Georgia Department of Banking and Finance revokes money transmitter license

On January 11, the Georgia Department of Banking and Finance (Department) announced the issuance of a Final Order taken against a Florida-based money transmitter and two of its officers for allegedly failing to, among other things, timely file suspicious activity reports (SARs) or conduct required background checks on covered employees. Following a hearing, the Department issued the Final…

Ohio mortgage servicers now required to register

On December 19, 2018, the Ohio Governor signed Substitute House Bill 489 (HB 489), which amends the Ohio Residential Mortgage Lending Act (RMLA) to, among other things, require a person acting as mortgage servicer to obtain a Residential Mortgage Lending Act Certificate of Registration in the state, unless exempt from the RMLA. The amendments define a “mortgage…

Maryland Court of Appeals holds state licensing requirement is a “statutory specialty” with 12-year statute of limitations

On December 18, the Court of Appeals of Maryland held that the licensing requirement, §12-302, of the Maryland Consumer Loan Law (MCLL) is a “statutory specialty” and causes of action under it are accorded a 12-year statute of limitations period. The decision results from a question of law posed to the appeals court by the U.S. District…

Illinois amends Residential Mortgage License Act

On December 19, the Illinois governor signed HB 5542, which amends the state’s Residential Mortgage License Act of 1987 (the Act) to make various changes to state licensing requirements. Among other things, the amended Act (i) clarifies the definition of a “bona fide nonprofit organization”; (ii) provides a list of prohibited acts and practices; (iii) stipulates…

Washington State Department of Financial Institutions adopts amendments concerning student education loan servicers

On December 3, the Washington State Department of Financial Institutions (DFI) issued a final rule adopting amendments  including student education loan servicing and servicers as activities and persons regulated under the state’s Consumer Loan Act. According to DFI, the amendments will provide consumers with student education loans a number of consumer protections and allow DFI to monitor servicers’ activities.…

Upcoming deadline: Mortgage call report

Just a friendly reminder that the mortgage call report for the third quarter of 2018 is due by November 14. The report must be filed by any company that maintains one or more specified licenses (typically, mortgage licenses) in the Nationwide Multistate Licensing System. Note that even if your company does not engage in mortgage-related…

2019 NMLS renewal period begins November 1

The 2019 Nationwide Multistate Licensing System renewal period will open on November 1 and close on December 31. The NMLS Resource Center has state-by-state renewal checklists and three renewal handbooks specifically written for companies, individuals, and money services business, debt, and consumer finance companies. Prior to the opening of the renewal period, there are a…

Upcoming deadline: California license assessments

The California Department of Business Oversight has notified California Financing Law licensees and California Residential Mortgage Lending Act (CRMLA) licensees of their annual assessment obligations for fiscal year 2018-2019. The assessments cover each licensee’s share of the cost of administering the programs under the California Financial Code and must be paid by October 31, 2018.…

Washington state Attorney General says debt buyers are collection agencies, files lawsuit for operating without a license

On September 21, the Washington state Attorney General announced that it filed a lawsuit against several collection agencies and their owner (defendants) for allegedly purchasing and suing on charged-off consumer debts in violation of the Washington Collection Agency Act (WCAA) and the Washington Consumer Protection Act (WCPA). The complaint alleges that defendants bought and then obtained judgements on…

New York adds three license applications to NMLS

On October 1, without notice, the New York State Department of Financial Services and the Nationwide Multistate Licensing System announced that the NMLS would begin receiving new application and transition filings for the check casher license, the commercial check casher license, and the virtual currency license in New York. The announcement from the NYSDFS explained…

NYDFS adds check cashing and virtual currency businesses to nationwide licensing system

On October 1, NYDFS announced the commencement of the final phase of its initiative to manage the license application and regulation of all non-depository financial institutions operating in the state through the Nationwide Multistate Licensing System and Registry (NMLS). As such, NYDFS now allows financial services companies holding check casher and virtual currency business activity licenses to…