Covid-19 Licensing Updates

The NFID stated that they will not further extend the work from home provisional guidance, and that licensees should plan accordingly.

The law allows a mortgage originator, broker, or servicer’s employees to work from their residence, assuming the individual is adequately supervised by the employer.

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.

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.

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 Department of Financial Institutions issued the interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them.

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.

As states continue to extend work-from-home orders in response to the Covid-19 pandemic, and considering that remote work will continue to be the norm for many individuals even after the pandemic subsides, licensees must be prepared to address regulators’ heightened concern for data security.

On December 15, the Minnesota Commerce Department issued guidance regarding non-depository financial institution telework.

The Department of Consumer Credit extended, for the sixth time, its interim guidance to regulated entities on working from home in response to the Covid-19 pandemic.

The Department of Banking and Finance recently updated its guidance regarding temporary branch relocations, effective through the end of 2020.

Several state regulatory agencies updated guidance on emergency measures for home equity lenders to consider in response to the COVID-19 pandemic.

The Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the pandemic.

The Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis, effective through December 31, 2020, unless withdrawn or revised.

On October 22, the Oklahoma Department of Consumer Credit extended, for the fifth time, its interim guidance to regulated entities on working from home (see here, here, here, here, and here for previous coverage). The guidance sets forth data security standards for regulated entities with employees working from home and also provides that the department…

The Department of Business Regulation, Banking Division, extended previous guidance issued to mortgage loan originators, lenders, loan brokers, and exempt company registrants.

The Department of Consumer Credit guidance sets forth data security standards that regulated entities must meet in order to satisfy the department guidance.

Remote work guidance was extended through Dec. 31 for mortgage companies, MLOs, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants.

The Department of Banking issued a memorandum extending through December 31, 2020 with respect to various licensees temporarily working from home during Covid-19.

The Arkansas Securities Department extended interim regulatory guidance previously issued to licensed mortgage companies, MLOs, and branch managers.

The Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders navigating the Covid-19 crisis.

The Division of Financial Institutions extended, until September 30, 2020, interim guidance permitting licensees to reduce hours or close offices during Hawaii’s Covid-19 Emergency Period.

The Department of Finance extended guidance previously issued to certain mortgage, debt collection, and consumer lending licensees.

The Division of Financial Institutions extended its guidance temporarily permitting employees of depository and non-depository entities to work from home or some other remote location approved by the financial institution.

The Department of Consumer Affairs updated and extended its interim guidance permitting mortgage loan originators to work remotely.

The Office of Financial Institutions’ extension covers residential mortgage lenders, check cashers, bond for deed escrow agents and repossession agents, and pawnbrokers, among others.

The governor issued an executive order further extending the expiration date of certain licenses issued by the Division of Banking and the Division of Real Estate.

The Office of the Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the Covid-19 crisis.

On July 17, the Texas Office of the Consumer Credit Commissioner updated its Regulated Lender Advisory Bulletin on coronavirus emergency measures.

The Office of the State Bank Commissioner extended its remote work guidance for mortgage companies, MLOs, supervised loan licenses, credit service organizations, money transmitters, and credit notification registrations through September 15.

The Division of Financial Institutions extended its earlier guidance for licensees with locations in Hawaii to July 31, 2020.

The Department of Consumer Credit issued a third extension to its interim guidance to regulated entities, extending the guidance through Sept. 30, 2020.

The Office of Financial Regulation issued Emergency Order 2020-04, which extends filing deadlines for certain mortgage and MSB licenses.

The Department of Financial Institutions issued interim regulatory guidance permitting mortgage loan originators to work from home until December 31, 2020.

The Department of Financial Institutions issued amended guidance for state-regulated and exempt residential mortgage loan servicers.

The Banking Commissioner in Connecticut issued a memorandum extending its “no action” position regarding temporary work-from-home guidance.

The Office of the State Bank Commissioner extended its remote work guidance for mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants.

The Office of Financial Institutions updated its non-depository 2020 Covid-19 emergency declarations to extend earlier guidance regarding closure of licensed locations and temporary location changes.

The South Dakota Division of Banking extended the time period in which licensed mortgage loan originators can work from home until December 31, 2020.

The Department of Consumer Credit extended previous guidance permitting MLOs and employees of regulated entities to work from home or an alternate site.

The Department of Banking and Insurance issued a bulletin to certain licensees regarding temporarily working from home due to Covid-19.

