On May 15, the Maryland governor signed legislation to establish requirements for lenders making covered loans in the state. Among other things, HB1297 increases the threshold for which a loan is subject to small lending requirements within the Maryland Consumer Loan Law (MCLL) from $6,000 to $25,000. The law also prohibits (i) lenders who are not licensed…
On May 3, the Georgia governor signed into law an act amending provisions of the Official Code of Georgia applicable to the state’s Department of Banking and Finance (Department) and financial institutions generally, including banks, credit unions, licensed sellers of payment instruments, and mortgage lenders and brokers. Among other things, HB 780 grants the Department and/or…
On May 2, the New York Senate introduced a bill that, if passed, would establish a new article under the state’s banking law to provide for the chartering and regulating of internet lending services corporations (on-line lenders). Among other things, the “New York limited state charter for internet lending services,” S8340, would (i) authorize the New York Department…
On April 25, the New York Department of Financial Services (NYDFS) announced the next phase in its initiative to manage the licensing and regulation of all nondepository financial institutions operating in the state. Beginning May 1, budget planners and premium finance companies will be able to transition their licenses to the Nationwide Multistate Licensing System and Registry…
On March 22, the West Virginia governor signed HB 4285, which amends provisions under the West Virginia Safe Mortgage Licensing Act (Act) related to licensing requirements for mortgage loan originators, including those related to continuing education. HB 4285, among other things, (i) updates requirements for applicants registering for mortgage loan originator licenses; (ii) requires nonresident mortgage…
On March 12, the Wyoming governor signed SF 26, which amends the preexisting licensing law to authorize the state’s collection agency board to use information from, and furnish information to, the nationwide multistate licensing system (NMLS) to assist in the regulation of the debt collection industry. In addition, among other things, SF 26 allows the board…
On March 1, the South Dakota governor signed H.B.1082, amending South Dakota’s money lending licenses statute. Pursuant to H.B. 1082, engagement in the “business of lending money,” for which a license is required, is expressly defined not to include engagement in: (i) “any seller-financed transaction for the sale of assets to a purchaser”; or (ii) “any…
On March 15, 2017, the Office of the Comptroller of the Currency (OCC) issued further guidance regarding how it will evaluate applications by fintech companies to become Special Purpose National Banks (SPNBs). In its release, the OCC summarized the more than 100 comments it received in response to its December 2016 white paper and provided…