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.
A new opinion letter covers aspects of the California Money Transmission Act related to certain cryptocurrency activities.
Between July 1 and Sept. 30, companies that hold a combination license must transition back to the appropriate licenses in order to conduct business in the state.
The updates to the Student Loan Servicers Act cover private lenders, creditors, and collection agencies connected to postsecondary non-federal student loans.
The Colorado Nonbank Mortgage Servicers Act provides additional consumer protections through the regulation of mortgage servicers.
The guidance replaces any previous guidance issued by the Division of Banks of the Massachusetts Office of Consumer Affairs and Business Regulations regarding telework and will continue, unless modified or withdrawn.
According to an announcement posted on the DFPI’s website, transitioning is voluntary until related proposed amendments to the CFL regulations are adopted. However, it is anticipated that the transition deadline will remain Dec. 31, 2021.
Licensees would be wise to double-check deadlines before they assume that they’re off the hook and head out for summer vacation.
Among other things, the legislation exempts certain supervised financial institutions from certain notice and fee requirements.
The California Department of Financial Protection and Innovation’s notice specifies that comments on the proposed modifications are due July 12.
Among other things, the new legislation creates a Student Loan Bill of Rights and outlines new provisions for student loan servicers.
The California Department of Financial Protection and Innovation released background check guidance applicable to the key individuals of California Financing Law licensees and license applicants.
The new rule addresses the revocation and suspension of mortgage licenses, the reinstatement of expired or suspended licenses, and applications for initial licenses near year end, among other things.