DFPI examines whether some payment services are exempt from MTA
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.
Iowa modernizes money transmission provisions
The Uniform Money Transmission Modernization Act is designed to harmonize the licensing and regulation of money transmitters with other states.
Arizona amends licensing provisions
Changes related to the Department of Insurance and Financial Institutions include the length of time a license remains active and licensure renewal requirements.
Highlights from the 2023 ombudsman meeting at the NMLS annual conference [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
2022 CSBS annual report now available [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Indiana allows some licensees to sponsor non-employee MLOs
Among other things, requirements include that each sponsored person performs mortgage loan originator activities exclusively for the sponsoring person.
New York proposes “landmark” crypto legislation
Among other things, the bill would strengthen NYDFS’ ability to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in the state.
NYDFS proposes vetting guidance for licensed or chartered entities
The announcement noted that a covered institution’s compliance with the guidance will be reviewed as part of its regular examination framework.
Indiana enacts Money Transmission Modernization Act
Among other things, the Act is designed to eliminate unnecessary regulatory burden and ensure states are able to coordinate in all areas of regulation, licensing, and supervision.
Maryland eliminates separate licensing requirement for branches
Effective July 1, collection agencies and certain non-depository financial institutions can conduct business at multiple licensed locations under a single license.
Maryland amends student financing company registration
Companies seeking to provide services in the state will be required to register with the Commissioner of Financial Regulation beginning March 15, 2024.
Arizona to replace state quarterly report with MSB call report Q1 2023 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Reminder: Comments on the NMLS Mortgage Business Specific Requirements Proposal [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
MSB Call Report Upcoming Form V.3 Updates & FAQs [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
NYDFS to impose supervision fees on virtual currency licensees
NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs.
DFPI says escrow trust accounts are not stored value under MTA
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the California Money Transmission Act (MTA) and the Escrow Act.
North Dakota establishes requirements for residential mortgage servicers
The new legislation provides that a person may not engage in residential mortgage loan servicing in the state without being licensed.
Katy Ryan to discuss state licensing and examination challenges
The panel discussion on Tuesday, May 9 is part of the Mortgage Bankers Association’s Legal Issues & Regulatory Conference.
Collection agency to pay $10k for operating without a license
The Connecticut Department of Banking discovered that the company had been operating without a license in the state since at least 2019.
West Virginia amends real estate licensing provisions
The amendments to the West Virginia Real Estate License Act take effect 90 days from passage.