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Wisconsin enacts update to licensing and regulation of non-bank financial services providers

The amendments are modeled on the MTMA and allow Wisconsin to administer licensing needs for various non-bank entities through NMLS.

Arizona enacts new money transmission requirements

Effective July 7, the amended requirements mandate consumer warnings and training for money transmission licensees.

Kentucky enacts bills on mortgage liens and unlawful trade practices

The bills address mortgage recordings and affidavits and trade practices in financial services and residential property agreements, respectively.

West Virginia updates licensing of mortgage brokers and lenders

Effective June 3, SB 613 updates mortgage licensing laws, allowing remote work and enhancing information requirements for applicants.

Washington enacts SB 6025 addressing certain lending practices

Effective June 6, the act prevents deceptive lending practices and amends the Consumer Loan Act to include non-bank services as potential lenders.

South Dakota enacts new money transmission law

The updates go into effect July 1 and align the law with the CSBS Model Money Transmission Modernization Act.

Virginia provides protections from lien enforcement against primary residences

Effective July 1, HB 880 bars real estate lien enforcement on primary residences under $25K and mandates recordkeeping for common interest community associations.

Utah amends provisions on notifications and definitions of commercial financing transactions

Among other things, the changes remove certain disclosures for commercial financing transactions, including those for open-end credit plans after disbursing funds.

Utah amends its Consumer Sales Practices Act

The changes amend class action lawsuits and clarify provisions related to “targeted solicitations” involving financial information.

Utah amends credit report disclosures to protect consumers

The changes go into effect May 1 and add a disclosure requirement when a credit services organization provides a credit report to a consumer.

CPPA releases latest draft of automated decision-making technology regulation

Among other things, the regulations would require a pre-use notice for consumers and risk assessments for businesses using such technology.

New Hampshire enshrines a new consumer privacy law

The legislation goes into effect on Jan. 1, 2025 and grants consumers rights to data control, access, correction, deletion, and opt-out.

New York AG sues over 25 lenders for predatory lending operation

The petition against 27 lenders alleges fraudulent loans in the form of merchant cash advances, seeking injunctions, repayment, and penalties.

Six Things to Know: Mortgage Call Report, Version 6

The goal of the new versions is to standardize mortgage company data at the state level and minimize the amount of reporting outside of NMLS.

New York bill requires disclosure of LLC beneficial owners

New LLCs must file the required information within 30 days of their establishment and existing LLCs must comply by Jan. 1, 2026.

Ginnie Mae updates cybersecurity incident disclosure requirements

The new requirement mandates that all approved issuers notify Ginnie Mae of any significant cybersecurity incident within 48 hours of detection.

Department of Energy discontinues crypto mining survey following a settlement agreement

According to the settlement, the plaintiff claimed the DOE survey did not comply with various statutory and regulatory requirements for the emergency collection of information.

CFPB blog post tackles mortgage closing costs, seeks consumer feedback

The article posited that closing costs significantly impact a borrower’s financial commitment and identified a “noticeable increase” in closing costs.

FDIC orders bank to plan termination of relationships with “significant” fintech partners

The Tennessee bank must also engage an independent firm for completion of a comprehensive Banking-as-a-Service Risk Assessment Report.

VA addresses loan holder fees on assuming a VA-guaranteed loan

The guidance addresses assumption fees, specifically permitting a loan holder to charge an additional assumption-related fee based on the location of the relevant property when the assumption of a VA-guaranteed loan closes.

Minnesota AG settles with tribal company over high interest rates

Under the terms of the settlement, the entity and its subsidiaries can no longer lend to Minnesota residents nor advertise or market those loans.

U.S. Attorney General taps professor to lead new technology-focused roles

Jonathan Mayer will head the DOJ’s first Chief Science and Technology Advisory and Chief Artificial Intelligence Officer roles.

FSB addresses financial topics for upcoming G20 meeting

Topics include financial system vulnerabilities, nonbank financial intermediation, digitalization of finance, climate change effects, and cross-border payment efficiency.

White House orders DOJ and CFPB to better protect citizens’ sensitive personal data

The executive order was preceded by a fact sheet which included provisions to protect data on genomic and biometric information, personal health, geolocation, and finances, among others.

CFPB claims special, risk-based oversight over lender

This is the first time the CFPB has used its authority under the CFPA to designate a company for supervision based on a determination that the company’s conduct poses “risk to consumers” after a contested proceeding.

CFPB revises its supervisory appeals process

Among other things, the new rule expands the pool of potential members for the appeals committee within the CFPB and introduces a new option for resolving appeals.

District Court addresses plain meaning of “pattern or practice of noncompliance” under RESPA

The court found that the statute does not require identical violations from the same subsection of RESPA to state a “pattern or practice” claim.

FTC, DFPI win MSJ against a fraudulent mortgage relief operation

The court ordered the defendants to pay approximately $16 million in restitution and $3 million in civil penalties.

Fed finds bank CEO engaged in crypto “pig butchering” scam

The Federal Reserve issued an evaluation report concluding that the bank failed due to the alleged fraudulent activity by its CEO.

Broker-dealer settles AML allegations with FINRA

FINRA claimed that the Florida-based company did not adequately equip its analysts to review and address trading alerts related to suspicious activities by customers

New York Fed analyzes BNPL usage

The study evaluated different households’ use of buy now pay later products and revealed distinct patterns between the financially fragile and the financially stable.

New York wins $77 million judgment against short-term lenders

New York State AG Letitia James announced the judgment against three merchant cash advance companies for usury and fraud based on allegations the lenders used short-term loans to charge illegally high-interest and undisclosed fees. 

California DFPI proposes new regulations under the Debt Collection Licensing Act

The proposed rule defines key terms in the DCLA and requires debt collector licensees to file an annual report with the DFPI.

SEC charges alleged hedge fund with defrauding $1.2M from investors

The company allegedly raised the funds through an offer and sale of fraudulent securities for a hedge fund purported to invest in crypto-assets.

SEC, DFPI charge unregistered crypto platform

The company agreed to pay a $1.5M penalty to the DFPI on behalf of 51 U.S. jurisdictions, mirroring a similar settlement with the SEC.

CFPB reflects on 2023 enforcement actions; states upcoming enforcement goals

The Bureau reportedly filed 29 enforcement actions and resolved six final orders on previously filed lawsuits in 2023 and stated its intent to increase its capacity in 2024.

NYDFS pens guidance for vetting key senior officials within financial institutions

The final guidance came after a review process conducted over the past year where twenty comments indicated the need for Covered Institutions to build “robust character and fitness” policies.

Illinois proposes rule to evaluate mortgage community reinvestment

The Illinois Community Reinvestment Act is modeled off the Community Reinvestment Act, but expands its scope of covered financial institutions to include credit unions and licensed entities.

