Licensees must register physical offices where they conduct business with the Secretary of Financial and Professional Regulation. However, they are allowed to permit MLOs to work remotely if certain conditions are fulfilled.
The updated proposed second amendment to the state’s cybersecurity regulation (23 NYCRR 500) reflects revisions made in response to comments received on proposed expanded amendments published last November.
While existing law requires collection agencies to be licensed, the amendments expand the type of activities that trigger collection agency licensure.
Among other things, subject to certain exemptions, persons servicing student loans will be required to obtain a license from the Commissioner of Financial Institutions.
The changes amend the Real Estate Appraiser Certification Act and the Real Estate Appraisal Management Company Registration Act.
enforcement actions by Maryland and federal securities enforcement agencies against cryptocurrency-related businesses that could potentially impact businesses pursuing money transmitter licensure.
Digital asset service providers are required to comply with certain provisions in order to obtain and maintain a money transmission license.
Among other things, the changes amend several definitions, add new licensing conditions and outline provisions to protect Louisiana residents’ assets.
Among other things, all supervised lender licensees must file for renewal by July 1 annually, where previously the due date was January 1.
Last September, the Bureau requested input from the public on mortgage refinance and forbearance standards and sought feedback on ways to reduce risks for borrowers who experience disruptions in their ability to make mortgage payments.
The model law was created by industry and state experts to create a set of consistent and coordinated standards relating to the regulation of money service businesses.
Minnesota, Georgia, and Nevada amended requirements for the regulation and licensing of certain financial services companies.
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.
Effective July 1, MLOs can transact business from branch offices and remote locations provided certain mandatory conditions are met.
The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.
The Uniform Money Transmission Modernization Act is designed to harmonize the licensing and regulation of money transmitters with other states.
Changes related to the Department of Insurance and Financial Institutions include the length of time a license remains active and licensure renewal requirements.
Among other things, requirements include that each sponsored person performs mortgage loan originator activities exclusively for the sponsoring person.
Among other things, the bill would strengthen NYDFS’ ability to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in the state.
The announcement noted that a covered institution’s compliance with the guidance will be reviewed as part of its regular examination framework.