The Department of Finance extended its temporary regulatory guidance affecting permitting mortgage brokers and lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders, and collection agency licensees and registrants.
The law permits the Securities Commissioner to establish terms and conditions for mortgage loan activity to be conducted outside of an entity’s main place of business or branches.
On March 17, the Nebraska governor signed LB 363, which amends certain licensing requirements for installment lenders and money transmitters.
The change affects lenders who provide “credit availability transactions” to customers through fully amortized loans paid over a term of four to 12 months.
The law allows licensed MLO activity to be conducted from home if, among other things, certain state and information security requirements are satisfied.
The Department of Business of Industry, Division of Mortgage Lending extended its provisional guidance allowing licensed mortgage loan originators to work from home until June 30, 2021.
The Department of Banking extended its no-action position with respect to various licensees temporarily working from home through June 30, 2021.
On March 1, the New York attorney general issued two alerts warning investors about the “extreme risk” facing New Yorkers investing in virtual or “crypto” currency
The new opinion letters addressed virtual currency, agent of payee rules, and transactions in which recipients are paid before a company is reimbursed.
During the NMLS Annual Conference, the Conference of State Bank Supervisors released an updated cybersecurity examination tool designed for nonbank financial company supervision.
The Department of Financial Institutions extended interim guidance permitting certain licensees with a physical presence to reduce hours or work from home to coincide with local mayors’ orders.
On February 18, the Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis.
The FAQs respond to questions regarding, among other things, licensing and examination processes of the Department during Covid-19.
The invitation for comments describes specific topics for stakeholder consideration when providing comments, but the DFPI notes that commenters may provide feedback on “any potential area for rulemaking.”
The agency announced the first-ever enforcement action under its new structure against a student loan debt-relief company and an investigation into others.
An opinion letter explains that the sale and purchase of bitcoin through ATMs/kiosks in third-party retail locations are not subject to licensure because the sale and purchase of bitcoin from the company’s own inventory through a kiosk does not meet California’s definition of “money transmission.”
The Department of Financial Institutions issued the interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them.
The new provisions stipulate that servicers are not required to be licensed as a debt collector or be registered as a third-party loan servicer, provided they meet certain criteria.
California’s Department of Financial Protection and Innovation announced the issuance of subpoenas to a dozen debt collection companies as part of its investigation into consumer complaints regarding alleged UDAAP practices.
The Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work.