DFPI issues second Debt Collection Licensing Act proposed rulemaking
The act requires a person engaging in the business of debt collecting in the state to be licensed and provides for the regulation and oversight of debt collectors by DFPI.
DFPI addresses MTA licensing exemptions
Several new opinion letters cover aspects of the California Money Transmission Act related to virtual currency and agent of payee rules.
DFPI’s CFL final regulations take effect Oct. 1
The regulations, among other things, amend existing licensing rules to transition all licensees under the CFL to registration through NMLS.
Illinois amends state Human Rights Act
Changes include provisions regarding third-party loan modification service providers and become effective January 1, 2022.
DFPI grants license to ISA servicer
The agreement reflects DFPI’s decision to “treat these private financing products as student loans” for purposes of the California Student Loan Servicing Act (SLSA).
DFPI proposes small-dollar lending pilot
The Pilot Program for Increased Access to Responsible Small Dollar Loans is administered by DFPI and established under the California Financing Law.
Nevada allows NMLS licensees to go paperless
Licensees on NMLS are no longer required to mail certain original application documents (e.g., lease agreement, office photos) to the Nevada Department of Business and Industry.
Oregon enacts student loan servicer provisions
Among other things, the new legislation requires persons servicing student loans to obtain a license from the Oregon Department of Consumer and Business Services.
Massachusetts issues guidance to debt collectors and student loan servicers
The Division of Banks published guidance that defines unfair or deceptive acts or practices for entities servicing loans or collecting debts within the commonwealth, and provides licensing, registration, and supervision procedures.
Connecticut amends certain mortgage licensing provisions
The new legislation affects certain mortgage licensing provisions in the state’s banking statutes, with changes going into effect Oct. 1.
Connecticut amends student loan servicer provisions
Subject to certain exemptions, entities servicing federal student loans must obtain a license and comply with various state requirements and consumer protection mandates.
DFPI to start accepting debt collector licensing applications on Sept. 1
NMLS published an announcement reminding California debt collectors that all persons must apply for a license by Dec. 31, 2021.
Upcoming deadlines: Electronic surety bond conversion
Over the past year, California, Kentucky, New Hampshire, and Oklahoma joined a majority of states in requiring that new applicants for certain licenses submit electronic surety bonds via NMLS in lieu of paper bonds.
DFPI addresses cryptocurrency MTA licensing exemptions
A new opinion letter covers aspects of the California Money Transmission Act related to certain cryptocurrency activities.
Vermont rescinds combination license option
Between July 1 and Sept. 30, companies that hold a combination license must transition back to the appropriate licenses in order to conduct business in the state.
Colorado expands student loan servicer provisions
The updates to the Student Loan Servicers Act cover private lenders, creditors, and collection agencies connected to postsecondary non-federal student loans.
Colorado enacts Nonbank Mortgage Servicers Act
The Colorado Nonbank Mortgage Servicers Act provides additional consumer protections through the regulation of mortgage servicers.
Massachusetts allows work from home for some entities
The guidance replaces any previous guidance issued by the Division of Banks of the Massachusetts Office of Consumer Affairs and Business Regulations regarding telework and will continue, unless modified or withdrawn.
Transition period opens for CFL licensees not currently on NMLS
According to an announcement posted on the DFPI’s website, transitioning is voluntary until related proposed amendments to the CFL regulations are adopted. However, it is anticipated that the transition deadline will remain Dec. 31, 2021.
Upcoming deadlines: Periodic reporting during the summer months
Licensees would be wise to double-check deadlines before they assume that they’re off the hook and head out for summer vacation.