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…