Rhode Island amends licensing provisions relating to remote working
Effective immediately, the new bill adds definitions, eliminates certain requirements for licensees, and adds business operation guidance.
New Jersey warns licensed “teams” about violating state real estate statute
Licensees who fail to comply with the regulations may be subject to fines, potential license suspension or revocation.
DFPI issues proposal on debt collection licensing
The newest NPRM invites comments related to the scope, annual report, and document retention requirements under the Debt Collection Licensing Act.
Maryland exempt collection agency registrations now handled via NMLS
Among other requirements, applicants must upload a business plan, management chart, and organizational chart to their NMLS company form (Form MU1).
DFPI concludes MTA licensure not required for donations to NPOs
A new opinion letter examines whether donations to nonprofit organizations are exempt from the California Money Transmission Act.
Louisiana proposes virtual currency business licensing rules
The Louisiana Office of Financial Institutions (OFI) published the proposed rules in the Louisiana Register to implement the Louisiana Virtual Currency Business Act (VCBA).
Louisiana enacts student loan servicer provisions, establishes requirements for private education lenders
Among other things, the acts prohibit servicers from misleading student loan borrowers and outline provisions related to private education lenders.
Upcoming deadline: South Dakota money lender license quarterly report
Money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks.
DFPI seeks to regulate commercial financial products and services under the CCFPL
The California Department of Financial Protection and Innovation issued a notice of proposed rulemaking with written comments due by Aug. 8.
Hawaii enacts licensing legislation
The new bills are effective July 1, 2022, and focus on requirements for licensed money transmitters and mortgage loan originators.
Upcoming deadline: Nevada installment loan company licensees must transition to NMLS by Sept. 30
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
Massachusetts amends mortgage lender/broker licensing provisions
The Office of Consumer Affairs and Business Regulation, Division of Banks announced the final amendments, effective May 27, 2022.
Illinois amends Collection Agency Act provisions
The amendments take effect Jan. 1, 2023, and strike language repealing specified provisions and add, amend, and strike certain definitions, among other things.
Florida amends MSB provisions to define “control persons”
The new bill also provides requirements for a money transmitter that receives virtual currency, among other things.
Arizona passes money transmitter licensure legislation
The bill, among other things, creates provisions related to consistent licensure, application for licensure, and information requirements for certain individuals.
Florida amends consumer finance loan provisions
Among other things, the bill prohibits licensees from charging borrowers a prepayment penalty for paying all or part of a loan’s principle before the payment due date.
DFPI says debt collection licenses “unavoidably delayed”
The FBI informed California Department of Financial Protection and Innovation that new changes are needed to state agency protocols for requesting federal background checks.
DFPI amends requirements for increased access to RSDL program
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
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
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.