DFPI concludes MTA licensure not required for donations to NPOs
A new opinion letter examines whether donations to nonprofit organizations are exempt from the California Money Transmission Act.
Louisiana proposes virtual currency business licensing rules
The Louisiana Office of Financial Institutions (OFI) published the proposed rules in the Louisiana Register to implement the Louisiana Virtual Currency Business Act (VCBA).
Louisiana enacts student loan servicer provisions, establishes requirements for private education lenders
Among other things, the acts prohibit servicers from misleading student loan borrowers and outline provisions related to private education lenders.
Part two in Buckley’s “Licensing & Supervision Lifecycle” webcast series
APPROVED Director Kristie Battershell joined attorneys from Buckley to discuss state supervision, enforcement, and multistate coordination.
Upcoming deadline: South Dakota money lender license quarterly report
Money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks.
DFPI seeks to regulate commercial financial products and services under the CCFPL
The California Department of Financial Protection and Innovation issued a notice of proposed rulemaking with written comments due by Aug. 8.
Hawaii enacts licensing legislation
The new bills are effective July 1, 2022, and focus on requirements for licensed money transmitters and mortgage loan originators.
Kansas Mortgage Business Act will change Kansas licensing requirements effective July 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Upcoming deadline: Nevada installment loan company licensees must transition to NMLS by Sept. 30
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
Massachusetts amends mortgage lender/broker licensing provisions
The Office of Consumer Affairs and Business Regulation, Division of Banks announced the final amendments, effective May 27, 2022.
Illinois amends Collection Agency Act provisions
The amendments take effect Jan. 1, 2023, and strike language repealing specified provisions and add, amend, and strike certain definitions, among other things.
CSBS seeks comments on NMLS disclosure questions proposal [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Buckley “Licensing & Supervision Lifecycle” webcast series
The three-part series kicked off with a look at state licensing and prudential standards led by Katy Ryan, APPROVED co-founder and Partner at Buckley LLP.
FYI – MSB Call Report form version update [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Florida amends MSB provisions to define “control persons”
The new bill also provides requirements for a money transmitter that receives virtual currency, among other things.
Massachusetts Division of Banks regulation amendment effective May 27 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Illinois adds new license type to NMLS on July 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Illinois to adopt electronic surety bonds [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Arizona passes money transmitter licensure legislation
The bill, among other things, creates provisions related to consistent licensure, application for licensure, and information requirements for certain individuals.
Florida amends consumer finance loan provisions
Among other things, the bill prohibits licensees from charging borrowers a prepayment penalty for paying all or part of a loan’s principle before the payment due date.