Colorado fines debt collector $500K for collecting on illegal loans

The company previously contracted to collect debt from consumers on behalf of unlicensed lending entities associated with Native American tribes, or Tribal Lending Entities (TLEs).

NYDFS and Fed fine bank for BSA/AML non-compliance

An investigation into the bank’s practices determined that the New York branch lacked any formal policies or training on confidential supervisory information (CSI).

FinCEN Finalizes Beneficial Ownership Information Access Rule as Reporting Rule Takes Effect

The Access Rule takes effect Feb. 20, 2024 and is the second of three FinCEN rulemakings to implement the Corporate Transparency Act. Read more on Orrick.com

FINRA report covers new topics including cryptoassets

Other new topics in the annual regulatory oversight report include OTC Quotations in Fixed Income Securities, Advertised Volume, and the Market Access Rule.

Student loan servicer fined $1.8M by Mass. AG

The settlement resolves allegations that the company did not properly communicate Income-Driven Repayment (IDR) plan renewals to borrowers.

NYDFS orders digital currency trading company to pay $8M

The company must also surrender its BitLicense for failing to meet compliance obligations related to NYDFS virtual currency and cybersecurity regulations.

States endorse the CFPB’s rule to regulate fintechs

A comment letter submitted by 19 state attorneys general emphasized the importance of regulating nonbank financial institutions, including popular digital payment applications.

Bank to pay $1.9M to resolve redlining suit

The DOJ alleged that the bank engaged in unlawful redlining in Memphis, Tennessee in violation of the Fair Housing Act, ECOA, and Regulation B.

New York floats BNPL legislation in FY 2025 budget

The proposed provisions would require buy now pay later financing providers to pay a fee and file a written application to receive a license, among other things.

Idaho publishes proposed rule changes on Mortgage Practices Act

According to the Idaho Department of Finance, the rule changes aim to “reduce regulatory burden by removing outdated requirements.”

FinCEN identity fraud report outlines statistics and processes

The report is part of a broader set of financial trend analyses conducted by FinCEN under section 6206 of the Anti-Money Laundering Act of 2020.

Oregon enacts money transmission bill regarding security devices

A security device is defined by Oregon law as a surety bond or an irrevocable letter of credit.

New York enhances consumer notification obligations on automatic renewals

Businesses must inform consumers about impending automatic renewals or continuous service charges at least forty-five days before charges are applied.

DFPI fines online platform for omitting convenience fee disclosures

The consent order resolved alleged violations of the California Consumer Financial Protection Law (CCFPL).

Federal court grants DFPI motion for summary judgment on commercial financing disclosure requirements

The court found that the California regulator’s disclosure requirements were lawful under the First Amendment and were not preempted by federal law.

NYDFS releases guidance on risk management

The guidance emphasizes the importance of managing significant financial and operational risks associated with climate change for New York State-regulated banking and mortgage institutions.

Fannie Mae releases notice on loan limit changes

Updates to its mortgage loan underwriting system, Desktop Underwriter, over the Jan. 20 weekend will support changes made to FHA and VA loan limits.

California enacts “state of emergency” mortgage servicing rule

The rule requires servicers to provide additional records when transferring a mortgage secured by a property within a proclaimed emergency zone.

CFPB fines and shuts down debt collector for alleged FDCPA, FCRA violations

The Pennsylvania-based nonbank medical debt collection company is permanently banned from debt collection, purchasing or selling of any debts, or any consumer reporting activities.

CFPB adjusts asset-size exemption thresholds for Regulations C and Z

The asset-size exemption thresholds were adjusted based on a 4.1 percent increase in the average year-over-year CPI-W.

CFPB posts blog entry analyzing cash-out refinancing

According to the entry, which noted reflects the authors’ views, and not those of the CFPB, refinance mortgage originations decreased amid 2022’s rapid interest rate hikes, and notably favored cash-out refinances over non-cash-out options.

Fannie Mae announces updates to servicing guide

The updates include new financial reporting requirements for large non-depository sellers/servicers and a revised policy for loans transferred to an LLC, among other things.

OCC reports on Q3 first-lien mortgage performance

The OCC found that there was a 0.1 percent increase in “current and performing” mortgages and a 0.2 percent drop in mortgages that are seriously delinquent from the previous year.

Crypto platform to pay $22 million to resolve NY AG suit

As part of the agreement, the platform is barred from trading securities and commodities in New York or from making its platform available to New York residents.

Illinois adopts regulatory changes as part of Collection Agency Act

Adoption of the new rules will not result in any substantive changes for Illinois Collection Agency licensees but will mirror the previous rules governing collection agencies.

White House convenes on reducing medical debt

The roundtable featured speakers from the president’s council, the CFPB, the Center for Medicare and Medicaid Services, DHHS, the Treasury, and representatives from California, Colorado, and Washington.

New York enacts Fair Medical Debt Reporting Act

The Act specifically prohibits hospitals, health care professionals, and ambulances from reporting medical debt to credit agencies.

Illinois Collection Agency Act oversight transferred to the Division of Financial Institutions

With this change, the Department of Financial and Professional Regulation proposes to repeal the existing regulations from the Division of Professional Regulation.

Maryland finalizes money transmitter regulation

The regulation generally aligns with the CSBS Money Transmitter Model Law, but also includes unique provisions such as an agent of the payee exemption. 

District Court grants motion for summary judgment to DFPI in commercial financing disclosure case

In their complaint, the plaintiffs argued that the regulations violated the First Amendment and were preempted by TILA.

CFPB comments on DFPI licensing provisions, income-based advances

The CFPB stressed the importance of regulatory consistency of consumer financial products and services across federal and state law.

Freddie Mac standardizes down payment assistance programs

These changes come in tandem with Freddie Mac’s new tool, DPA One®, to aggregate and showcase down payment assistance programs on a single platform.

Acting Dept. Comptroller testifies on OCC’s Office of Financial Technology

The testimony focused on the OCC’s supervision and regulation of new and emerging fintech products, including the use of artificial intelligence and algorithms in banking.

House Financial Services Committee questions financial agency representatives on technological implementations

Representatives from the SEC, OCC, FDIC, CFPB, NCUA, and the Federal Reserve fielded an array of questions focused on artificial intelligence, cryptocurrencies, and central bank digital currencies.

DFPI shares trends in consumer crypto complaints

DFPI also shared tips on how consumers can protect themselves against scams, noting that “if it seems too good to be true, it probably is.”

DFPI issues desist and refrain order against investment firm

The California Division of Financial Protection and Innovation alleges the firm made false representations and material omissions to investors.

CFPB report on FDCPA highlights medical debt collection issues

The annual Fair Debt Collection Practices Act report emphasized collectors may violate federal law when they pursue inaccurate medical bills.

