Idaho adopts new Residential Mortgage Practices Act

Idaho Gov. Butch Otter signed HB 169 on April 3, 2009. This bill repeals Chapter 31 of Title 26 entitled the "Residential Mortgage Practices Act" and adopts a new Chapter 31 of Title 26 entitled the "Idaho Residential Mortgage Practices Act (IRMPA). IRMPA is similar to the prior chapter, but reorganized into three parts and renumbered. Idaho Gov. Butch Otter signed HB 169 on April 3, 2009. This bill repeals Chapter 31 of Title 26 entitled the "Residential Mortgage Practices Act" and adopts a new Chapter 31 of Title 26 entitled the "Idaho Residential Mortgage Practices Act (IRMPA). IRMPA is similar to the prior chapter, but reorganized into three parts and renumbered. Part 1 contains the general provisions that apply to the entire chapter. Part 2 includes the provisions for regulating mortgage brokers and mortgage lenders. Part 3 implements the changes required under the federal SAFE Act. The bill becomes effective July 1, 2009. For a copy of the bill, click here.