Among other things, the acts prohibit servicers from misleading student loan borrowers and outline provisions related to private education lenders.
Money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks.
The California Department of Financial Protection and Innovation issued a notice of proposed rulemaking with written comments due by Aug. 8.
The new bills are effective July 1, 2022, and focus on requirements for licensed money transmitters and mortgage loan originators.
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
The Office of Consumer Affairs and Business Regulation, Division of Banks announced the final amendments, effective May 27, 2022.
The amendments take effect Jan. 1, 2023, and strike language repealing specified provisions and add, amend, and strike certain definitions, among other things.
The new bill also provides requirements for a money transmitter that receives virtual currency, among other things.
The bill, among other things, creates provisions related to consistent licensure, application for licensure, and information requirements for certain individuals.
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.
The FBI informed California Department of Financial Protection and Innovation that new changes are needed to state agency protocols for requesting federal background checks.
Amendments to regulations under the California Financing Law were related to a pilot program for increased access to responsible small-dollar loans.
The bill, among other things, revises provisions related to prohibited activities without a license and establishes requirements for virtual currency transfers.
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.
The California-based respondent allegedly violated several provision of the Connecticut General Statutes, as well as Section 1036 of the CFPA.
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.
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.
A new bill amends provisions relating to certain financial institutions, including California Financing Law, Escrow Agent, and Money Transmitter licensees.
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.
The updates to the Kansas Mortgage Business Act are effective July 1.