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.
The Office of Financial Institutions Commissioner declared a state of emergency and issued guidance for Louisiana-licensed lenders and brokers in response to the Covid-19 crisis.
The Financial Institutions Division announced a program to grant temporary exemptions to certain licensing requirements for approved SBA lenders participating in the Paycheck Protection Program for businesses impacted by Covid-19.
For those entities currently conducting business as mortgage servicers and not otherwise exempt, the New Jersey Department of Banking and Insurance provides a deadline of April 13, 2020.
The Supervisor for the Alabama State Banking Department Bureau of Loans issued a statement to licensees extending the annual report, mortgage call report, and financial statement deadlines to July 15.
West Virginia amends mortgage loan originator definition; adjusts allowable final installment payment on mortgage loans
The changes amend the definition of a mortgage loan originator with respect to manufactured home retailers and the adjusts allowable final installment payment on a mortgage loan.
The amendment modifies provisions related to consumer lending in the state, including registration, reporting, and operational requirements for deferred deposit lenders.
Sellers and servicers are expected to maintain and follow business continuity plans during the Covid-19 pandemic. The guidance also summarized the relief that servicers should provide to impacted borrowers.
The Office of the State Bank Commissioner issued a directive that, beginning on April 15, certain MSBs should use the system for applications, renewals, surrenders and amendments.
The DBO issued the guidance to finance lenders, PACE administrators, deferred deposit originators, and premium finance companies.
The Division of Financial Institutions issued guidance permitting licensees reduce hours or close offices during Hawaii’s Covid-19 Emergency Period.
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.