Oregon enacts registration requirements for data brokers
Under new rules, a “data broker” cannot collect, sell or license brokered personal data within Oregon unless registered with the Department of Consumer and Business Services.
Hawaii amends money transmitter provisions
The amendments outline numerous licensing application and renewal procedures, including several requirements set forth in the Money Transmission Modernization Act.
Nevada requires licenses for EWA providers
The licensing requirements apply to both “employer-integrated” and “direct-to-consumer” earned wage access products and services.
Connecticut amends requirements for small lenders
Among other things, the changes include new licensing provisions that require more people to obtain small loan licenses.
Illinois amends mortgage licensing provisions
Licensees must register physical offices where they conduct business with the Secretary of Financial and Professional Regulation. However, they are allowed to permit MLOs to work remotely if certain conditions are fulfilled.
NYDFS publishes new proposal on cybersecurity regs
The updated proposed second amendment to the state’s cybersecurity regulation (23 NYCRR 500) reflects revisions made in response to comments received on proposed expanded amendments published last November.
Nevada expands collection agency licensing requirements
While existing law requires collection agencies to be licensed, the amendments expand the type of activities that trigger collection agency licensure.
Nevada to regulate student loan servicers and lenders
Among other things, subject to certain exemptions, persons servicing student loans will be required to obtain a license from the Commissioner of Financial Institutions.
Rhode Island enacts provisions for real estate appraisal
The changes amend the Real Estate Appraiser Certification Act and the Real Estate Appraisal Management Company Registration Act.
Maryland says crypto enforcement could affect money transmitters
enforcement actions by Maryland and federal securities enforcement agencies against cryptocurrency-related businesses that could potentially impact businesses pursuing money transmitter licensure.
New requirements for digital-asset platforms in Texas
Digital asset service providers are required to comply with certain provisions in order to obtain and maintain a money transmission license.
Louisiana amends virtual currency licensing
Among other things, the changes amend several definitions, add new licensing conditions and outline provisions to protect Louisiana residents’ assets.
CFPB says it wants to simplify rules on mortgage servicing
Last September, the Bureau requested input from the public on mortgage refinance and forbearance standards and sought feedback on ways to reduce risks for borrowers who experience disruptions in their ability to make mortgage payments.
Texas enacts Money Services Modernization Act
The model law was created by industry and state experts to create a set of consistent and coordinated standards relating to the regulation of money service businesses.
Several states enact provisions for small-dollar consumer lending and MSBs
Minnesota, Georgia, and Nevada amended requirements for the regulation and licensing of certain financial services companies.
DFPI examines whether some payment services are exempt from MTA
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.
Florida allows mortgage loan originators to work remotely
Effective July 1, MLOs can transact business from branch offices and remote locations provided certain mandatory conditions are met.
DFPI examines whether some payment services are exempt from MTA
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.
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.
Arizona amends licensing provisions
Changes related to the Department of Insurance and Financial Institutions include the length of time a license remains active and licensure renewal requirements.