Debt collection company issued a CDO for operating without a license
According to the order, the debt collecting company was a foreign company conducting business in Massachusetts with a main address in Florida.
Pennsylvania amends remote work definition
In order for a mortgage loan originator sponsored by a licensee to be permitted to work from a “remote location,” the location must meet certain criteria.
Arizona streamlines DBA licensing requirements
New legislation will allow most companies that the Department of Insurance and Financial Institutions licenses to operate with additional trade names under a single license.
CSBS provides tips on NMLS annual renewal
The announcement noted the number of individual state licenses eligible for renewal is 13 percent higher than the same time last year.
California amends certain debt collector licensing provisions
The new legislation amends various provisions of the Debt Collection Licensing Act and takes effect Jan. 1, 2023.
Upcoming deadline: CFL license annual assessment due by Oct. 31
California Financing Law licensees must pay their annual assessments to the Department of Financial Protection and Innovation by the end of the month.
3rd Circuit: Debt buyer not required to be licensed under PA law
On September 19, the U.S. Court of Appeals for the Third Circuit affirmed a district court’s ruling in an FDCPA suit.
California updates mortgage licensing requirements
The new bill was signed by the California governor on September 23 and the changes go into effective on January 1, 2023.
Oregon issues remote work guidance to licensed loan originators
On September 21, the Oregon Department of Consumer and Business Services filed permanent administrative order FSR 3-2022 with the Secretary of State to allow licensed loan originators and employees to work from home. Under the order, Oregon licensed mortgage loan originators “may originate loans from a location other than from a licensed branch office if the location…
DFPI proposal would consider ISAs as student loans
Proposed rulemaking would adopt new regulations and amend current regulations implementing the Student Loan Servicing Act.
California broadens DFPI commissioner’s enforcement authority
A new bill broadens unlawful practices oversight and enforcement power over any person currently engaging, or having engaged in the past, in unlicensed activity.
California issues remote work guidance to CFL licensees
Remote work is permitted if licensee take certain actions, including the protection of consumers’ personal information.
D.C. says certain Bitcoin activity subject to money transmission laws
The District of Columbia’s Department of Insurance, Securities and Banking issued a bulletin bulletin noting that it considers Bitcoin to be money for money transmission purposes.
Connecticut fines collection agency $100,000 and revokes license
The Connecticut Banking Commissioner revoked the consumer collection agency’s license after finding that it failed to provide requested information during an examination.
DFPI enters into settlement with unlicensed point-of-sale lender
The Florida-based point-of-sale lender allegedly engaged in finance lending in California without obtaining a license.
Maryland Court of Appeals says law firm collecting HOA debt is not engaged in the business of making loans
Class members claimed that promissory notes drafted and negotiated by the firm for its clients are subject to the Maryland Consumer Loan Law.
Colorado issues remote work guidance to collection agencies
Among other things, supervised lender licensees may permit employees to work from remote locations, so long as the licensee complies with certain requirements.
NMLS disclosure questions comment period open through Aug. 22
The proposed changes would generally streamline questions asked of companies and individuals as part of the license application process.
Connecticut issues money transmitter advisory
The Connecticut Department of Banking issued an advisory providing general guidance on what types of activities and entities must be licensed.
Oregon approves final student loan servicer regulations
The regulations establish provisions for student loan servicers related in part to licensing requirements as well as related consumer protections for borrowers.