Buckley attorneys Andrew Louis, Kathryn Ryan, and Tim Lange authored a SportsBusiness Journal article, “Improving your odds on the gambling frontier,” which examined the challenges that gaming companies face as they expand sports betting into new states. Click here to read the full article. Originally published in SportsBusiness Journal; reprinted with permission.
On June 14, the governor of Connecticut signed HB 5490, which makes various amendments to the state’s banking statutes, including standardizing various requirements across several mortgage and nonmortgage licensing types. Among other things, the law (i) extends the commissioner’s authority over certain mortgage-related licensees (mortgage lenders, brokers, and originators; correspondent lenders, and processors or underwriters) to…
On June 8, the governor of New Hampshire signed HB 1687, to clarify the applicability of various state banking and consumer credit laws. Among other changes, the law (i) clarifies information required to be provided in a note, agreement, or promise to pay that is entered into by a small, title, or payday lender; (ii) prohibits…
WASHINGTON, DC (June 5, 2018) APPROVED, Buckley Sandler’s technology-enabled, fixed-fee service that assists financial services firms and fintech companies in obtaining and maintaining state-required licenses, today announced the addition of three directors to its leadership team — Tanya Anthony, Derek Schultz, and Dan Ladd. Anthony will focus on mortgage and consumer lending, vendor management, and…
On May 29, the U.S. District Court for the District of South Dakota denied a motion to dismiss filed by the director of the South Dakota Division of Banking (defendant), ruling that the defendant exceeded his authority when he revoked a payday lender’s (plaintiff) operating license instead of initiating a cease and desist order, and that he…
On May 15, the Louisiana governor signed SB171, which amends a state statute that prescribes when a person acquiring or controlling ownership interest in a consumer loan licensee must obtain approval from the state’s commissioner. Under SB171, written approval by the commissioner must now be received for any person acquiring or controlling “[25] percent or more…
On May 15, the Maryland governor signed legislation to establish requirements for lenders making covered loans in the state. Among other things, HB1297 increases the threshold for which a loan is subject to small lending requirements within the Maryland Consumer Loan Law (MCLL) from $6,000 to $25,000. The law also prohibits (i) lenders who are not licensed…
On May 3, the Georgia governor signed into law an act amending provisions of the Official Code of Georgia applicable to the state’s Department of Banking and Finance (Department) and financial institutions generally, including banks, credit unions, licensed sellers of payment instruments, and mortgage lenders and brokers. Among other things, HB 780 grants the Department and/or…
On May 2, the New York Senate introduced a bill that, if passed, would establish a new article under the state’s banking law to provide for the chartering and regulating of internet lending services corporations (on-line lenders). Among other things, the “New York limited state charter for internet lending services,” S8340, would (i) authorize the New York Department…
On April 25, the New York Department of Financial Services (NYDFS) announced the next phase in its initiative to manage the licensing and regulation of all nondepository financial institutions operating in the state. Beginning May 1, budget planners and premium finance companies will be able to transition their licenses to the Nationwide Multistate Licensing System and Registry…
On March 22, the West Virginia governor signed HB 4285, which amends provisions under the West Virginia Safe Mortgage Licensing Act (Act) related to licensing requirements for mortgage loan originators, including those related to continuing education. HB 4285, among other things, (i) updates requirements for applicants registering for mortgage loan originator licenses; (ii) requires nonresident mortgage…
John C. Redding was quoted on March 22, 2017 in a Powersports Finance article, “Less Regulation Prompts Startups to Offer Leases Versus Loans.” The article discussed the increased interest in leasing versus loans and traditional financing, due to less regulatory requirements. The article stated, “Leases include a ‘money factor,’ rather than an annual percentage rate (APR), according…
On March 12, the Wyoming governor signed SF 26, which amends the preexisting licensing law to authorize the state’s collection agency board to use information from, and furnish information to, the nationwide multistate licensing system (NMLS) to assist in the regulation of the debt collection industry. In addition, among other things, SF 26 allows the board…
John Kromer was quoted in Katie Rucke’s PennRecord article, “Commonwealth Court Rules Against Florida Online Lenders,” on March 21, 2016. A recent Commonwealth Court decision against Florida-based companies should serve as a warning to lenders that do business over the Internet, a Washington, D.C., attorney says. The Commonwealth Court earlier this year upheld a cease-and-desist order first…
WASHINGTON, DC (March 7, 2018) – Buckley Sandler LLP today formally announced the launch of APPROVED, a new approach to licensing for financial services companies. Buckley Sandler is building upon years of financial services experience and licensing know-how to offer APPROVED, a technology-enabled, fixed-fee service that will help regulated businesses — mortgage companies, payments companies, consumer…
WASHINGTON, DC (December 4, 2017) – Buckley Sandler LLP announced today that Tim Lange has joined the firm’s Washington, DC office as Director of Licensing. He will be a member of the firm’s Licensing & Chartering practice, which advises mortgage companies, payments companies, online lenders, fintech companies, debt collectors, banks, and other financial services institutions on meeting licensing requirements and understanding…
On March 15, 2017, the Office of the Comptroller of the Currency (OCC) issued further guidance regarding how it will evaluate applications by fintech companies to become Special Purpose National Banks (SPNBs). In its release, the OCC summarized the more than 100 comments it received in response to its December 2016 white paper and provided…