The proposed requirements would create a national standard for mortgage industry licensing to help improve uniformity within the state system.
As a result, debt buyers will be regulated by the Wyoming Collection Agency Board beginning July 1, 2023.
The AG noted that this is one of the first times a regulator is making a claim in court that one of the largest cryptocurrencies available in the market is a security.
The SLA provides for the licensure, regulation, and oversight of student loan servicers by the California Department of Financial Protection and Innovation.
According to the AG, securities and commodities brokers are required to register with the state, which the respondent allegedly failed to do.
Comments on the proposed modifications related to commercial financial products and services are due March 15.
The settlement is part of the DFPI’s continued crackdown on student loan debt relief companies found to have violated California consumer protection laws.
Among other things, the new act outlines provisions related to financial condition requirements, model state regulatory prudential standards for nonbank mortgage servicers, risk assessments, and licensee reporting requirements.
Illinois announces new consumer protections for digital assets, proposes new money transmitter licensing provisions
The Department of Financial and Professional Regulation announced several legislative initiatives to establish consumer protections for cryptocurrencies and other digital assets and provide regulatory oversight of the broader digital asset marketplace.
Licensees who violate their fiduciary duties may face disciplinary action against their real estate license and/or MLO endorsement and may also expose themselves to civil liability.
The new legislation eases licensing burdens by allowing licensed professionals to apply for and be granted a license to work provided they meet certain criteria.
The changes provide for the licensure, regulation, and oversight of student loan servicers by the California agency.
An EWA product offered as a no-interest, no-fee, non-recourse product does not fall within the definition of “consumer loan” under Arizona Revised Statutes § 6-601(7),
The amendments, among other things, allow licensed companies to permit licensed mortgage loan originators to work from their residence without licensing the residence as a branch.
Certain peer-to-peer lending services and interest-bearing accounts were found to violate state law and cannot be offered in California.
The New York agency noted that this requirement also applies in situations where any portion of the activity will be handled by a third party.
Starting January 1, 2023, the California agency will begin approving applications under the Debt Collection Licensing Act.
The Connecticut Department of Banking also ordered the firm to cease and desist from collection activity for operating without a valid license.
The proposed fees will cover the costs and expenses associated with NYDFS’s oversight of licensees engaged in virtual currency business activity.
On November 18, the California Department of Financial Protection and Innovation (DFPI) announced an order suspending a cryptocurrency lender’s California license for 30 days pending DFPI’s investigation. The suspension follows the DFPI’s notice to suspend issued on November 11, which was prompted by the cryprocurrency lender’s November 10 announcement that it would limit platform activity, including pausing client withdrawals. DFPI noted that the cryptocurreny…