On February 11, the U.S. District Court for the District of New Jersey denied a motion to dismiss a putative class action against a debt collector and its legal counsel, holding that the plaintiff debtor made a plausible claim under the FDCPA that the debt collector was required by New Jersey’s Consumer Financing Licensing Act (NJCFLA) to…
There are 11 states that have enacted some form of the Uniform Consumer Credit Code (UCCC), a model law that regulates all aspects of consumer credit — from advertising to collection. UCCCs include a licensing and/or notification requirement and, depending on the scope of activities engaged in, as well as available exemptions, some companies may…
The Pennsylvania Department of Banking and Securities recently published guidance stating that virtual currency, including “Bitcoin,” is not considered “money” under the state’s Money Transmitter Act (MTA). According to the guidance, only “fiat currency,” or currency issued by the U.S. government is considered “money” under the MTA and that to transmit money under the MTA, (i) fiat…
Buckley attorneys Kathryn L. Ryan, Moorari K. Shah, and Frida Alim authored a Equipment Leasing & Finance Magazine article, “Equipment finance: Understanding licensing obligations,” which discussed an overview of licensing considerations and trends in state enforcement activity with respect to equipment finance. Click here to read the full article.
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…
Our panelists discuss some of the most commonly required reports and related requirements, submission deadlines, and tips for submission. [Checkpoint Webcast]
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…
Nevada’s administrative code requires that a qualified employee be present at the in-state office of a licensed mortgage broker or banker for the majority of the time that the office is open to the public. In the past, the Nevada Division of Mortgage Lending has permitted certain mortgage broker and banker licensees to satisfy this…
We are excited to share the upcoming dates and topics for the first half of our 2019 Checkpoint webcast series. Please mark your calendars and sign-up for email updates to receive registration details as we get closer to the individual events. If you have questions about the Checkpoint webcast series, suggestions for topics to cover…
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…
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…
There are two types of NMLS company users: account administrators, who have full access to a company’s NMLS record; and organization users, who have limited access. And while any individual can be an organization user, NMLS specifies in the NMLS Policy Guidebook and elsewhere that only employees can be account administrators. For example, the NMLS…
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.…
APPROVED is excited to announce that we have launched a YouTube channel! Our pilot video describes who we are and how our technology-enabled approach to licensing sets us apart from other service providers. Please subscribe to our channel to stay in the loop on new developments.
On October 24, the Pennsylvania governor signed HB 2453, which amends the state’s Check Casher Licensing Act to make several changes in the licensing process for check-cashing entities. Specifically, the amendments (i) allow for check-cashing licenses to be issued for up to 14 months; (ii) require a licensee to demonstrate that it is conducting business in…
Our panelists review some key licensing developments from 2018 and offer predictions about what 2019 might bring. [Checkpoint Webcast]
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…
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…
Our panelists cover tips on how to best navigate the license renewal process, as well as 2018 renewal deadlines and requirements. [Checkpoint Webcast]
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.…