Florida amends MSB provisions to define “control persons”
The new bill also provides requirements for a money transmitter that receives virtual currency, among other things.
Massachusetts Division of Banks regulation amendment effective May 27 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Illinois adds new license type to NMLS on July 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Illinois to adopt electronic surety bonds [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Arizona passes money transmitter licensure legislation
The bill, among other things, creates provisions related to consistent licensure, application for licensure, and information requirements for certain individuals.
Florida amends consumer finance loan provisions
Among other things, the bill prohibits licensees from charging borrowers a prepayment penalty for paying all or part of a loan’s principle before the payment due date.
DFPI says debt collection licenses “unavoidably delayed”
The FBI informed California Department of Financial Protection and Innovation that new changes are needed to state agency protocols for requesting federal background checks.
Oregon adds new license types to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
DFPI amends requirements for increased access to RSDL program
Amendments to regulations under the California Financing Law were related to a pilot program for increased access to responsible small-dollar loans.
Florida amends MSB provisions
The bill, among other things, revises provisions related to prohibited activities without a license and establishes requirements for virtual currency transfers.
Connecticut amends banking statutes
Among other things, the new bill establishes that a money transmission license is not transferable or assignable, but a licensee may be acquired under certain circumstances.
APPROVED co-founder Katy Ryan to discuss state licensing and NMLS
The panel discussion on Tuesday, May 24 is part of the Mortgage Bankers Association’s Legal Issues and Regulatory Compliance Conference 2022 in Miami, FL.
Connecticut issues CDO against unlicensed small-dollar marketplace lender
The California-based respondent allegedly violated several provision of the Connecticut General Statutes, as well as Section 1036 of the CFPA.
Georgia amends mortgage lender/broker licensing provisions
Among other things, the act defines “covered employee” and adds them to the list of persons who may not be licensed due to a felony conviction.
Georgia updates license exemption provisions
Among other things, the bill establishes that an individual cannot engage in the business of making installment loans or acting as an installment lender in Georgia unless that person is licensed.
NMLS Policy Guidebook updates available [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
California reinstates single commercial loan licensing exemption under the CFL
A new bill amends provisions relating to certain financial institutions, including California Financing Law, Escrow Agent, and Money Transmitter licensees.
Wyoming Department of Banking shares notice from Wyoming Collection Agency Board [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Bank, fintech partner must face Maryland’s allegation of unlicensed lending
A federal court told a state-chartered bank and its fintech partner that they must return to a state administrative law proceeding to fight allegations that their failure to obtain a license to lend and collect on loans violated state law.
Checkpoint: How to navigate a company name change
A company name change can be the most difficult license amendment. Here are the top things that you need to know.