The California Department of Business Oversight announced a formal investigation into a California auto title lender to determine whether the lender is evading state interest rate caps through a recent partnership with a Utah-based bank.
New applicants and existing licensees may now make submissions for Georgia Department of Banking and Finance licenses directly through NMLS.
With this development, the already short list of state financial services regulators enforcing such a requirement became significantly shorter.
The NMLS annual renewal period is right around the corner and it’s certainly not too early for state-licensed mortgage loan originators to start fulfilling their annual continuing education requirements.
The California Department of Business Oversight (CDBO) released two new opinion letters covering aspects of the California Money Transmission Act (MTA) related to the sale of foreign currency and the agent of the payee exemption.
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
Remote work guidance was extended through Dec. 31 for mortgage companies, MLOs, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants.
This discussion covers how the pandemic has affected the traditional examination process, and updates from CSBS regarding the latest developments within the State Examination System (SES) and on managing complaints.
The Department of Banking issued a memorandum extending through December 31, 2020 with respect to various licensees temporarily working from home during Covid-19.
The Arkansas Securities Department extended interim regulatory guidance previously issued to licensed mortgage companies, MLOs, and branch managers.
The Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders navigating the Covid-19 crisis.
The Division of Financial Institutions extended, until September 30, 2020, interim guidance permitting licensees to reduce hours or close offices during Hawaii’s Covid-19 Emergency Period.
The Department of Finance extended guidance previously issued to certain mortgage, debt collection, and consumer lending licensees.
The opinion letters issued throughout the summer covered virtual currency and agent of payee rules under the California Money Transmission Act.
Learn more about this topic and others in the NMLS Resource Center under “NMLS News.”
Learn more about this topic and others in the NMLS Resource Center under “NMLS News.”
The Division of Financial Institutions extended its guidance temporarily permitting employees of depository and non-depository entities to work from home or some other remote location approved by the financial institution.
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
Governor Newsom signed the Budget Act of 2020, which allocates $10.2M in 2020-21 growing to $19.3M in 2022-23 to the DBO, contingent on the enactment of the law.
The Department of Consumer Affairs updated and extended its interim guidance permitting mortgage loan originators to work remotely.