The Department of Financial and Professional Regulation issued guidance to persons or entities licensed pursuant to the Transmitter of Money Act regarding the submission of financial documents.
The Louisiana Office of Financial Institutions’ guidance affects those licensed pursuant to the Louisiana Consumer Credit Law and the Louisiana Deferred Presentment and Small Loan Act, among others.
The Virginia legislature enacted SB 77, which requires entities servicing student loans in the Commonwealth to be licensed by the State Corporation Commission.
The FAQs regarding the effect of Covid-19 address filings, the processing of licensing or registration applications, and remote work for securities professionals, among others.
The Department of Business Regulation, Banking Division, amended previous guidance issued to mortgage loan originators, lenders, loan brokers and exempt company registrants.
The guidance to state-regulated debt buyers and collection agencies included reasonable measures they could take to prevent garnishment of CARES Act stimulus checks.
The Department of Financial Services Commissioner extended guidance enabling employees of regulated entities to work remotely through June 15.
The interim guidance addressed working remotely from unlicensed locations and extended the deadline for submitting the 2019 mortgage log.
The Department of Banking and Insurance extended the deadline for license and registration applications under New Jersey’s Mortgage Servicers Licensing Act to June 12, 2020.
The Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit and Credit Union Department issued revised home equity lending guidance related to making new loans or adjusting existing loans to facilitate recovery efforts.
The Department of Insurance, Securities and Banking issued new procedures requiring electronic submissions and payments in light of the Covid-19 public health emergency.
The Oregon Division of Financial Regulation temporarily authorized certain licensees to work from home while transacting business when specific conditions are met.
The Department of Consumer Credit issued amended interim guidance to licensees, effective through May 31, 2020.
The Virginia governor signed HB 1553, which outlines licensing and regulatory requirements for debt settlement services providers.
On April 16, the Texas Office of Consumer Credit issued a revised bulletin outlining emergency guidance for regulated lenders navigating the Covid-19 crisis.
The South Carolina Bureau of Financial Institutions requires several consumer finance and MSB licenses to be transitioned to NMLS by May 31.
New license applicants and existing licensees will be required to use NMLS beginning April 15 and existing licensees have until June 15 to submit their license transition requests.
Among other things, lenders are encouraged to follow the terms of the provisions for non-federally-backed mortgage loans as if they were federally-backed.
Money services businesses are not designated as essential businesses in New Mexico, and as such, were instructed to temporarily cease all standalone storefront operations to further combat the spread of Covid-19.
The April 13 guidance on cybersecurity awareness issued by the New York Department of Financial Services identifies three areas of heightened risk.