FHFA announces increases in 2024 conforming loan limits

According to the FHFA, due to rising home values (up 5.56 percent since 2022), CLLs will be higher for all but five U.S. counties.

VA asks for foreclosure pause, extends Covid-19 Refund Modification program

The Department of Veterans Affairs hopes to delay foreclosures as it readies the launch of the VA Servicing Purchase program.

Mass. settles with rent-to-own company for unfair debt collection practices

The company agreed to pay $8.75 million and cease filing criminal complaints against customers as a debt collection tool.

CFPB and Fed release updated thresholds for Regulations Z and M

The dollar thresholds for both regulations were increased from $66,400 to $69,500, an increase of 4.6 percent.

HUD seeks comments on update to HECM policy

According to FHA, the proposal “… will support servicer liquidity and strengthen the HECM market for senior homeowners.”

HUD increases inspection fee limits for single-family homes

HUD requires federal mortgage holders to perform property inspections to determine “occupancy status, ascertain property condition and to maintain property preservation.”

FTC publishes letter to CFPB on its law enforcement and public outreach

The CFPB used the information in its annual report to Congress on the Fair Debt Collection Practices Act (FDCPA).

NYDFS introduces guidelines for virtual currency entities

The guidance adopts new requirements for coin-listing and delisting policies of DFS-regulated virtual currency entities.

Bank of England and FCA seek feedback on stablecoin regulatory proposals

The proposals would regulate stablecoins for future retail use while preventing money laundering and safeguarding financial stability.

CFPB releases report on state community reinvestment acts

The report finds that states play an active role in promoting reinvestment by institutions, but further review is necessary to understand these developments.

FHA updates guidance on sales comparison grid for manufactured homes 

The update to the FHA’s rule affects how real estate appraisers will now appraise manufactured homes using the sales comparison approach (SCA) grid.

FSOC approves risk framework, nonbank determinations

FSOC adopted key changes in consideration of public comments on the analytic framework for financial stability risks and interpretive guidance on nonbank designations.

CFPB proposes rule to regulate fintech firms like banks

The rule would apply to firms offering services like digital wallets and payment apps and handling more than 5 million transactions per year.

New York AG report details racial disparities in homeownership

The report finds that Black and Latino New Yorkers are “underrepresented” among mortgage applicants and identifies policy solutions that could reduce these disparities.

DFPI announces enforcement actions for unlicensed debt collection activity

The California regulator found four debt collectors in violation of the Debt Collection Licensing Act and California Consumer Financial Protection Law.

Checkpoint: NMLS renewals are quickly approaching

These tips and best practices can help you manage the process, which runs from November 1 through December 31 for all licenses managed on the Nationwide Multistate Licensing System & Registry.

California enacts requirements for digital asset businesses

New legislation establishes a licensing requirement for digital asset businesses and regulations for crypto kiosks.

Mortgage Call Report Updates: Get Ready!

Learn more about the NMLS Mortgage Call Report, Version 6 (FV6) and what you can do to prepare your company before the January 2024 deadline.

California enacts two privacy bills

The new legislation amends the California Consumer Privacy Act of 2018 and the California Privacy Rights Act (CPRA) of 2020.

California enacts new data broker regulations

Among other things, the California Privacy Protection Agency is authorized to create a streamlined method for consumers to delete their collected information.

Chopra foreshadows expanding oversight over digital payments

The CFPB director spoke at a digital payments event and provided steps that would increase oversight to help protect consumers.

California extends commercial financing cost disclosure requirement

Covered providers offering commercial loans must continue to disclose the total cost of financing expressed as an annualized rate indefinitely.

NYDFS settles with bank for compliance failures 

According to the consent order, the settlement resolved allegations of repeated violations of AML/BSA requirements and New York law.

NY proposes amendments of debt collector rules

The proposed amendments require debt collectors to inform consumers about language access services and come in response to the CFPB’s 2020 updates to the FDCPA, among other things.

CFPB shares concerns and actions regarding medical debt collection

The CFPB’s General Counsel and senior advisor to Director Chopra delivered remarks at the New Jersey Citizen Action Education Fund’s Financial Justice Summit.

CFPB releases 2022 HMDA data

The data point report analyzes residential mortgage lending activity and trends and reflects the fifth year of data that incorporates amendments to HMDA made by Dodd-Frank.

California AG advocates for medical payment reforms

The letter to federal agencies notes that patients may not be in a position to make complex financial decisions and offers California’s protections against medical payment products as a model framework.

Chopra shares prepared remarks about the lessons from 2008

CFPB Director Rohit Chopra discussed regulatory failures exemplified by mortgage entities’ risky practices and emphasized post-crisis reforms, including the creation of the Consumer Financial Protection Bureau.

Tim Lange discusses “Navigating the Future of Work”

The Sept. 28 webinar is hosted by the California Mortgage Bankers Association’s Mortgage Quality and Compliance Committee.

Upcoming webinar: Renewal season — You got this!

Please join us on Tuesday, Oct. 3 for a casual roundtable where we will share some renewal updates for your financial services licenses.

Oregon enacts registration requirements for data brokers

Under new rules, a “data broker” cannot collect, sell or license brokered personal data within Oregon unless registered with the Department of Consumer and Business Services.

Hawaii amends money transmitter provisions

The amendments outline numerous licensing application and renewal procedures, including several requirements set forth in the Money Transmission Modernization Act.

Nevada requires licenses for EWA providers

The licensing requirements apply to both “employer-integrated” and “direct-to-consumer” earned wage access products and services.

Connecticut amends requirements for small lenders

Among other things, the changes include new licensing provisions that require more people to obtain small loan licenses.

Illinois amends mortgage licensing provisions

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.

NYDFS publishes new proposal on cybersecurity regs

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.

Nevada expands collection agency licensing requirements

While existing law requires collection agencies to be licensed, the amendments expand the type of activities that trigger collection agency licensure.

Nevada to regulate student loan servicers and lenders

Among other things, subject to certain exemptions, persons servicing student loans will be required to obtain a license from the Commissioner of Financial Institutions.

Rhode Island enacts provisions for real estate appraisal 

The changes amend the Real Estate Appraiser Certification Act and the Real Estate Appraisal Management Company Registration Act.

Maryland says crypto enforcement could affect money transmitters

enforcement actions by Maryland and federal securities enforcement agencies against cryptocurrency-related businesses that could potentially impact businesses pursuing money transmitter licensure.

New requirements for digital-asset platforms in Texas

Digital asset service providers are required to comply with certain provisions in order to obtain and maintain a money transmission license.

Louisiana amends virtual currency licensing

Among other things, the changes amend several definitions, add new licensing conditions and outline provisions to protect Louisiana residents’ assets.

