North Dakota passes law on money transmitter licensure
The act is effective August 1. For current licensees, the provisions take effect upon license renewal but no later than December 31.
The act is effective August 1. For current licensees, the provisions take effect upon license renewal but no later than December 31.
The proposed requirements would create a national standard for mortgage industry licensing to help improve uniformity within the state system.
The “Financial Services State Legislative Update” panel is part of the NMLS 2023 Annual Conference & Training in Phoenix, AZ.
As a result, debt buyers will be regulated by the Wyoming Collection Agency Board beginning July 1, 2023.
The AG noted that this is one of the first times a regulator is making a claim in court that one of the largest cryptocurrencies available in the market is a security.
The SLA provides for the licensure, regulation, and oversight of student loan servicers by the California Department of Financial Protection and Innovation.
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Learn more about this topic and others in the NMLS Resource Center.
According to the AG, securities and commodities brokers are required to register with the state, which the respondent allegedly failed to do.
Comments on the proposed modifications related to commercial financial products and services are due March 15.
The settlement is part of the DFPI’s continued crackdown on student loan debt relief companies found to have violated California consumer protection laws.
Among other things, the new act outlines provisions related to financial condition requirements, model state regulatory prudential standards for nonbank mortgage servicers, risk assessments, and licensee reporting requirements.
The Department of Financial and Professional Regulation announced several legislative initiatives to establish consumer protections for cryptocurrencies and other digital assets and provide regulatory oversight of the broader digital asset marketplace.
Licensees who violate their fiduciary duties may face disciplinary action against their real estate license and/or MLO endorsement and may also expose themselves to civil liability.
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Periodic reporting is often mandatory to maintain licensure, and most annual reports covering the previous calendar year are due on or before March 31.
The new legislation eases licensing burdens by allowing licensed professionals to apply for and be granted a license to work provided they meet certain criteria.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.