Lender Compliance with New Customer Due Diligence Rules
Lenders should have completed implementation of procedures for compliance with new regulations that become effective on May 11, 2018, informally known as the “Know Your Customer” requirements. Those regulations focus primarily on identifying the beneficial ownership of financial institution accounts. Lenders should not let those beneficial ownership regulations overshadow the new customer due diligence (CDD)…
Read MoreQuicken Loans, Inc. v. Walters: A Case of Unambiguous Ambiguity
In the case of Quicken Loans, Inc. v. Walters, all five justices of the Supreme Court of Appeals of West Virginia agreed that West Virginia’s “illegal loan” statute was unambiguous. While one might think that agreement on that point would be followed by a unanimous ruling in favor of one of the parties to the…
Read MoreChanges in Maryland Quiet Title Procedure Strengthen Judgments
Until 2016, quiet title actions in Maryland had proceeded based on common law and the results were confusing, inconsistent, and unreliable. The Maryland Land Title Association, along with other industry organizations such as the Maryland Bankers Association and the Maryland Association of Realtors, recognized the haphazard process that resulted and successfully lobbied the state to…
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