Wisconsin enacts update to licensing and regulation of non-bank financial services providers
The amendments are modeled on the MTMA and allow Wisconsin to administer licensing needs for various non-bank entities through NMLS.
The amendments are modeled on the MTMA and allow Wisconsin to administer licensing needs for various non-bank entities through NMLS.
Effective July 7, the amended requirements mandate consumer warnings and training for money transmission licensees.
The bills address mortgage recordings and affidavits and trade practices in financial services and residential property agreements, respectively.
Effective June 3, SB 613 updates mortgage licensing laws, allowing remote work and enhancing information requirements for applicants.
Effective June 6, the act prevents deceptive lending practices and amends the Consumer Loan Act to include non-bank services as potential lenders.
The updates go into effect July 1 and align the law with the CSBS Model Money Transmission Modernization Act.
Learn more about this topic and others in the NMLS Resource Center.
Effective July 1, HB 880 bars real estate lien enforcement on primary residences under $25K and mandates recordkeeping for common interest community associations.
Among other things, the changes remove certain disclosures for commercial financing transactions, including those for open-end credit plans after disbursing funds.
The changes amend class action lawsuits and clarify provisions related to “targeted solicitations” involving financial information.
The changes go into effect May 1 and add a disclosure requirement when a credit services organization provides a credit report to a consumer.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
Among other things, the regulations would require a pre-use notice for consumers and risk assessments for businesses using such technology.
The legislation goes into effect on Jan. 1, 2025 and grants consumers rights to data control, access, correction, deletion, and opt-out.
The petition against 27 lenders alleges fraudulent loans in the form of merchant cash advances, seeking injunctions, repayment, and penalties.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
The goal of the new versions is to standardize mortgage company data at the state level and minimize the amount of reporting outside of NMLS.
New LLCs must file the required information within 30 days of their establishment and existing LLCs must comply by Jan. 1, 2026.