Federal laws

5-21-107. Federal laws. (1) A mortgage servicer shall comply with all federal laws and regulations applicable to mortgage servicers for their mortgage servicing activities, including: (a) The federal Real Estate Settlement Procedures Act of 1974, 12 U.S.C. sec. 2601 et seq., as amended; and (b) The Truth in Lending Act, 15 U.S.C. sec. 1601 et seq., as amended. (2) In addition to any other remedies provided by law, a violation of any federal law or regulation that is covered by subsection (1) of this section shall be deemed a violation of this article 21. (3) All financial responsibility requirements of this article 21 shall be presumed to be met if a mortgage servicer is currently approved to service loans by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association or if it meets prudential standards established by the Conference of State Bank Supervisors. Source: L. 2021: Entire article added, (HB 21-1282), ch. 482, p. 3439, � 1, effective January 1, 2022.