California DBO opinion letters cover activities exempt from MTA licensing
The opinion letters issued throughout the summer covered virtual currency and agent of payee rules under the California Money Transmission Act.
West Virginia extends remote working for regulated entities
The Division of Financial Institutions extended its guidance temporarily permitting employees of depository and non-depository entities to work from home or some other remote location approved by the financial institution.
California Consumer Financial Protection Law still pending
Governor Newsom signed the Budget Act of 2020, which allocates $10.2M in 2020-21 growing to $19.3M in 2022-23 to the DBO, contingent on the enactment of the law.
South Carolina extends interim guidance to mortgage brokers permitting remote work
The Department of Consumer Affairs updated and extended its interim guidance permitting mortgage loan originators to work remotely.
Louisiana extends emergency declarations to non-depository entities
The Office of Financial Institutions’ extension covers residential mortgage lenders, check cashers, bond for deed escrow agents and repossession agents, and pawnbrokers, among others.
Colorado extends money transmitter and real estate broker licenses
The governor issued an executive order further extending the expiration date of certain licenses issued by the Division of Banking and the Division of Real Estate.
Upcoming deadline: New York volume of servicing report
While the second-quarter VOSR typically must be submitted to the NYSDFS no later than July 30, that deadline has been extended because of the Covid-19 pandemic.
Texas updates guidance for motor vehicle sales finance licensees
The Office of the Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the Covid-19 crisis.
Texas extends regulated lender advisory
On July 17, the Texas Office of the Consumer Credit Commissioner updated its Regulated Lender Advisory Bulletin on coronavirus emergency measures.
Missouri amends mortgage broker licensing requirements
On July 6, the Missouri governor signed SB 599, which, among other things, modifies the state’s mortgage broker licensing requirements. The legislation is effective August 28, 2020.
Louisiana requires licensing for virtual currency businesses
HB 701 was signed into law on June 13 and provides for the licensing and regulation of virtual currency businesses in the state, effective August 1, 2020.
South Dakota requires mortgage licensees to register branches
On July 1, 2020, the South Dakota Division of Banking began accepting mortgage branch registration applications via NMLS.
Kansas extends remote work guidance
The Office of the State Bank Commissioner extended its remote work guidance for mortgage companies, MLOs, supervised loan licenses, credit service organizations, money transmitters, and credit notification registrations through September 15.
New York reverse mortgage licenses added to NMLS
The Reverse Mortgage Lending Dual Authority License and the Reverse Mortgage (HECM) Lending License appear to be the first licenses related exclusively to reverse mortgage lending activities on NMLS.
Hawaii extends guidance permitting reduced hours, temporary office closures
The Division of Financial Institutions extended its earlier guidance for licensees with locations in Hawaii to July 31, 2020.
Oklahoma amends working from home guidance
The Department of Consumer Credit issued a third extension to its interim guidance to regulated entities, extending the guidance through Sept. 30, 2020.
NYDFS launches virtual currency initiatives
NYDFS issued a a Memorandum of Understanding with the State University of New York to launch a virtual currency program and resources intended to help virtual currency market participants.
OCC issues interpretive letter addressing money transmitter licensing
According to the OCC, state laws that are intended to impose licensing requirements on a national bank’s exercise of fiduciary powers are preempted and satisfaction of an exemption from those requirements is not required.
Florida issues emergency order regarding certain filing deadlines
The Office of Financial Regulation issued Emergency Order 2020-04, which extends filing deadlines for certain mortgage and MSB licenses.
Washington State extends remote work guidance for MLOs
The Department of Financial Institutions issued interim regulatory guidance permitting mortgage loan originators to work from home until December 31, 2020.