On March 5, the governor signed HB 4353, which creates “a rational nexus requirement between prior criminal conduct and initial licensure decision making,” to guide commissioners or commissions with licensing authority.
Guidance notes the ability for licensed individuals to work remotely and other exceptions to the usual rules to ensure continuity of operations.
Among other things, SB 28 outlines reasons why an application for a license may be denied and sets forth licensure exemptions.
The MSB Model Law is a primary part of CSBS’s Vision 2020 initiatives, intended to modernize state regulation of non-banks and fintech firms.
There are some quickly-approaching deadlines for reports and financial statements filed via the NMLS.
CRMLA licensees are required to file an annual report with the California DBO no later than March 1, 2020. Some lenders must also file a Holden Act report by March 31, 2020
It is important to properly surrender a license that is no longer required to effectively terminate the issuing regulator’s supervisory authority. Here are a few key things to know about surrenders.
The Dec. 27 advisory stated that consumers may not be obligated to pay finance charges on consumer credit transactions purchased, acquired, or otherwise assigned to retail credit sellers that have not filed applicable notifications.
The DBO does not grant filing extensions, and missing the March 15 deadline may result in monetary penalties and/or suspension or revocation of the license.
The DBO had initially denied the company’s license application in December 2019 and issued a statement of issues explaining its reasoning.
Finding out that your license application has been approved is a celebratory occasion, with the news delivered, in some cases, in the form of a license certificate. Here are a few key things to know about certificates.
Gov. Newsom’s proposal would include the creation and administration of the California Consumer Protection Law through expansion of the California DBO
Governor Cuomo’s proposal would expand the entities subject to NYDFS’ enforcement authority and harmonize state regulator authority to bring UDAAP actions.
Related guidance issued after determining the Minnesota-based company had already been making unregulated loans to California consumers in violation of the CFL.
On Jan. 1, 2020, the NMLS will convert Nevada mortgage broker licenses and Nevada mortgage banker licenses to Nevada mortgage company licenses.
Certain licensees in Mississippi, New Mexico, and Rhode Island face a Dec. 31 deadlines to transition to the NMLS. Others in Kentucky and South Carolina will be required to transition in the first half of 2020.
On November 24, the mortgage loan originator temporary authority to operate (Temporary Authority) provisions of the Federal Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) take effect. The primary goal of Temporary Authority is to streamline MLO licensing and reduce friction in lending nationwide by permitting qualified MLOs to apply to be temporarily…
On October 25, the California Department of Business Oversight (DBO) published proposed regulations that (i) require all licensees under the California Financing Law (CFL) to register through NMLS; and (ii) establishes regulatory requirements for the oversight of Property Assessed Clean Energy (PACE) program administrators. Currently, under the CFL, some licensees engaged in residential mortgage origination…
Until recently, all Maryland credit services businesses (CSBs) were required to provide consumers with a written statement that includes the information listed at Md. Code Ann. Com. Law § 14-905 prior to either (1) the execution of a contract or agreement between the consumer and the CSB, or (2) the receipt by the CSB of…
It’s that time of year! The NMLS annual renewal period begins on November 1, and ends on December 31. It’s important to handle your renewal requirements as early as possible, given that failure to renew in a timely manner may result in license termination. For starters, you’ll want to ensure that your NMLS record is…