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Category Archives: Insights

DFPI amends requirements for increased access to RSDL program

InsightsBy APPROVED LicensingMay 24, 2022

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

InsightsBy APPROVED LicensingMay 24, 2022

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

InsightsBy APPROVED LicensingMay 24, 2022

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

InsightsBy APPROVED LicensingMay 18, 2022

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

InsightsBy APPROVED LicensingMay 18, 2022

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

InsightsBy APPROVED LicensingMay 18, 2022

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

InsightsBy APPROVED LicensingMay 12, 2022

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

InsightsBy APPROVED LicensingMay 9, 2022

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

InsightsBy APPROVED LicensingApril 19, 2022

The updates to the Kansas Mortgage Business Act are effective July 1.

Kentucky enacts student loan servicer licensing provisions

InsightsBy APPROVED LicensingApril 19, 2022

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

InsightsBy APPROVED LicensingApril 19, 2022

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

InsightsBy APPROVED LicensingApril 19, 2022

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

InsightsBy APPROVED LicensingApril 19, 2022

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

InsightsBy APPROVED LicensingApril 15, 2022

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

InsightsBy APPROVED LicensingApril 13, 2022

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

InsightsBy APPROVED LicensingApril 11, 2022

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

InsightsBy APPROVED LicensingApril 11, 2022

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

InsightsBy APPROVED LicensingApril 11, 2022

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

InsightsBy APPROVED LicensingApril 11, 2022

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

InsightsBy APPROVED LicensingApril 4, 2022

Among other things, the new bill provides penalties for failure to comply with registration and disclosure requirements.

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