Minnesota attorney general settlement with Unlock
The attorney general's office investigated Unlock for entering into mortgage loans without complying with Minnesota law. Unlock denied the allegations but settled.
- From 2021 through 2023, Unlock entered into approximately 86 "home equity agreements" in Minnesota.
- Unlock agreed to $944,626 in monetary and debt relief: $201,050 in direct refunds, an estimated $460,000 in debt relief, and $283,576 for further restitution.
- Unlock agreed not to enter new agreements unless licensed by the Minnesota Department of Commerce, and to follow the state's Mortgage Originator and Servicer Licensing Act, including its rate caps.
Sources: Minnesota Attorney General press release
Colorado attorney general settlement with Unlock
The attorney general determined that Unlock's home equity agreements are consumer credit transactions under Colorado law.
- Unlock must comply with Colorado's Uniform Consumer Credit Code, including the Consumer Equity Protection Act, its rate limits, and its required disclosures.
- Unlock must obtain all required Colorado licenses before resuming operations there.
- As of the announcement, Unlock had identified $283,375 in restitution owed to 125 Colorado consumers, a figure the office expected to grow as more agreements close.
Sources: Colorado Attorney General press release · Assurance of discontinuance (PDF)
FederalBillPendingIntroduced June 17, 2026
Home Equity Lending Integrity Act (S. 4803)
Would amend the federal Truth in Lending Act to include a home equity investment loan in the definition of a residential mortgage loan.
Sources: Bill text, U.S. Government Publishing Office
Pennsylvania HB 2120: licensing for shared equity providers
Would license and regulate shared equity providers and shared equity agreements under the Department of Banking and Securities.
- Passed the House 190 to 11 on June 2, 2026.
- Referred to the Senate Banking & Insurance Committee on June 5, 2026. It has not been signed into law.
Sources: Pennsylvania General Assembly: HB 2120
Illinois adopts rules for shared appreciation agreements
The Illinois Department of Financial and Professional Regulation adopted rules implementing the state's shared appreciation agreement law, effective June 1, 2026, covering counseling, disclosures, and recordkeeping.
We could not access the rule text in the Illinois Register directly. The details here are as reported by the law firms linked below.
Sources: Mayer Brown: Illinois adopts regulations secondary · Weiner Brodsky Kider: IDFPR adopts rules secondary