Colorado amends student loan provisions and UCCC licensing renewal deadlines

Among other things, all supervised lender licensees must file for renewal by July 1 annually, where previously the due date was January 1.

CFPB says it wants to simplify rules on mortgage servicing

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.

Texas enacts Money Services Modernization Act

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.

Several states enact provisions for small-dollar consumer lending and MSBs

Minnesota, Georgia, and Nevada amended requirements for the regulation and licensing of certain financial services companies.

DFPI examines whether some payment services are exempt from MTA

The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.

Florida allows mortgage loan originators to work remotely

Effective July 1, MLOs can transact business from branch offices and remote locations provided certain mandatory conditions are met.

DFPI examines whether some payment services are exempt from MTA

The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the Money Transmission Act.

Iowa modernizes money transmission provisions

The Uniform Money Transmission Modernization Act is designed to harmonize the licensing and regulation of money transmitters with other states.

Arizona amends licensing provisions

Changes related to the Department of Insurance and Financial Institutions include the length of time a license remains active and licensure renewal requirements.

Indiana allows some licensees to sponsor non-employee MLOs

Among other things, requirements include that each sponsored person performs mortgage loan originator activities exclusively for the sponsoring person.

New York proposes “landmark” crypto legislation

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.

NYDFS proposes vetting guidance for licensed or chartered entities

The announcement noted that a covered institution’s compliance with the guidance will be reviewed as part of its regular examination framework.

Indiana enacts Money Transmission Modernization Act

Among other things, the Act is designed to eliminate unnecessary regulatory burden and ensure states are able to coordinate in all areas of regulation, licensing, and supervision.

Maryland eliminates separate licensing requirement for branches

Effective July 1, collection agencies and certain non-depository financial institutions can conduct business at multiple licensed locations under a single license.

Maryland amends student financing company registration

Companies seeking to provide services in the state will be required to register with the Commissioner of Financial Regulation beginning March 15, 2024.

NYDFS to impose supervision fees on virtual currency licensees

NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs.

DFPI says escrow trust accounts are not stored value under MTA

The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the California Money Transmission Act (MTA) and the Escrow Act.

North Dakota establishes requirements for residential mortgage servicers

The new legislation provides that a person may not engage in residential mortgage loan servicing in the state without being licensed.

Katy Ryan to discuss state licensing and examination challenges

The panel discussion on Tuesday, May 9 is part of the Mortgage Bankers Association’s Legal Issues & Regulatory Conference.

Collection agency to pay $10k for operating without a license

The Connecticut Department of Banking discovered that the company had been operating without a license in the state since at least 2019.

West Virginia amends real estate licensing provisions

The amendments to the West Virginia Real Estate License Act take effect 90 days from passage.

Tennessee enacts Money Transmission Modernization Act

Under the Act, persons may not engage in the business of money transmission, or advertise, solicit, or hold themselves out as providing money transmission without being licensed.

Licensing update: MSB Call Report changes for Q1

The updated NMLS Money Services Business Call Report, which covers the first quarter reporting period (January 1 to March 31), is due May 15.

Keisha Whitehall Wolfe to discuss “Tips for successfully engaging your state regulator”

The session is part of the MBA’s State and Local Workshop running from April 17-18 in Washington, D.C.

Oregon clarifies appraisal company registration authority

The Appraiser Certification and Licensure Board is the entity responsible for determining specified criteria for registration or certification of real estate appraisal management companies.

Utah repeals some collection agency registration requirements

Limitations and terms of collection fees and convenience fees imposed by creditors or third-party debt collection agencies will remain unchanged by the amendments.

Arkansas amends LO sponsorship licensing requirements

The amendments modify the definition of a “transitional loan officer license” and will take effect 90 days following the adjournment of the legislature.

Virginia amends remote work requirements for mortgage companies

The changes permit mortgage lenders and mortgage brokers to allow employees and exclusive agents to work remotely provided certain conditions are met.

DFPI clarifies licensing provisions for several state laws

The California Department of Financial Protection and Innovation filed a notice of proposed rulemaking with comments due on May 17.

North Dakota amends mortgage licensing requirements

Among other things, the act outlines provisions related to application for licensure and permitted maximum charges for loans and installment payments.

North Dakota passes law on money transmitter licensure

The act is effective August 1. For current licensees, the provisions take effect upon license renewal but no later than December 31.

CSBS seeks comments on uniform mortgage licensing standards

The proposed requirements would create a national standard for mortgage industry licensing to help improve uniformity within the state system.

Tim Lange to discuss state legislative developments at NMLS

The “Financial Services State Legislative Update” panel is part of the NMLS 2023 Annual Conference & Training in Phoenix, AZ.

Wyoming to regulate debt buyers as collection agencies

As a result, debt buyers will be regulated by the Wyoming Collection Agency Board beginning July 1, 2023.

New York AG continues crackdown on unregistered crypto trading platforms

The AG noted that this is one of the first times a regulator is making a claim in court that one of the largest cryptocurrencies available in the market is a security.

DFPI issues more proposed changes to Student Loan Servicing Act

The SLA provides for the licensure, regulation, and oversight of student loan servicers by the California Department of Financial Protection and Innovation.

New York AG sues crypto trading platform for failing to register

According to the AG, securities and commodities brokers are required to register with the state, which the respondent allegedly failed to do.

DFPI modifies CCFPL proposal

Comments on the proposed modifications related to commercial financial products and services are due March 15.

DFPI settles with student loan debt relief company

The settlement is part of the DFPI’s continued crackdown on student loan debt relief companies found to have violated California consumer protection laws.

Montana amends mortgage servicing laws

Among other things, the new act outlines provisions related to financial condition requirements, model state regulatory prudential standards for nonbank mortgage servicers, risk assessments, and licensee reporting requirements.

Illinois announces new consumer protections for digital assets, proposes new money transmitter licensing provisions

The Department of Financial and Professional Regulation announced several legislative initiatives to establish consumer protections for cryptocurrencies and other digital assets and provide regulatory oversight of the broader digital asset marketplace.

California reminds licensees of fiduciary duty requirements

Licensees who violate their fiduciary duties may face disciplinary action against their real estate license and/or MLO endorsement and may also expose themselves to civil liability.

Checkpoint: Best practices for periodic reporting

Periodic reporting is often mandatory to maintain licensure, and most annual reports covering the previous calendar year are due on or before March 31.

Ohio will grant occupational licenses to applicants experienced in another state

The new legislation eases licensing burdens by allowing licensed professionals to apply for and be granted a license to work provided they meet certain criteria.

Orrick, Buckley Combine To Form Financial Services & Fintech Law Powerhouse

The strategic combination responds to demand from innovative companies and financial institutions for forward-looking regulatory and enforcement advice.

