California updates mortgage licensing requirements
The new bill was signed by the California governor on September 23 and the changes go into effective on January 1, 2023.
The new bill was signed by the California governor on September 23 and the changes go into effective on January 1, 2023.
On September 21, the Oregon Department of Consumer and Business Services filed permanent administrative order FSR 3-2022 with the Secretary of State to allow licensed loan originators and employees to work from home. Under the order, Oregon licensed mortgage loan originators “may originate loans from a location other than from a licensed branch office if the location…
Proposed rulemaking would adopt new regulations and amend current regulations implementing the Student Loan Servicing Act.
A new bill broadens unlawful practices oversight and enforcement power over any person currently engaging, or having engaged in the past, in unlicensed activity.
Remote work is permitted if licensee take certain actions, including the protection of consumers’ personal information.
The District of Columbia’s Department of Insurance, Securities and Banking issued a bulletin bulletin noting that it considers Bitcoin to be money for money transmission purposes.
The Connecticut Banking Commissioner revoked the consumer collection agency’s license after finding that it failed to provide requested information during an examination.
The Florida-based point-of-sale lender allegedly engaged in finance lending in California without obtaining a license.
Class members claimed that promissory notes drafted and negotiated by the firm for its clients are subject to the Maryland Consumer Loan Law.
Among other things, supervised lender licensees may permit employees to work from remote locations, so long as the licensee complies with certain requirements.
The proposed changes would generally streamline questions asked of companies and individuals as part of the license application process.
The Connecticut Department of Banking issued an advisory providing general guidance on what types of activities and entities must be licensed.
The regulations establish provisions for student loan servicers related in part to licensing requirements as well as related consumer protections for borrowers.
Effective immediately, the new bill adds definitions, eliminates certain requirements for licensees, and adds business operation guidance.
Licensees who fail to comply with the regulations may be subject to fines, potential license suspension or revocation.
The newest NPRM invites comments related to the scope, annual report, and document retention requirements under the Debt Collection Licensing Act.
Among other requirements, applicants must upload a business plan, management chart, and organizational chart to their NMLS company form (Form MU1).
A new opinion letter examines whether donations to nonprofit organizations are exempt from the California Money Transmission Act.
The Louisiana Office of Financial Institutions (OFI) published the proposed rules in the Louisiana Register to implement the Louisiana Virtual Currency Business Act (VCBA).
Among other things, the acts prohibit servicers from misleading student loan borrowers and outline provisions related to private education lenders.