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Consumer Class Actions: State Editors

Alabama

James P. Pewitt, Esq.

James P. Pewitt, LLC

Two North Twentieth

2 20th Street North, Suite 925

Birmingham, AL 35203

Phone: 205-874-6686

Email: [email protected]

Alaska

Jeff Feldman, Esq.

University of Washington School of Law

Box 353020

William H. Gates Hall—Room 342

Seattle, WA 98195

Phone: 206-543-0600

Email: [email protected]

Arizona

Fair Debt Collection: B.3.10 CFPB, Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act

This guidance reminds debt collectors that the FDCPA’s prohibition on misrepresentations “includes misrepresenting that a consumer must pay a debt stemming from a charge that exceeds the amount permitted by the No Surprises Act.” It also reminded furnishers, including debt collectors, that “the accuracy and dispute obligations imposed by the FCRA and Regulation V apply with respect to debts stemming from charges that exceed the amount permitted by the No Surprises Act.”

Fair Debt Collection: Introduction to Summary of State Debt Collection Statutes

This Appendix summarizes state debt collection practices statutes. It includes debt collection statutes of general applicability, plus statutes relating to collection of child support debts. Selected statutes applicable only to particular industries are noted in the footnotes, especially in states that do not have generally applicable debt collection statutes. The Appendix does not include state UDAP statutes except to the extent that they include provisions directed specifically at debt collection.

Consumer Arbitration Agreements: Listing of Provisions

9 U.S.C. §§ 1–16

TITLE 9—ARBITRATION

Chapter 1 General Provisions

§ 1. “Maritime transactions” and “commerce” defined; exceptions to operation of title

§ 2. Validity, irrevocability, and enforcement of agreements to arbitrate

§ 3. Stay of proceedings where issue therein referable to arbitration

Mortgage Lending: § 7.4007 Deposit-taking by national banks.

(a) Authority of national banks. A national bank may receive deposits and engage in any activity incidental to receiving deposits, including issuing evidence of accounts, subject to such terms, conditions, and limitations prescribed by the Comptroller of the Currency and any other applicable Federal law.

(b) Applicability of state law. A national bank may exercise its deposit-taking powers without regard to state law limitations concerning:

Mortgage Lending: § 7.4008 Lending by national banks.

(a) Authority of national banks. A national bank may make, sell, purchase, participate in, or otherwise deal in loans and interests in loans that are not secured by liens on, or interests in, real estate, subject to such terms, conditions, and limitations prescribed by the Comptroller of the Currency and any other applicable Federal law.

Mortgage Lending: § 34.4 Applicability of state law.

(a) A national bank may make real estate loans under 12 U.S.C. 371 and § 34.3, without regard to state law limitations concerning:

(1) Licensing, registration (except for purposes of service of process), filings, or reports by creditors;

(2) The ability of a creditor to require or obtain private mortgage insurance, insurance for other collateral, or other credit enhancements or risk mitigants, in furtherance of safe and sound banking practices;

Mortgage Lending: § 34.42 Definitions.

(a) Appraisal means a written statement independently and impartially prepared by a qualified appraiser setting forth an opinion as to the market value of an adequately described property as of a specific date(s), supported by the presentation and analysis of relevant market information.

(b) Appraisal Foundation means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois.

Mortgage Lending: § 34.43 Appraisals required; transactions requiring a State certified or licensed appraiser.

(a) Appraisals required. An appraisal performed by a State certified or licensed appraiser is required for all real estate-related financial transactions except those in which:

(1) The transaction is a residential real estate transaction that has a transaction value of $400,000 or less;

(2) A lien on real estate has been taken as collateral in an abundance of caution;

(3) The transaction is not secured by real estate;

Mortgage Lending: § 34.44 Minimum appraisal standards.

For federally related transactions, all appraisals shall, at a minimum:

(a) Conform to generally accepted appraisal standards as evidenced by the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Standards Board of the Appraisal Foundation, (www.appraisalfoundation.org), unless principles of safe and sound banking require compliance with stricter standards;

Mortgage Lending: Appendix A to Subpart D of Part 34 Interagency Guidelines for Real Estate Lending

The agencies’ regulations require that each insured depository institution adopt and maintain a written policy that establishes appropriate limits and standards for all extensions of credit that are secured by liens on or interests in real estate or made for the purpose of financing the construction of a building or other improvements./1/11 These guidelines are intended to assist institutions in the formulation and maintenance of a real estate lending policy that is appropriate to the size of the institution and the nature and scope of its indi

Mortgage Lending: 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.

Mortgage Lending: 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.

Mortgage Lending: ALASKA

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

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Mortgage Lending: 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.

Mortgage Lending: 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

Mortgage Lending: COLORADO

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

Definition and Scope

Mortgage Lending: 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

Mortgage Lending: 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).