Florida amends licensing application procedures
The Department of Financial Services, Office of Financial Regulation amended rules related to the application procedures for prospective loan originator, mortgage broker, and mortgage lender licensees.
NY bill requires licensing for all commercial financing under $500K
The legislation would exempt certain banking organizations, any lender who makes or solicits five or fewer commercial financing products within a 12-month period, and check casher licensees, among others.
Data security best practices for licensees operating remotely
As states continue to extend work-from-home orders in response to the Covid-19 pandemic, and considering that remote work will continue to be the norm for many individuals even after the pandemic subsides, licensees must be prepared to address regulators’ heightened concern for data security.
NMLS reinstatement period starts Jan. 2, 2021 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Nebraska adds delayed deposit services licenses to NMLS Jan. 1, 2021 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
Minnesota regulator issues telework guidance
On December 15, the Minnesota Commerce Department issued guidance regarding non-depository financial institution telework.
Oklahoma extends working from home guidance
The Department of Consumer Credit extended, for the sixth time, its interim guidance to regulated entities on working from home in response to the Covid-19 pandemic.
DFPI: Certain Bitcoin ATMs not subject to MTA licensure
California’s Department of Financial Protection and Innovation released opinion letters covering aspects of the Money Transmission Act related to Bitcoin ATMs.
California DFPI issues MCA enforcement action covering future receivables
The consent order requires the commercial financing company to desist from lending in California unless and until licensed under the CFL, among other things.
Tim Lange to discuss “Impact of Covid-19 on your business”
The panel discussion on Jan. 12, 2021 is part of the California Mortgage Bankers Association Legal Issues & Regulatory Compliance Conference.
Nebraska updates guidance on temporary branch relocations
The Department of Banking and Finance recently updated its guidance regarding temporary branch relocations, effective through the end of 2020.
Texas updates home equity lending guidance
Several state regulatory agencies updated guidance on emergency measures for home equity lenders to consider in response to the COVID-19 pandemic.
The deadline for December renewal is coming soon [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
Texas updates guidance urging motor vehicle sales finance licensees to work with borrowers
The Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the pandemic.
Texas updates guidance for regulated lenders
The Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis, effective through December 31, 2020, unless withdrawn or revised.
DFPI addresses MTA licensing in new letter
The redacted opinion letter covered aspects of the Money Transmission Act related to the registered clearing house and payment processing service exemptions.
New Mexico Adds New Licenses to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
2021 Annual Renewal Period Begins Nov. 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “NMLS News.”
MD to Add Check Casher and Consumer Reporting Agency Registrations to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”