§ 34-23-5, 34-25.1-1 to 34-25.1-16

Definition and Scope

Reverse mortgages made after January 1, 1985. Applicable to mortgage entitled “Reverse mortgage to secure present and future loans under chapter 25.1 of title 34” and which includes the terms and provisions under § 34-25.1-2. § 34-25.1-6.

Origination

Mortgage Lending: SOUTH DAKOTA

S.D. Codified Laws §§ 54-12-20 to 54-12-22; S.D. Admin. R. 67:46:05:15

Definition and Scope

Reverse mortgage is nonrecourse loan secured by real property that provides cash advances to a borrower based on the equity in a borrower’s owner occupied principal residence, and requires no payment of principal or interest until the entire loan becomes due and payable. § 54-12-20.

Origination

Mortgage Lending: TEXAS

Tex. Const. art. 16, § 50; Tex. Prop. Code Ann. tit. 2, app., Title Examination Standard 16.30 (West) (Foreclosure of Home Equity Loans and Reverse Mortgages)

Definition and Scope

Mortgage Lending: UTAH

Utah Code Ann. §§ 57-28-101 to 57-28-305 (West) (Reverse Mortgage Act)

Definition and Scope

Mortgage Lending: VERMONT

Vt. Stat. Ann. tit. 8, §§ 10701 to 10704; Vt. Stat. Ann. tit. 12, §§ 4631 to 4637

Definition and Scope

Mortgage Lending: VIRGIN ISLANDS

V.I. Code Ann. tit. 28, § 1032 (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.

Mortgage Lending: VIRGINIA

Va. Code Ann. § 6.2-881

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.

Mortgage Lending: WEST VIRGINIA

W. Va. Code §§ 47-24-1 to 47-24-8 (Reverse Mortgage Enabling Act)

Definition and Scope

Reverse mortgage is a nonrecourse loan secured by real property which provides cash advances to a borrower based on the equity in a borrower’s owner-occupied principal residence, and requires no payment of principal or interest until the entire loan becomes due and payable. § 47-24-3.

Origination