Upcoming deadline: Texas regulated lender license renewal
The renewal period is open until Dec. 31 via the ALECS online licensing portal, after which a reinstatement period of 180 days begins.
The renewal period is open until Dec. 31 via the ALECS online licensing portal, after which a reinstatement period of 180 days begins.
Among other things, the proposed modifications amend the definitions of “branch office” and “debt collector.”
The CCFPL provides DFPI with the authority to require companies that provide financial products and services to California consumers to register with the agency.
All current Nebraska collection agency licensees that fail to transition to NMLS by December 31 will need to reapply for a license.
Licensees not currently on NMLS must establish an account in the system and transfer information to DFPI through NMLS on or before the deadline.
Amendments to the Residential Mortgage Practices and Licensing Rules to eliminate unnecessary and redundant licensee expenses for criminal background checks and credit reports.
The new opinion letters cover aspects of the California Money Transmission Act related to virtual currency and agent of payee rules.
We provide insights into common account creation hurdles that companies face as thousands of California Financing Law licensees are transitioning to NMLS.
They join a majority of states that require new applicants for certain licenses to submit ESBs in lieu of paper bonds, and require current licensees to convert their paper bonds to ESBs.
According to CSBS, early renewal is critical due to an increase in the number of licensees eligible for renewal.
The opinion letters cover aspects of the California MTA related to bitcoin ATMs and kiosks and the Agent of Payee exemption.
It is recommended Mortgage Company, Mortgage Banker, and MLO licensees in Texas review the amendments to these new rules.
The Financial Action Task Force updated pre-existing guidance on its risk-based approach to VAs and VASPs originally released in 2019.
The agency issued draft proposed amendments to 23 NYCRR 1, which regulates third-party debt collectors and debt buyers.
The virtual meeting focused on the NMLS modernization effort, the SES, the pandemic and remote work, and the CSBS Money Transmitter Model Law.
CSBS issued a request for public comments on behalf of NMLS-participating state regulatory agencies. Comments are due December 17.
A North Carolina-based company allegedly used a name other than its legal name when collecting unpaid debts without a Connecticut consumer collection agency license.
First up is California, with Department of Financial Protection and Innovation invoices for California Financing Law licensees due in full by October 31, 2021.
Participants will have 24 months to test an innovative product or service on consumers in the state without being subject to state laws and regulations that normally would regulate such products or services.
The bill amends certain provisions related to small dollar lending requirements and specifies various consumer protection requirements.