DFPI modifies Student Loan Servicing Act proposal

The changes provide for the licensure, regulation, and oversight of student loan servicers by the California agency.

Arizona AG: Earned wage access products are not loans

An EWA product offered as a no-interest, no-fee, non-recourse product does not fall within the definition of “consumer loan” under Arizona Revised Statutes § 6-601(7),

Washington issues work from home regulations

The amendments, among other things, allow licensed companies to permit licensed mortgage loan originators to work from their residence without licensing the residence as a branch.

DFPI orders online platform to cease offering crypto-related products

Certain peer-to-peer lending services and interest-bearing accounts were found to violate state law and cannot be offered in California.

NYDFS reminds institutions to seek prior approval before engaging in virtual currency activities

The New York agency noted that this requirement also applies in situations where any portion of the activity will be handled by a third party.

DFPI issues reminder to debt collection licensing applicants

Starting January 1, 2023, the California agency will begin approving applications under the Debt Collection Licensing Act.

Collection firm to pay $100,000 for operating without a license

The Connecticut Department of Banking also ordered the firm to cease and desist from collection activity for operating without a valid license.

NYDFS proposes virtual currency firms to pay supervision fees

The proposed fees will cover the costs and expenses associated with NYDFS’s oversight of licensees engaged in virtual currency business activity.

APPROVED CEO Tim Lange to discuss the role of regtech solutions in compliance management programs

The panel discussion on Wednesday, Dec. 7 is part of the Innovations in Lending, Alternative Financing, Fintech & Private Credit Summit 2022.

DFPI issues notices to suspend two crypto lending companies

On November 18, the California Department of Financial Protection and Innovation (DFPI) announced an order suspending a cryptocurrency lender’s California license for 30 days pending DFPI’s investigation. The suspension follows the DFPI’s notice to suspend issued on November 11, which was prompted by the cryprocurrency lender’s November 10 announcement that it would limit platform activity, including pausing client withdrawals. DFPI noted that the cryptocurreny…

Licensing update: Upcoming changes to MSB Call Report

CSBS announced that it will change the NMLS Money Services Businesses Call Report, which most MSB licensees are required to submit on a quarterly basis.

Delaware enacts licensing legislation

Among other things, the bill increases the threshold for licensed property appraisers so that they may appraise complex one to four residential units valued up to $400,000.

California DFPI concludes MTA licensure not required for crypto exchange

Transactions on the company’s platform will involve the use of the company’s tokenized version of the U.S. dollar.

Debt collection company issued a CDO for operating without a license

According to the order, the debt collecting company was a foreign company conducting business in Massachusetts with a main address in Florida.

Pennsylvania amends remote work definition

In order for a mortgage loan originator sponsored by a licensee to be permitted to work from a “remote location,” the location must meet certain criteria.

Arizona streamlines DBA licensing requirements

New legislation will allow most companies that the Department of Insurance and Financial Institutions licenses to operate with additional trade names under a single license.

CSBS provides tips on NMLS annual renewal

The announcement noted the number of individual state licenses eligible for renewal is 13 percent higher than the same time last year.

California amends certain debt collector licensing provisions

The new legislation amends various provisions of the Debt Collection Licensing Act and takes effect Jan. 1, 2023.

Upcoming deadline: CFL license annual assessment due by Oct. 31

California Financing Law licensees must pay their annual assessments to the Department of Financial Protection and Innovation by the end of the month.

Renewal season — Here we go again! [Webcast Archive]

In this webcast, we provide a Q&A and share tips on how to make the renewal process more manageable for financial services licensees.

3rd Circuit: Debt buyer not required to be licensed under PA law

On September 19, the U.S. Court of Appeals for the Third Circuit affirmed a district court’s ruling in an FDCPA suit.

California updates mortgage licensing requirements

The new bill was signed by the California governor on September 23 and the changes go into effective on January 1, 2023.

Oregon issues remote work guidance to licensed loan originators

On September 21, the Oregon Department of Consumer and Business Services filed permanent administrative order FSR 3-2022 with the Secretary of State to allow licensed loan originators and employees to work from home. Under the order, Oregon licensed mortgage loan originators “may originate loans from a location other than from a licensed branch office if the location…

DFPI proposal would consider ISAs as student loans

Proposed rulemaking would adopt new regulations and amend current regulations implementing the Student Loan Servicing Act.

California broadens DFPI commissioner’s enforcement authority

A new bill broadens unlawful practices oversight and enforcement power over any person currently engaging, or having engaged in the past, in unlicensed activity.

California issues remote work guidance to CFL licensees

Remote work is permitted if licensee take certain actions, including the protection of consumers’ personal information.

D.C. says certain Bitcoin activity subject to money transmission laws

The District of Columbia’s Department of Insurance, Securities and Banking issued a bulletin bulletin noting that it considers Bitcoin to be money for money transmission purposes.

Connecticut fines collection agency $100,000 and revokes license

The Connecticut Banking Commissioner revoked the consumer collection agency’s license after finding that it failed to provide requested information during an examination.

Katy Ryan to discuss state licensing, remote work, and NMLS challenges

The panel discussion on Tuesday, Sept. 20 is part of the Mortgage Bankers Association’s Regulatory Compliance Conference 2022 in Washington, DC.

DFPI enters into settlement with unlicensed point-of-sale lender

The Florida-based point-of-sale lender allegedly engaged in finance lending in California without obtaining a license.

Maryland Court of Appeals says law firm collecting HOA debt is not engaged in the business of making loans

Class members claimed that promissory notes drafted and negotiated by the firm for its clients are subject to the Maryland Consumer Loan Law.

Colorado issues remote work guidance to collection agencies

Among other things, supervised lender licensees may permit employees to work from remote locations, so long as the licensee complies with certain requirements.

NMLS disclosure questions comment period open through Aug. 22

The proposed changes would generally streamline questions asked of companies and individuals as part of the license application process.

Connecticut issues money transmitter advisory

The Connecticut Department of Banking issued an advisory providing general guidance on what types of activities and entities must be licensed.

Checkpoint: Key takeaways from the last NMLS Ombudsman meeting

The spring 2022 virtual meeting focused on the NMLS modernization effort, the State Examination System, the pandemic and remote work, change of control approval processing times, and the Money Services Businesses Call Report.

Oregon approves final student loan servicer regulations

The regulations establish provisions for student loan servicers related in part to licensing requirements as well as related consumer protections for borrowers.

Rhode Island amends licensing provisions relating to remote working

Effective immediately, the new bill adds definitions, eliminates certain requirements for licensees, and adds business operation guidance.

