Iowa modernizes money transmission provisions
The Uniform Money Transmission Modernization Act is designed to harmonize the licensing and regulation of money transmitters with other states.
The Uniform Money Transmission Modernization Act is designed to harmonize the licensing and regulation of money transmitters with other states.
Changes related to the Department of Insurance and Financial Institutions include the length of time a license remains active and licensure renewal requirements.
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Learn more about this topic and others in the NMLS Resource Center.
Among other things, requirements include that each sponsored person performs mortgage loan originator activities exclusively for the sponsoring person.
Among other things, the bill would strengthen NYDFS’ ability to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in the state.
The announcement noted that a covered institution’s compliance with the guidance will be reviewed as part of its regular examination framework.
Among other things, the Act is designed to eliminate unnecessary regulatory burden and ensure states are able to coordinate in all areas of regulation, licensing, and supervision.
Effective July 1, collection agencies and certain non-depository financial institutions can conduct business at multiple licensed locations under a single license.
Companies seeking to provide services in the state will be required to register with the Commissioner of Financial Regulation beginning March 15, 2024.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs.
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the California Money Transmission Act (MTA) and the Escrow Act.
The new legislation provides that a person may not engage in residential mortgage loan servicing in the state without being licensed.
The panel discussion on Tuesday, May 9 is part of the Mortgage Bankers Association’s Legal Issues & Regulatory Conference.
The Connecticut Department of Banking discovered that the company had been operating without a license in the state since at least 2019.
The amendments to the West Virginia Real Estate License Act take effect 90 days from passage.
Under the Act, persons may not engage in the business of money transmission, or advertise, solicit, or hold themselves out as providing money transmission without being licensed.