Alerts

On April 1, 2022, the value of property exempt from execution, garnishment, attachment, or sale under Ohio Revised Code 2329.66 increased. This is done every three years with the intention to increase alongside the cost of living.

If passed, the new law would create an entirely new subsection under Chapter 286 of the Kentucky Revised Statutes that would require student loan servicers who operate in Kentucky to be licensed through the Department of Financial Institutions.

On March 27, 2020, The Coronavirus Aid, Relief, and Economic Act (CARES Act) was signed in response to the economic downturn in the United States from the COVID-19 pandemic. The CARES Act had a number of temporary bankruptcy provisions with a specific sunset date as to when the provisions would expire.

The United States Supreme Court and United States Congress have amended Federal Rule of Bankruptcy Procedure 9036 to require certain recipients of paper bankruptcy notices to switch to electronic noticing effective December 1, 2021.

The CFPB issued its final rule seeking to prevent avoidable foreclosures through the end of 2021 by assisting mortgage borrowers affected by the COVID-19 emergency.

The CDC and GSE's, under pressure from the House Financial Services Committee, have announced that they will extend the foreclosure and eviction moratorium one last time through July 31, 2021, to permit the CFPB to finalize and implement its pandemic recovery mortgage servicing rules.

Loan servicers are welcoming Ohio's enactment of Substitute H.B. 133, which among other things, cleans up some poorly drafted provisions of Ohio Revised Code 1349.72 enacted in 2019.

On May 13, 2021, the U.S. House of Representatives passed H.R. 2547 also known as the Comprehensive Debt Collection Improvement Act (CDCIA). If passed by the Senate, the CDCIA would amend several existing consumer finance statutes and impose new requirements and limitations on debt collectors.

Ohio's recently-enacted Senate Bill 13, which becomes effective June 14, 2021, impacts the statutes of limitation applicable to various matters, including mortgage foreclosures.

The Consumer Financial Protection Bureau (CFPB) has issued an Interim Final Rule (IFR), effective May 3, 2021, to address certain conduct associated with the eviction moratorium issued by the Center for Disease Control (CDC).