New Jersey warns licensed “teams” about violating state real estate statute

Licensees who fail to comply with the regulations may be subject to fines, potential license suspension or revocation.

DFPI issues proposal on debt collection licensing

The newest NPRM invites comments related to the scope, annual report, and document retention requirements under the Debt Collection Licensing Act.

Part three in Buckley’s “Licensing & Supervision Lifecycle” webcast series

The final installment of Buckley’s Licensing & Supervision Lifecycle webcast series covered coordination between states and various federal agencies.

Maryland exempt collection agency registrations now handled via NMLS

Among other requirements, applicants must upload a business plan, management chart, and organizational chart to their NMLS company form (Form MU1).

DFPI concludes MTA licensure not required for donations to NPOs

A new opinion letter examines whether donations to nonprofit organizations are exempt from the California Money Transmission Act.

Louisiana proposes virtual currency business licensing rules

The Louisiana Office of Financial Institutions (OFI) published the proposed rules in the Louisiana Register to implement the Louisiana Virtual Currency Business Act (VCBA).

Louisiana enacts student loan servicer provisions, establishes requirements for private education lenders

Among other things, the acts prohibit servicers from misleading student loan borrowers and outline provisions related to private education lenders.

Part two in Buckley’s “Licensing & Supervision Lifecycle” webcast series

APPROVED Director Kristie Battershell joined attorneys from Buckley to discuss state supervision, enforcement, and multistate coordination.

Upcoming deadline: South Dakota money lender license quarterly report

Money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks.

DFPI seeks to regulate commercial financial products and services under the CCFPL

The California Department of Financial Protection and Innovation issued a notice of proposed rulemaking with written comments due by Aug. 8.

Hawaii enacts licensing legislation

The new bills are effective July 1, 2022, and focus on requirements for licensed money transmitters and mortgage loan originators.

Upcoming deadline: Nevada installment loan company licensees must transition to NMLS by Sept. 30

All current licensees should have already received a communication from the Nevada Financial Institutions Division.

Massachusetts amends mortgage lender/broker licensing provisions

The Office of Consumer Affairs and Business Regulation, Division of Banks announced the final amendments, effective May 27, 2022.

Illinois amends Collection Agency Act provisions

The amendments take effect Jan. 1, 2023, and strike language repealing specified provisions and add, amend, and strike certain definitions, among other things.

Buckley “Licensing & Supervision Lifecycle” webcast series

The three-part series kicked off with a look at state licensing and prudential standards led by Katy Ryan, APPROVED co-founder and Partner at Buckley LLP.

Florida amends MSB provisions to define “control persons”

The new bill also provides requirements for a money transmitter that receives virtual currency, among other things.

Arizona passes money transmitter licensure legislation

The bill, among other things, creates provisions related to consistent licensure, application for licensure, and information requirements for certain individuals.

Florida amends consumer finance loan provisions

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.

DFPI says debt collection licenses “unavoidably delayed”

The FBI informed California Department of Financial Protection and Innovation that new changes are needed to state agency protocols for requesting federal background checks.

DFPI amends requirements for increased access to RSDL program

Amendments to regulations under the California Financing Law were related to a pilot program for increased access to responsible small-dollar loans.

Florida amends MSB provisions

The bill, among other things, revises provisions related to prohibited activities without a license and establishes requirements for virtual currency transfers.

Connecticut amends banking statutes

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.

APPROVED co-founder Katy Ryan to discuss state licensing and NMLS

The panel discussion on Tuesday, May 24 is part of the Mortgage Bankers Association’s Legal Issues and Regulatory Compliance Conference 2022 in Miami, FL.

Connecticut issues CDO against unlicensed small-dollar marketplace lender

The California-based respondent allegedly violated several provision of the Connecticut General Statutes, as well as Section 1036 of the CFPA.

Georgia amends mortgage lender/broker licensing provisions

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.

Georgia updates license exemption provisions

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.

California reinstates single commercial loan licensing exemption under the CFL

A new bill amends provisions relating to certain financial institutions, including California Financing Law, Escrow Agent, and Money Transmitter licensees.

Bank, fintech partner must face Maryland’s allegation of unlicensed lending

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.

Checkpoint: How to navigate a company name change

A company name change can be the most difficult license amendment. Here are the top things that you need to know.

Kansas amends mortgage licensing provisions

The updates to the Kansas Mortgage Business Act are effective July 1.

Kentucky enacts student loan servicer licensing provisions

Among other things, the act requires, subject to certain exemptions, persons servicing student loans in the state to obtain a license from the commissioner.

Kentucky enacts mortgage loan industry regulation bill

Among other things, the bill permits employees of a licensee to engage in the mortgage lending process from an alternate location if certain conditions are met.

NYDFS to collect assessment fees from licensed virtual currency businesses

The new fee will cover the costs associated with the oversight of virtual currency businesses and “defray operating expenses.”

Virginia creates provisions for sales-based financing providers

The bill’s provisions apply to sales-based financing contracts or agreements entered into on or after July 1.

Upcoming deadline: Nevada collection agency licensees must transition to NMLS by June 30

All current licensees should have already received a communication from the Nevada Financial Institutions Division.

Upcoming deadline: California Holden Act report deadline extended to June 13

The California residential mortgage loan report, also known as the California Holden Act report, is typically due by March 31 each year.

CFPB’s UDAAP claims to proceed against mortgage lender

The Bureau filed a complaint last year against the defendants alleging violations of several federal laws, including TILA and the CFPA. 

West Virginia updates money transmitter licensing law

The new bill, which updates laws regarding licensure and regulation of money transmitters, is effective June7.

DFPI concludes MTA licensure not required for digital asset trading platform

A new opinion letter examines whether a registered money services business requires licensure under the California Money Transmission Act.

Idaho updates licensing provisions for debt collection agencies

The changes are effective July 1 and amend existing law to revise certain requirements for collection agencies and applicants for licensure.

Utah enacts financial institution provisions

Among other things, the new bill provides penalties for failure to comply with registration and disclosure requirements.

Chopra: Large repeat offenders should face tougher consequences

The CFPB director warned that large, dominant banks and firms that repeatedly break the law “should be subject to the same consequences of enforcement actions as small firms.”

Arizona and Utah modify various licensing provisions

Among other things, the changes affect mandatory education and background check requirements for licensed individuals.

Mississippi passes debt management provisions

The new legislation is effective July 1, 2022 and establishes debt management services and licensing requirements.

Indiana passes loan broker provisions

The updated provisions include requirements for licensing, as well as contract for the services of a loan broker.

DFPI addresses MTA licensing requirements

New opinion letters cover aspects of the California Money Transmission Act related to a digital currency trading platform and the referral of customers to financial institutions.

How to obtain FinCEN registration for your MSB

Money services businesses are often required to submit evidence of registration with FinCEN along with their state license applications.

