The bill amends certain provisions related to small dollar lending requirements and specifies various consumer protection requirements.
Licensees must provide a toll-free telephone number to contact for customer service issues and to receive live customer assistance.
The move away from a state-specific vendor allows the fingerprints submitted through Fieldprint to be leveraged for nearly all NMLS licenses.
Mortgage servicers licensed in California must provide information to DFPI describing the actions they are taking to help homeowners avoid foreclosure.
The act is intended to replace 50 sets of state-specific money transmitter laws and rules with a single set of nationwide standards and requirements designed by state and industry experts.
The amendments create provisions regarding inactive licenses, citations, and illegal discrimination, among other things.
On September 1, the California DFPI announced that all debt collectors operating in California can apply to be licensed.
The act requires a person engaging in the business of debt collecting in the state to be licensed and provides for the regulation and oversight of debt collectors by DFPI.
Several new opinion letters cover aspects of the California Money Transmission Act related to virtual currency and agent of payee rules.
The regulations, among other things, amend existing licensing rules to transition all licensees under the CFL to registration through NMLS.
Changes include provisions regarding third-party loan modification service providers and become effective January 1, 2022.
The agreement reflects DFPI’s decision to “treat these private financing products as student loans” for purposes of the California Student Loan Servicing Act (SLSA).
The Pilot Program for Increased Access to Responsible Small Dollar Loans is administered by DFPI and established under the California Financing Law.
Licensees on NMLS are no longer required to mail certain original application documents (e.g., lease agreement, office photos) to the Nevada Department of Business and Industry.
Among other things, the new legislation requires persons servicing student loans to obtain a license from the Oregon Department of Consumer and Business Services.
The Division of Banks published guidance that defines unfair or deceptive acts or practices for entities servicing loans or collecting debts within the commonwealth, and provides licensing, registration, and supervision procedures.
The new legislation affects certain mortgage licensing provisions in the state’s banking statutes, with changes going into effect Oct. 1.
Subject to certain exemptions, entities servicing federal student loans must obtain a license and comply with various state requirements and consumer protection mandates.
NMLS published an announcement reminding California debt collectors that all persons must apply for a license by Dec. 31, 2021.
Over the past year, California, Kentucky, New Hampshire, and Oklahoma joined a majority of states in requiring that new applicants for certain licenses submit electronic surety bonds via NMLS in lieu of paper bonds.