Kentucky enacts mortgage loan industry regulation bill
Among other things, the bill permits employees of a licensee to engage in the mortgage lending process from an alternate location if certain conditions are met.
NYDFS to collect assessment fees from licensed virtual currency businesses
The new fee will cover the costs associated with the oversight of virtual currency businesses and “defray operating expenses.”
Virginia creates provisions for sales-based financing providers
The bill’s provisions apply to sales-based financing contracts or agreements entered into on or after July 1.
Upcoming deadline: Nevada collection agency licensees must transition to NMLS by June 30
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
Upcoming deadline: California Holden Act report deadline extended to June 13
The California residential mortgage loan report, also known as the California Holden Act report, is typically due by March 31 each year.
CFPB’s UDAAP claims to proceed against mortgage lender
The Bureau filed a complaint last year against the defendants alleging violations of several federal laws, including TILA and the CFPA.
West Virginia updates money transmitter licensing law
The new bill, which updates laws regarding licensure and regulation of money transmitters, is effective June7.
DFPI concludes MTA licensure not required for digital asset trading platform
A new opinion letter examines whether a registered money services business requires licensure under the California Money Transmission Act.
Idaho updates licensing provisions for debt collection agencies
The changes are effective July 1 and amend existing law to revise certain requirements for collection agencies and applicants for licensure.
Utah enacts financial institution provisions
Among other things, the new bill provides penalties for failure to comply with registration and disclosure requirements.
Chopra: Large repeat offenders should face tougher consequences
The CFPB director warned that large, dominant banks and firms that repeatedly break the law “should be subject to the same consequences of enforcement actions as small firms.”
Arizona and Utah modify various licensing provisions
Among other things, the changes affect mandatory education and background check requirements for licensed individuals.
Mississippi passes debt management provisions
The new legislation is effective July 1, 2022 and establishes debt management services and licensing requirements.
Indiana passes loan broker provisions
The updated provisions include requirements for licensing, as well as contract for the services of a loan broker.
DFPI addresses MTA licensing requirements
New opinion letters cover aspects of the California Money Transmission Act related to a digital currency trading platform and the referral of customers to financial institutions.
How to obtain FinCEN registration for your MSB
Money services businesses are often required to submit evidence of registration with FinCEN along with their state license applications.
DFPI reminds licensees of March 15 CFL annual report filing deadline
DFPI also warned licensees that the commissioner may suspend or revoke a licensee’s license if an annual report is not submitted by the deadline.
Montana adopts NMLS forms and procedure amendments
The new provisions from the Montana Department of Administration became effective February 12, 2022.
Upcoming deadlines: CFL and CRMLA license reports
March reporting deadlines are quickly approaching for California Financing Law and California Residential Mortgage Lending Act licensees.
States settle with company on fraudulent MLO certifications
The California-based company provided false certificates claiming that MLOs took mandatory continuing education courses as required for licensure under state and federal law.