DFPI reminds licensees of March 15 CFL annual report filing deadline

DFPI also warned licensees that the commissioner may suspend or revoke a licensee’s license if an annual report is not submitted by the deadline.

Montana adopts NMLS forms and procedure amendments

The new provisions from the Montana Department of Administration became effective February 12, 2022.

Upcoming deadlines: CFL and CRMLA license reports

March reporting deadlines are quickly approaching for California Financing Law and California Residential Mortgage Lending Act licensees.

States settle with company on fraudulent MLO certifications

The California-based company provided false certificates claiming that MLOs took mandatory continuing education courses as required for licensure under state and federal law.

Upcoming deadline: Washington AAR and CAR

Washington consumer loan company licensees must file their annual assessment reports and consolidated annual reports by March 1, 2022.

Pennsylvania amends certain mortgage licensing requirements

The new legislation makes various amendments to the Pennsylvania Consolidated Statutes related to mortgage loan industry licensing requirements.

Launching a financial services company [Webcast Archive]

In this webcast, we covered formation and licensing requirements critical to an effective start-up plan for new financial services companies.

DFPI addresses several MTA licensing exemptions

Two new opinion letters cover aspects of the California Money Transmission Act related to the purchase and sale of digital assets and agent of payee rules.

Tim Lange named CEO of APPROVED

Tim is a founding member of APPROVED and has served as chief operating officer since the company’s inception in 2017.

New Jersey Superior Court grants summary judgment in favor of debt buyer

A proposed class action lawsuit claimed that the defendant unlawfully acquired defaulted credit card accounts without proper licensure.

Collection agency must pay $100,000

The Connecticut Department of Banking issued an order against a California-based collection agency for failing to request a hearing within the prescribed time period after a notice regarding submission of certain information was sent.

DFPI reminds licensees about submitting annual reports

All California Financing Law licensees are required to submit their annual reports by March 15, even if the licensee had no business activity during the 2021 calendar year.

States reach $1.2 million settlement with MLOs over fraudulent SAFE Act education certifications

The enforcement action targeted a mortgage education scheme offered by a California-based company that provided false certificates claiming that MLOs took continuing education courses as required for licensure.

DFPI acknowledges challenges in obtaining a NMLS account

DFPI is “working cooperatively with the NMLS team to be able to verify those that have attempted to apply” in compliance with the Dec. 31, 2021 deadline.

DFPI adopts debt collector license application and requirements

Among other things, the regulations set forth procedures for filing a license application through NMLS and license surrender.

California reduces CFL license fingerprint fee for non-residents

The DFPI updated its CFL background check guidance to reduce the processing fee that must accompany an FBI cardstock fingerprint card.

Upcoming deadline: Fourth quarter NMLS money services businesses call report

After extensions in 2020 and 2021, the NMLS Policy Committee voted to reinstate the February 14 due date beginning in 2022.

DFPI extends NMLS transition for CFL licensees to March 15, 2022

All California Financing Law licensees not yet on NMLS must establish an account in NMLS and submit their information on or before the new deadline.

DFPI reminds debt collectors and buyers of Dec. 31 application deadline

Debt collectors that miss the deadline will be required to wait for the issuance of a license before operating in California.

10 things to know: Transitioning CFL licenses to NMLS

The transition process can be time-consuming for California Financing Law licensees, especially those new to NMLS.

Upcoming deadline: Texas regulated lender license renewal

The renewal period is open until Dec. 31 via the ALECS online licensing portal, after which a reinstatement period of 180 days begins.

DFPI proposes additional changes to definitions under Debt Collection Licensing Act

Among other things, the proposed modifications amend the definitions of “branch office” and “debt collector.”

DFPI issues proposed rulemaking under CCFPL

The CCFPL provides DFPI with the authority to require companies that provide financial products and services to California consumers to register with the agency.

Upcoming deadline: Nebraska NMLS license transitions

All current Nebraska collection agency licensees that fail to transition to NMLS by December 31 will need to reapply for a license.

DFPI reminds CFL licensees of December 31 transition deadline

Licensees not currently on NMLS must establish an account in the system and transfer information to DFPI through NMLS on or before the deadline.

Utah amends mortgage practices and licensing rule provisions

Amendments to the Residential Mortgage Practices and Licensing Rules to eliminate unnecessary and redundant licensee expenses for criminal background checks and credit reports.

DFPI addresses several MTA licensing exemptions

The new opinion letters cover aspects of the California Money Transmission Act related to virtual currency and agent of payee rules.

Checkpoint: The NMLS company account creation process

We provide insights into common account creation hurdles that companies face as thousands of California Financing Law licensees are transitioning to NMLS.

Arkansas and Connecticut adopt electronic surety bonds

They join a majority of states that require new applicants for certain licenses to submit ESBs in lieu of paper bonds, and require current licensees to convert their paper bonds to ESBs.

CSBS urges early NMLS licensing renewal

According to CSBS, early renewal is critical due to an increase in the number of licensees eligible for renewal.

DFPI addresses MTA licensure requirements in new letters

The opinion letters cover aspects of the California MTA related to bitcoin ATMs and kiosks and the Agent of Payee exemption.

Texas adopts numerous mortgage-related provisions

It is recommended Mortgage Company, Mortgage Banker, and MLO licensees in Texas review the amendments to these new rules.

FATF updates virtual assets and service provider guidance

The Financial Action Task Force updated pre-existing guidance on its risk-based approach to VAs and VASPs originally released in 2019.

NYDFS issues proposed amendments to debt collection rules

The agency issued draft proposed amendments to 23 NYCRR 1, which regulates third-party debt collectors and debt buyers.

APPROVED Checkpoint: Key takeaways from latest NMLS Ombudsman meeting

The virtual meeting focused on the NMLS modernization effort, the SES, the pandemic and remote work, and the CSBS Money Transmitter Model Law.

NMLS seeks comments on changes to Money Services Businesses Call Report

CSBS issued a request for public comments on behalf of NMLS-participating state regulatory agencies. Comments are due December 17.

Creditor must pay fine for collecting debts under a different name

A North Carolina-based company allegedly used a name other than its legal name when collecting unpaid debts without a Connecticut consumer collection agency license.

Upcoming deadlines: California and New Jersey license annual assessments

First up is California, with Department of Financial Protection and Innovation invoices for California Financing Law licensees due in full by October 31, 2021.

North Carolina creates regulatory sandbox

Participants will have 24 months to test an innovative product or service on consumers in the state without being subject to state laws and regulations that normally would regulate such products or services.

You have license renewal questions, we have answers [Webcast Archive]

In this webcast, we answered audience questions, discussed key renewal items, and shared some tips on how to make the process more manageable.

