APPROVED Checkpoint: Key takeaways from latest NMLS Ombudsman meeting
The virtual meeting focused on the NMLS modernization effort, the SES, the pandemic and remote work, and the CSBS Money Transmitter Model Law.
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.
Licensees must provide a toll-free telephone number to contact for customer service issues and to receive live customer assistance.
The move away from a state-specific vendor allows the fingerprints submitted through Fieldprint to be leveraged for nearly all NMLS licenses.
When creating advertisements, financial services licensees may not have licensing at top of mind – but they should.
Mortgage servicers licensed in California must provide information to DFPI describing the actions they are taking to help homeowners avoid foreclosure.
The act is intended to replace 50 sets of state-specific money transmitter laws and rules with a single set of nationwide standards and requirements designed by state and industry experts.
The amendments create provisions regarding inactive licenses, citations, and illegal discrimination, among other things.
On September 1, the California DFPI announced that all debt collectors operating in California can apply to be licensed.
The act requires a person engaging in the business of debt collecting in the state to be licensed and provides for the regulation and oversight of debt collectors by DFPI.
Several new opinion letters cover aspects of the California Money Transmission Act related to virtual currency and agent of payee rules.
The regulations, among other things, amend existing licensing rules to transition all licensees under the CFL to registration through NMLS.
Changes include provisions regarding third-party loan modification service providers and become effective January 1, 2022.
The agreement reflects DFPI’s decision to “treat these private financing products as student loans” for purposes of the California Student Loan Servicing Act (SLSA).
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.