Kentucky amends consumer loan company requirements

On March 26, the Kentucky governor signed HB 285, which amends licensing procedures and requirements for consumer loan companies. Specifically, HB 285, among other things:(i) increases application fees; (ii) establishes financial requirements for applicants and licensees; (iii) amends the process for approving applications and appealing denials; (iv) restricts licensing eligibility for individuals who previously had a…

Utah creates regulatory sandbox

On March 25, the Utah governor signed HB 378, which creates a state regulatory sandbox program through the state’s Department of Commerce (Department) that allows participants to temporarily test innovative financial products or services on a restricted basis without requiring a license or authorization to act under Utah law. Under the program, approved applicants will have…

Kentucky creates separate licenses for check cashing and deferred deposit service businesses

On March 19, the Kentucky governor signed S.B. 145, which establishes separate licenses for check cashing and deferred deposit service businesses. In addition, S.B. 145 creates a new section that allows the Department of Financial Institutions commissioner to (i) require license applications and certain other regulatory filings to also be filed with the State Regulatory Registry…

Tim Lange joins CMBA webcast on 2019 NMLS conference highlights (Thursday, Mar. 28, 2019)

Tim Lange, APPROVED Founder and COO, will join the upcoming California Mortgage Bankers Association Mortgage Quality & Compliance Committee webinar discussing the recent 2019 NMLS Conference in Orlando. Tim will be joined by Rosalyn Hardy (President & CEO, QCP Systems) to provide coverage of hot topics coming out of the event and mortgage call reports.…

APPROVED and Buckley host panel “‘So you want to form a joint venture’ — Licensing strategies for successful JVs” at RESPRO26 (Wednesday, Mar. 27, 2019)

Recent changes in regulatory supervision practices have once again made joint ventures an attractive idea to many companies. Join Dan Ladd (Director, APPROVED) and Heidi Bauer (Counsel, Buckley LLP) at the RESPRO26 conference in New Orleans to learn about the rules of the road that still come into play with this model despite these recent…

Nebraska amends mortgage licensing law

On March 7, the Nebraska governor approved LB 355, which amends various sections of the state’s financial laws, including the Nebraska Residential Mortgage Licensing Act (RMLA). Among other things, the RMLA is being amended to (i) provide requirements for the submission of fingerprints for specified principals of mortgage firm applications; (ii) adopt the transitional licensing…

Wyoming is second state to create fintech regulatory sandbox

On February 19, the Wyoming Governor signed HB 57, which creates a fintech sandbox program in the state for companies to test innovative financial products and services. Wyoming is the second state to introduce a regulatory sandbox program, following Arizona’s sandbox introduction last March. (Previously covered by InfoBytes here.) Under the “Financial Technology Sandbox Act” (the…

CSBS agrees to implement recommendations from fintech advisory panel

On February 14, the Conference of State Bank Supervisors (CSBS) agreed to implement specific recommendations from the CSBS Fintech Industry Advisory Panel. The Advisory Panel, which was formed in 2017 and consists of 33 fintech companies, works to “identify and remove unnecessary pain points in the multistate experience of fintechs and other nonbanks operating regionally or nationwide…

Arkansas amends Uniform Money Services Act

On February 13, the Arkansas Governor approved SB 187, which amends the state’s Uniform Money Services Act as it relates to money transmission licensees and currency exchanges. Among other things, the amendments (i) revise surety bond and net worth amounts money transmission licensees are required to maintain; (ii) specify application and renewal requirements and deadlines; (iii)…