Minnesota extends filing deadlines for consumer credit licensees
The guidance extends the deadlines to file annual reports originally due March 1 or March 15, 2020 to April 30, 2020, for a number of consumer credit-related licensees
The guidance extends the deadlines to file annual reports originally due March 1 or March 15, 2020 to April 30, 2020, for a number of consumer credit-related licensees
The program allows participants to temporarily test innovative financial products or services on a restricted basis without requiring a license under West Virginia law.
House Enrolled Act No. 1353 amends various provisions concerning financial institutions and consumer credit, including those related to first lien mortgage lenders, credit unions, and surety bond requirements, among others.
On March 18, the Washington governor signed Substitute HB 2476, which clarifies the definition of a debt buyer and outlines prohibited activities.
On March 30, Maryland Governor Larry Hogan issued an executive order permitting remote notarization under certain circumstances and strongly encouraging this flexibility be used to conduct loan closings remotely.
The Division of Banking extended the due date for debt collectors, small loan lenders, and debt management companies to submit 2020 Rhode Island Annual Reports to April 30, 2020.
The March 30 guidance from the Illinois DFPR affects mortgage, consumer finance, debt, and money services businesses, among others.
The Idaho Department of Finance issued a memorandum to money transmitter licensees and applicants regarding agency operations and communications due to Covid-19.
Nebraska Department of Banking and Finance announced it will temporarily halt all regular examinations unless the examination is critical to safety and soundness, consumer protection, or is necessary to address an urgent or immediate need.
The Illinois Department of Financial and Professional Regulation, Division of Professional Regulation and Division of Real Estate, is extending deadlines by 21 days from the current deadlines set.
Instead of the original 60-day deadline extension, the NMLS Policy Committee encourages regulators to be lenient if reports are filed within 30 days of the placement of the license item (based on the standard due date).
The North Carolina Department of Insurance issued guidance clarifying certain debt collection obligations for insurance companies and related entities.
The D.C. Department of Insurance, Securities and Banking guidance also notes that all evictions of tenants and foreclosed homeowners on or before May 1 are stayed.
On March 26, the Texas OCCC issued four bulletins directed at regulated lenders urging these entities to work with borrowers during the crisis.
The South Carolina guidance applies to Mortgage Log Filings while the Massachusetts extensions affect a number of reporting deadlines.
The Division further advised licensees that it does not require an MLO’s home to be licensed as a branch so long as they do not advertise it as an office or meet consumers there.
The Indiana Secretary of State, Securities Division issued a Compliance Alert to all licensed loan brokers and collection agencies. The Division encouraged licensees to instruct their employees to work from home and refrain from any in-person meetings whenever possible.
Licensed mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants will be allowed to operate from remote locations.
On March 18, Louisiana’s Commissioner of Financial Institutions released emergency advisories for non-depository institutions, specifically repossession agents and bond for deed escrow agents, check cashers, pawnbrokers, licensed consumer lenders/brokers, and residential mortgage lenders.
In response to the Covid-19 pandemic, the NMLS Policy Committee on Mar. 25, 2020 extended the deadline for certain reporting obligations satisfied through NMLS, and the enrollment window for taking the SAFE MLO test.