Upcoming deadline: South Dakota money lender license quarterly report
Money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks.
DFPI seeks to regulate commercial financial products and services under the CCFPL
The California Department of Financial Protection and Innovation issued a notice of proposed rulemaking with written comments due by Aug. 8.
Hawaii enacts licensing legislation
The new bills are effective July 1, 2022, and focus on requirements for licensed money transmitters and mortgage loan originators.
Upcoming deadline: Nevada installment loan company licensees must transition to NMLS by Sept. 30
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
Massachusetts amends mortgage lender/broker licensing provisions
The Office of Consumer Affairs and Business Regulation, Division of Banks announced the final amendments, effective May 27, 2022.
Illinois amends Collection Agency Act provisions
The amendments take effect Jan. 1, 2023, and strike language repealing specified provisions and add, amend, and strike certain definitions, among other things.
Florida amends MSB provisions to define “control persons”
The new bill also provides requirements for a money transmitter that receives virtual currency, among other things.
Arizona passes money transmitter licensure legislation
The bill, among other things, creates provisions related to consistent licensure, application for licensure, and information requirements for certain individuals.
Florida amends consumer finance loan provisions
Among other things, the bill prohibits licensees from charging borrowers a prepayment penalty for paying all or part of a loan’s principle before the payment due date.
DFPI says debt collection licenses “unavoidably delayed”
The FBI informed California Department of Financial Protection and Innovation that new changes are needed to state agency protocols for requesting federal background checks.
DFPI amends requirements for increased access to RSDL program
Amendments to regulations under the California Financing Law were related to a pilot program for increased access to responsible small-dollar loans.
Florida amends MSB provisions
The bill, among other things, revises provisions related to prohibited activities without a license and establishes requirements for virtual currency transfers.
Connecticut amends banking statutes
Among other things, the new bill establishes that a money transmission license is not transferable or assignable, but a licensee may be acquired under certain circumstances.
Connecticut issues CDO against unlicensed small-dollar marketplace lender
The California-based respondent allegedly violated several provision of the Connecticut General Statutes, as well as Section 1036 of the CFPA.
Georgia amends mortgage lender/broker licensing provisions
Among other things, the act defines “covered employee” and adds them to the list of persons who may not be licensed due to a felony conviction.
Georgia updates license exemption provisions
Among other things, the bill establishes that an individual cannot engage in the business of making installment loans or acting as an installment lender in Georgia unless that person is licensed.
California reinstates single commercial loan licensing exemption under the CFL
A new bill amends provisions relating to certain financial institutions, including California Financing Law, Escrow Agent, and Money Transmitter licensees.
Bank, fintech partner must face Maryland’s allegation of unlicensed lending
A federal court told a state-chartered bank and its fintech partner that they must return to a state administrative law proceeding to fight allegations that their failure to obtain a license to lend and collect on loans violated state law.
Kansas amends mortgage licensing provisions
The updates to the Kansas Mortgage Business Act are effective July 1.
Kentucky enacts student loan servicer licensing provisions
Among other things, the act requires, subject to certain exemptions, persons servicing student loans in the state to obtain a license from the commissioner.