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.
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.
The new legislation is effective July 1, 2022 and establishes debt management services and licensing requirements.
The updated provisions include requirements for licensing, as well as contract for the services of a loan broker.
New opinion letters cover aspects of the California Money Transmission Act related to a digital currency trading platform and the referral of customers to financial institutions.
Money services businesses are often required to submit evidence of registration with FinCEN along with their state license applications.
DFPI also warned licensees that the commissioner may suspend or revoke a licensee’s license if an annual report is not submitted by the deadline.
The new provisions from the Montana Department of Administration became effective February 12, 2022.
March reporting deadlines are quickly approaching for California Financing Law and California Residential Mortgage Lending Act licensees.
The California-based company provided false certificates claiming that MLOs took mandatory continuing education courses as required for licensure under state and federal law.
Washington consumer loan company licensees must file their annual assessment reports and consolidated annual reports by March 1, 2022.
The new legislation makes various amendments to the Pennsylvania Consolidated Statutes related to mortgage loan industry licensing requirements.
Two new opinion letters cover aspects of the California Money Transmission Act related to the purchase and sale of digital assets and agent of payee rules.
A proposed class action lawsuit claimed that the defendant unlawfully acquired defaulted credit card accounts without proper licensure.