AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES

Summary

The law adds new rules for covered mortgage servicers – non‑bank entities that handle at least 2,000 residential loans and operate in two or more states. It obligates them to keep sufficient capital and liquid assets, establish a board of directors, conduct internal and external audits, and maintain a risk‑management program. The goal is to ensure these servicers are financially sound and properly overseen.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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