DFPI amends requirements for increased access to RSDL program
Amendments to regulations under the California Financing Law were related to a pilot program for increased access to responsible small-dollar loans.
Florida amends MSB provisions
The bill, among other things, revises provisions related to prohibited activities without a license and establishes requirements for virtual currency transfers.
Connecticut amends banking statutes
Among other things, the new bill establishes that a money transmission license is not transferable or assignable, but a licensee may be acquired under certain circumstances.
Connecticut issues CDO against unlicensed small-dollar marketplace lender
The California-based respondent allegedly violated several provision of the Connecticut General Statutes, as well as Section 1036 of the CFPA.
Georgia amends mortgage lender/broker licensing provisions
Among other things, the act defines “covered employee” and adds them to the list of persons who may not be licensed due to a felony conviction.
Georgia updates license exemption provisions
Among other things, the bill establishes that an individual cannot engage in the business of making installment loans or acting as an installment lender in Georgia unless that person is licensed.
California reinstates single commercial loan licensing exemption under the CFL
A new bill amends provisions relating to certain financial institutions, including California Financing Law, Escrow Agent, and Money Transmitter licensees.
Bank, fintech partner must face Maryland’s allegation of unlicensed lending
A federal court told a state-chartered bank and its fintech partner that they must return to a state administrative law proceeding to fight allegations that their failure to obtain a license to lend and collect on loans violated state law.
Kansas amends mortgage licensing provisions
The updates to the Kansas Mortgage Business Act are effective July 1.
Kentucky enacts student loan servicer licensing provisions
Among other things, the act requires, subject to certain exemptions, persons servicing student loans in the state to obtain a license from the commissioner.
Kentucky enacts mortgage loan industry regulation bill
Among other things, the bill permits employees of a licensee to engage in the mortgage lending process from an alternate location if certain conditions are met.
NYDFS to collect assessment fees from licensed virtual currency businesses
The new fee will cover the costs associated with the oversight of virtual currency businesses and “defray operating expenses.”
Virginia creates provisions for sales-based financing providers
The bill’s provisions apply to sales-based financing contracts or agreements entered into on or after July 1.
Upcoming deadline: Nevada collection agency licensees must transition to NMLS by June 30
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
Upcoming deadline: California Holden Act report deadline extended to June 13
The California residential mortgage loan report, also known as the California Holden Act report, is typically due by March 31 each year.
CFPB’s UDAAP claims to proceed against mortgage lender
The Bureau filed a complaint last year against the defendants alleging violations of several federal laws, including TILA and the CFPA.
West Virginia updates money transmitter licensing law
The new bill, which updates laws regarding licensure and regulation of money transmitters, is effective June7.
DFPI concludes MTA licensure not required for digital asset trading platform
A new opinion letter examines whether a registered money services business requires licensure under the California Money Transmission Act.
Idaho updates licensing provisions for debt collection agencies
The changes are effective July 1 and amend existing law to revise certain requirements for collection agencies and applicants for licensure.
Utah enacts financial institution provisions
Among other things, the new bill provides penalties for failure to comply with registration and disclosure requirements.