State/Local Legislation
The following state bills directly impact the reverse mortgage industry.
NRMLA Meets State Lawmakers on Counseling Issues
April 13, 2012
Last week, NRMLA President Peter Bell met with legislators in California and officials in Massachusetts to address legislation concerned with reverse mortgage counseling.
State Legislative Tracking Chart
April 3, 2012
NRMLA has provided a link to the latest tracking chart displaying reverse mortgage legislation pending at the state level.
NM Loss Mitigation Bill Fails to Move
February 17, 2012
The New Mexico legislature adjourned yesterday without passing a “forward” loss mitigation bill that, as originally introduced, would have impacted all mortgage servicers.
NRMLA Seeks Exemption in NM Bill
February 6, 2012
NRMLA submitted a letter to New Mexico state Senator Michael Sanchez that requests an exemption for reverse mortgages in a loss mitigation bill that is pending in the legislature.
NRMLA Meets With MA Officials
January 27, 2012
NRMLA met with officials in Massachusetts to discuss concerns we have with a face-to-face counseling mandate that takes effect in August.
Puerto Rico Passes Reverse Mortgage Law
October 3, 2011
The Puerto Rico legislature enacted a new consumer protection law that, among other things, imposes a duty of good faith on lenders and brokers and requires certain disclosures in connection with a reverse mortgage loan.
CA Legislature Passes Cross-Selling Legislation
August 29, 2011
The California legislature recently passed Assembly Bill 793, which seeks to protect elderly consumers by regulating the relationship between insurance brokers or agents and reverse mortgage originators.
All materials copyrighted © 2012 National Reverse Mortgage Lenders Association.