The New Mexico Financial Institutions Division extended its guidance allowing mortgage licensees and their staff to work from home until August 31, 2020.

The Department of Banking extended its no-action position with respect to licensees temporarily working from home during Covid-19 through June 30, 2020.

The Department of Business of Industry, Division of Mortgage Lending extended its provisional guidance for MLOs to work from home through August 31, 2020.

The Office of Consumer Credit Commissioner revised an advisory bulletin extending the deadline from May 1, 2020 to June 1, 2020

The Department of Banking Insurance issued a bulletin regarding the extension of deadlines for certain entities and individual regulated by the Division of Banking.

The Department of Financial Institutions’ guidance extends earlier interim guidance permitting mortgage loan originators to work from home.

The bulletin from the Director of Michigan’s Department of Insurance and Financial Services reiterates that work should be done remotely to the fullest extent possible in compliance with the governor’s stay at home orders.

The Office of Financial Regulation reminded Money Transmitter Part II licensees that the deadline to renew licenses has been extended to June 1, 2020.

The 2020 deadline for New York mortgage banker licensees and mortgage broker registrants to file a VOOR with the NYDFS has been extended due to the Covid-19 pandemic.

The Department of Financial and Professional Regulation issued guidance to persons or entities licensed pursuant to the Transmitter of Money Act regarding the submission of financial documents.

The Louisiana Office of Financial Institutions’ guidance affects those licensed pursuant to the Louisiana Consumer Credit Law and the Louisiana Deferred Presentment and Small Loan Act, among others.

The FAQs regarding the effect of Covid-19 address filings, the processing of licensing or registration applications, and remote work for securities professionals, among others.

The Department of Business Regulation, Banking Division, amended previous guidance issued to mortgage loan originators, lenders, loan brokers and exempt company registrants.

The guidance to state-regulated debt buyers and collection agencies included reasonable measures they could take to prevent garnishment of CARES Act stimulus checks.

The Department of Financial Services Commissioner extended guidance enabling employees of regulated entities to work remotely through June 15.

The interim guidance addressed working remotely from unlicensed locations and extended the deadline for submitting the 2019 mortgage log.

The Department of Banking and Insurance extended the deadline for license and registration applications under New Jersey’s Mortgage Servicers Licensing Act to June 12, 2020.

The Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit and Credit Union Department issued revised home equity lending guidance related to making new loans or adjusting existing loans to facilitate recovery efforts.

The Oregon Division of Financial Regulation temporarily authorized certain licensees to work from home while transacting business when specific conditions are met.

The Department of Consumer Credit issued amended interim guidance to licensees, effective through May 31, 2020.

This session covers best practices and insights on how regulatory responses to the Covid-19 pandemic might shape branch licensing in the future. [Checkpoint Webcast]

On April 16, the Texas Office of Consumer Credit issued a revised bulletin outlining emergency guidance for regulated lenders navigating the Covid-19 crisis.

New license applicants and existing licensees will be required to use NMLS beginning April 15 and existing licensees have until June 15 to submit their license transition requests.

Among other things, lenders are encouraged to follow the terms of the provisions for non-federally-backed mortgage loans as if they were federally-backed.

Money services businesses are not designated as essential businesses in New Mexico, and as such, were instructed to temporarily cease all standalone storefront operations to further combat the spread of Covid-19.

The April 13 guidance on cybersecurity awareness issued by the New York Department of Financial Services identifies three areas of heightened risk.

The Office of Financial Institutions Commissioner declared a state of emergency and issued guidance for Louisiana-licensed lenders and brokers in response to the Covid-19 crisis.

The Financial Institutions Division announced a program to grant temporary exemptions to certain licensing requirements for approved SBA lenders participating in the Paycheck Protection Program for businesses impacted by Covid-19.

The Covid‑19 Regulatory Tracker is an interactive, web-based resource that gives legal and compliance professionals comprehensive surveys tailored to their needs, saving time by filtering hundreds of irrelevant notices and alerts.

The Supervisor for the Alabama State Banking Department Bureau of Loans issued a statement to licensees extending the annual report, mortgage call report, and financial statement deadlines to July 15.

Sellers and servicers are expected to maintain and follow business continuity plans during the Covid-19 pandemic. The guidance also summarized the relief that servicers should provide to impacted borrowers.

The Office of the State Bank Commissioner issued a directive that, beginning on April 15, certain MSBs should use the system for applications, renewals, surrenders and amendments.

