New York recently passed new legislation to add Section 129-a to New York Banking Law.  Applicable only to New York state chartered banks and trust companies, the new law requires a written notice to be provided to borrowers prior to establishing an alternate payment schedule (NY Banking Law §129-a).  The law does not apply to other New York state chartered financial institutions or to federally chartered institutions.

On January 6, 2022, the Department of Veterans Affairs (“VA”) published Circular 26-22-02 announcing an update to VA Form 26-0592, Counseling Checklist for Military Homebuyers (Form ID: 260592.VA). Per the Circular, VA Form 26-0592, which must be provided to all active-duty service members applying for a VA-guaranteed home loan, has been updated to include information regarding recent VA home loan policy changes.

Illinois recently passed SB 1779, which adds an amendment to the Illinois Consumer Fraud and Deceptive Business Practices Act (the “Act”).  The amendment adds new section 815 ILCS 505/2WWW, which provides that a lender, or an agent of a lending company, when offering terms for the purchase of a manufactured home that is not deemed to be real property as defined under the Mobile Home Park Act, must provide a disclosure that includes the following:

Updated to most recent website version. (Date of Release to Production: 02/03/22)

Updated to most recent website version. (Date of Release to Production: 02/03/22)

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DocMagic posts listings of all newly created and revised documents. Here is the list of forms created or modified in February 2022.

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Updated to December 2021 version. (Date of Release to Production: 01/20/22)

New New York form. (Date of Release to Production: 01/13/22)

New Illinois form. (Date of Release to Production: 01/13/22)

Sentence above "Administrative Secretary" address was updated. (Date of Release to Production: 01/13/22)