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.
The California-based respondent allegedly violated several provision of the Connecticut General Statutes, as well as Section 1036 of the CFPA.
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.
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.
A new bill amends provisions relating to certain financial institutions, including California Financing Law, Escrow Agent, and Money Transmitter licensees.
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.
The updates to the Kansas Mortgage Business Act are effective July 1.
Among other things, the act requires, subject to certain exemptions, persons servicing student loans in the state to obtain a license from the commissioner.
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.
The new fee will cover the costs associated with the oversight of virtual currency businesses and “defray operating expenses.”
The bill’s provisions apply to sales-based financing contracts or agreements entered into on or after July 1.
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
The California residential mortgage loan report, also known as the California Holden Act report, is typically due by March 31 each year.
The Bureau filed a complaint last year against the defendants alleging violations of several federal laws, including TILA and the CFPA.
The new bill, which updates laws regarding licensure and regulation of money transmitters, is effective June7.
A new opinion letter examines whether a registered money services business requires licensure under the California Money Transmission Act.
The changes are effective July 1 and amend existing law to revise certain requirements for collection agencies and applicants for licensure.
Among other things, the new bill provides penalties for failure to comply with registration and disclosure requirements.
The CFPB director warned that large, dominant banks and firms that repeatedly break the law “should be subject to the same consequences of enforcement actions as small firms.”
Among other things, the changes affect mandatory education and background check requirements for licensed individuals.