The DBO issued the guidance to finance lenders, PACE administrators, deferred deposit originators, and premium finance companies.

The Division of Financial Institutions issued guidance permitting licensees reduce hours or close offices during Hawaii’s Covid-19 Emergency Period.

The guidance extends the deadlines to file annual reports originally due March 1 or March 15, 2020 to April 30, 2020, for a number of consumer credit-related licensees

On March 30, Maryland Governor Larry Hogan issued an executive order permitting remote notarization under certain circumstances and strongly encouraging this flexibility be used to conduct loan closings remotely.

The Division of Banking extended the due date for debt collectors, small loan lenders, and debt management companies to submit 2020 Rhode Island Annual Reports to April 30, 2020.

The March 30 guidance from the Illinois DFPR affects mortgage, consumer finance, debt, and money services businesses, among others.

The Idaho Department of Finance issued a memorandum to money transmitter licensees and applicants regarding agency operations and communications due to Covid-19.

Nebraska Department of Banking and Finance announced it will temporarily halt all regular examinations unless the examination is critical to safety and soundness, consumer protection, or is necessary to address an urgent or immediate need.

The Illinois Department of Financial and Professional Regulation, Division of Professional Regulation and Division of Real Estate, is extending deadlines by 21 days from the current deadlines set.

Instead of the original 60-day deadline extension, the NMLS Policy Committee encourages regulators to be lenient if reports are filed within 30 days of the placement of the license item (based on the standard due date).

The North Carolina Department of Insurance issued guidance clarifying certain debt collection obligations for insurance companies and related entities.

The D.C. Department of Insurance, Securities and Banking guidance also notes that all evictions of tenants and foreclosed homeowners on or before May 1 are stayed.

On March 26, the Texas OCCC issued four bulletins directed at regulated lenders urging these entities to work with borrowers during the crisis.

The South Carolina guidance applies to Mortgage Log Filings while the Massachusetts extensions affect a number of reporting deadlines.

The Division further advised licensees that it does not require an MLO’s home to be licensed as a branch so long as they do not advertise it as an office or meet consumers there.

The Indiana Secretary of State, Securities Division issued a Compliance Alert to all licensed loan brokers and collection agencies. The Division encouraged licensees to instruct their employees to work from home and refrain from any in-person meetings whenever possible.

Licensed mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants will be allowed to operate from remote locations.

On March 18, Louisiana’s Commissioner of Financial Institutions released emergency advisories for non-depository institutions, specifically repossession agents and bond for deed escrow agents, check cashers, pawnbrokers, licensed consumer lenders/brokers, and residential mortgage lenders.

In response to the Covid-19 pandemic, the NMLS Policy Committee on Mar. 25, 2020 extended the deadline for certain reporting obligations satisfied through NMLS, and the enrollment window for taking the SAFE MLO test.

NYDFS extended the deadlines for regulated institutions to provide their plans to manage the financial and operational risk caused by Covid-19 until May 25.

The Secretary of State, Securities Division, issued guidance to loan broker and collection agencies in response to Covid-19, encouraging licensees to instruct their employees to work from home and refrain from any in-person meetings.

In response to the Covid-19 pandemic, the Oregon Division of Financial Regulation has indefinitely suspended enforcement of the March 31 deadline.

The DBO issued guidance to escrow agents, finance lenders and servicers, student loan servicers, residential mortgage lenders and servicers, and mortgage loan originators in light of Covid-19.

The Michigan Department of Insurance and Financial Services seeks to understand licensees’ and registrants’ plans so that they can better address related inquiries from consumers.

The CO Attorney General released a statement urging student loan servicers, creditors, and debt collectors to discontinue mandatory debt collection efforts for consumers who experience financial distress due to Covid-19.

We have collected and summarized the preliminary guidance issued by the following states: Alaska, Alabama, Arkansas, Connecticut, Idaho, Kansas, Massachusetts, Maryland, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington, and Wisconsin.

In response to coronavirus/Covid‑19, Prometric announced today that it will temporarily close all of its test centers in the U.S. and Canada for 30 days, beginning March 18.

On March 10, the New York State Department of Financial Services issued several industry letters related to the novel coronavirus known as “Covid‑19.” Two of those letters require responses from New York regulated institutions no later than April 9, 2020.

Guidance notes the ability for licensed individuals to work remotely and other exceptions to the usual rules to ensure continuity of operations.