Checkpoint: The NMLS company account creation process
We provide insights into common account creation hurdles that companies face as thousands of California Financing Law licensees are transitioning to NMLS.
Arkansas and Connecticut adopt electronic surety bonds
They join a majority of states that require new applicants for certain licenses to submit ESBs in lieu of paper bonds, and require current licensees to convert their paper bonds to ESBs.
CSBS urges early NMLS licensing renewal
According to CSBS, early renewal is critical due to an increase in the number of licensees eligible for renewal.
DFPI addresses MTA licensure requirements in new letters
The opinion letters cover aspects of the California MTA related to bitcoin ATMs and kiosks and the Agent of Payee exemption.
Texas adopts numerous mortgage-related provisions
It is recommended Mortgage Company, Mortgage Banker, and MLO licensees in Texas review the amendments to these new rules.
FATF updates virtual assets and service provider guidance
The Financial Action Task Force updated pre-existing guidance on its risk-based approach to VAs and VASPs originally released in 2019.
NYDFS issues proposed amendments to debt collection rules
The agency issued draft proposed amendments to 23 NYCRR 1, which regulates third-party debt collectors and debt buyers.
APPROVED Checkpoint: Key takeaways from latest NMLS Ombudsman meeting
The virtual meeting focused on the NMLS modernization effort, the SES, the pandemic and remote work, and the CSBS Money Transmitter Model Law.
NMLS seeks comments on changes to Money Services Businesses Call Report
CSBS issued a request for public comments on behalf of NMLS-participating state regulatory agencies. Comments are due December 17.
Creditor must pay fine for collecting debts under a different name
A North Carolina-based company allegedly used a name other than its legal name when collecting unpaid debts without a Connecticut consumer collection agency license.
Upcoming deadlines: California and New Jersey license annual assessments
First up is California, with Department of Financial Protection and Innovation invoices for California Financing Law licensees due in full by October 31, 2021.
North Carolina creates regulatory sandbox
Participants will have 24 months to test an innovative product or service on consumers in the state without being subject to state laws and regulations that normally would regulate such products or services.
Hawaii enacts installment loan provisions
The bill amends certain provisions related to small dollar lending requirements and specifies various consumer protection requirements.
CA governor signs legislation on money transmission website requirements
Licensees must provide a toll-free telephone number to contact for customer service issues and to receive live customer assistance.
Pennsylvania now accepts electronic fingerprints submitted through Fieldprint
The move away from a state-specific vendor allows the fingerprints submitted through Fieldprint to be leveraged for nearly all NMLS licenses.
APPROVED Checkpoint: Disclosure of license information in advertisements
When creating advertisements, financial services licensees may not have licensing at top of mind – but they should.
DFPI issues mortgage servicer requirements
Mortgage servicers licensed in California must provide information to DFPI describing the actions they are taking to help homeowners avoid foreclosure.
CSBS releases Uniform Money Transmission Modernization Act
The act is intended to replace 50 sets of state-specific money transmitter laws and rules with a single set of nationwide standards and requirements designed by state and industry experts.
Illinois amends Real Estate Appraisal Licensing Act
The amendments create provisions regarding inactive licenses, citations, and illegal discrimination, among other things.
DFPI: Debt collection licensing applications due before Jan. 1
On September 1, the California DFPI announced that all debt collectors operating in California can apply to be licensed.