Residential mortgage foreclosure subject to Fair Debt Collection Practices Act *

USA - February 5 2013
On January 14, 2013, the Sixth Circuit Court of Appeals ruled that the Fair Debt Collection Practices Act ("FDCPA") applies to foreclosures, even…

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General contractor remains liable for property safety until owner accepts the project *

USA - October 31 2012
The Kentucky Court of Appeals held, in September 2012, that a general contractor is liable for unsafe lighting on a temporary walkway until the owner of the project accepts the work.

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Equitable subrogation unavailable when actual or construction notice of intervening judgment lien exists *

USA - August 7 2012
The Kentucky Supreme Court, on March 24, 2012, in the case of Mortgage Electronic Registration Systems Inc.[MERS] v. Roberts, 366 S.W.3d 405 (Ky. 2012), conclusively held that the doctrine of equitable subrogation was unavailable to protect a subsequent lender and mortgage holder when its loan proceeds were used to pay off a prior lender’s mortgage and an intervening properly filed judgment lien created actual or constructive notice.

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U.S. Department of Treasury issues new caution on disclosure of suspicious activity report *

USA - April 25 2012
In March 2012, the United States Department of Treasury, Financial Crimes Enforcement Network, issued Advisory Fin-2012-A002 cautioning financial institutions, including their attorneys, of their obligation to keep Suspicious Activity Reports strictly confidential. 

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Non-bank residential mortgage lenders and originators subject to anti-money laundering and suspicious activities reporting obligations *

USA - April 25 2012
In February 2012, the Department of Treasury issued a final rule at parts 1010 and 1029, to now define non-bank residential mortgage lenders and originators as loan or finance companies for the purpose of requiring them to establish anti-money laundering programs and to report suspicious activities under the Bank Secrecy Act.

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