Hawaii enacts installment loan provisions

The bill amends certain provisions related to small dollar lending requirements and specifies various consumer protection requirements.

CA governor signs legislation on money transmission website requirements

Licensees must provide a toll-free telephone number to contact for customer service issues and to receive live customer assistance.

Pennsylvania now accepts electronic fingerprints submitted through Fieldprint

The move away from a state-specific vendor allows the fingerprints submitted through Fieldprint to be leveraged for nearly all NMLS licenses.

APPROVED Checkpoint: Disclosure of license information in advertisements

When creating advertisements, financial services licensees may not have licensing at top of mind – but they should.

California debt collection license requirement [Webcast Archive]

APPROVED COO Tim Lange and Buckley LLP Partner Katy Ryan teamed up to break down the act’s requirements, specifically discussing who’s covered by the act, exemptions from licensure, and next steps for industry and regulators.

DFPI issues mortgage servicer requirements

Mortgage servicers licensed in California must provide information to DFPI describing the actions they are taking to help homeowners avoid foreclosure.

CSBS releases Uniform Money Transmission Modernization Act

The act is intended to replace 50 sets of state-specific money transmitter laws and rules with a single set of nationwide standards and requirements designed by state and industry experts.

Illinois amends Real Estate Appraisal Licensing Act

The amendments create provisions regarding inactive licenses, citations, and illegal discrimination, among other things.

DFPI: Debt collection licensing applications due before Jan. 1

On September 1, the California DFPI announced that all debt collectors operating in California can apply to be licensed.

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.

Strategy & Technology: A dynamic duo for successful regulatory exams [Webcast Archive]

We were joined by Winnow Solutions to discuss the current regulatory climate for examinations and how the right combination of strategy and technology can improve the process.

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.

APPROVED co-founder Katy Ryan to discuss state licensing challenges

The panel discussion on Tuesday, Sept. 14 is part of the Mortgage Bankers Association’s Regulatory Compliance Conference 2021 in Washington, D.C.

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.

CFL license transition to NMLS [Webcast Archive]

In this webcast, our panel discussed what lenders and brokers that hold a CFL license off of NMLS can expect with the upcoming transition to the system.

Wyoming passes consumer lending act

Among other things, the legislation exempts certain supervised financial institutions from certain notice and fee requirements.

DFPI issues NPRM on debt collector licensing requirements

The California Department of Financial Protection and Innovation’s notice specifies that comments on the proposed modifications are due July 12.

Minnesota enacts student loan servicer, debt buyer provisions

Among other things, the new legislation creates a Student Loan Bill of Rights and outlines new provisions for student loan servicers.

APPROVED Checkpoint: Fingerprinting for CFL license applications

The California Department of Financial Protection and Innovation released background check guidance applicable to the key individuals of California Financing Law licensees and license applicants.

Montana adopts mortgage licensing requirements

The new rule addresses the revocation and suspension of mortgage licenses, the reinstatement of expired or suspended licenses, and applications for initial licenses near year end, among other things.

Nevada passes licensing provision act

Among other things, the bill allows DFI to accept licensing applications through the NMLS for certain license types.

New Hampshire clarifies licensing requirements

New legislation clarifies certain deadlines and provisions in consumer credit applications and licensing requirements for mortgage loan originators.

Texas amends wrap mortgage loan provisions and various licensing requirements

Wrap loans will be subject to regulation like other mortgage loan products in order to provide certain protections for buyers and sellers.

Keeping your licensing house in order [Webcast Archive]

In this APPROVED Checkpoint webcast, we discussed proactive steps to keep records up-to-date with state and federal regulators.

CSBS seeks feedback on proposed MSB national licensing requirements

The new requirements are expected to streamline the licensing process as part of efforts by state regulators to expand uniformity in state regulation through a strategy called Networked Supervision.

California updates NMLS checklists for CFL license

The Department of Financial Protection and Innovation now expects all companies to apply for the CFL license electronically via NMLS.

Vermont amends licensing provisions

New legislation amends various provisions related to insurance, banking, and securities, including those related to licensing applications and the annual renewal process.

Arizona amends various financial institution rules

The Arizona governor signed into law SB 1463, a bill that makes various changes to the Arizona Department of Insurance and Financial Institutions (DIFI).

Virginia abandons in-state office requirement for consumer finance company licensees

There are now fewer than 10 states that require an in-state office in connection with a consumer or mortgage lender license.

Nevada issues final extension to its work from home guidance

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

Indiana adds consumer loan license to NMLS

Pending paper applications must be resubmitted via NMLS and companies currently holding the license must submit a transition request by October 31, 2021.

Vermont passes law allowing mortgage employees to work from home

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.

DFPI issues proposal on debt collector licensing applications

The notice of proposed rulemaking outlines new requirements for debt collectors seeking to obtain a license to operate in the California.

Staying in the know with Buckley regtech solutions [Webcast Archive]

Buckley offers two regtech solutions designed to help financial services companies navigate, manage, and respond to state regulatory requirements: Winnow and Mogy.

Maryland amends nondepository institution licensing provisions

On April 13, the Maryland governor signed SB 251, which amends provisions related to licensing requirements for nondepository institutions.

CSBS seeks comments on modernized NMLS

The Conference of State Bank Supervisors announced a request for public comments on proposed requirements for developing a new system to streamline the licensing application process.

Arkansas amends FMLA mortgage licensing provisions

On April 1, the Arkansas governor signed SB 149, which amends provisions related to licensing requirements under the state’s Fair Mortgage Lending Act.

Idaho once again extends work from home guidance

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.

Arkansas passes law paving way for remote work

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.

Nebraska amends licensing requirements

On March 17, the Nebraska governor signed LB 363, which amends certain licensing requirements for installment lenders and money transmitters.

Mississippi reenacts licensing requirements

The change affects lenders who provide “credit availability transactions” to customers through fully amortized loans paid over a term of four to 12 months.

Washington passes law allowing mortgage employees to work from home

The law allows licensed MLO activity to be conducted from home if, among other things, certain state and information security requirements are satisfied.

2021 licensing trends – Turning predictions into practice [Webcast Archive]

In this Checkpoint Webcast, our panelists shared practical advice on how financial services companies can prepare to handle potential regulatory changes and develop strategies to comply with licensing and maintenance requirements.

Nevada extends work from home guidance

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.

Connecticut extends work from home guidance for licensees

The Department of Banking extended its no-action position with respect to various licensees temporarily working from home through June 30, 2021.

New York warns of “extreme risk” with cryptocurrency trading

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

DFPI addresses several MTA licensing exemptions

The new opinion letters addressed virtual currency, agent of payee rules, and transactions in which recipients are paid before a company is reimbursed.

CSBS announces new nonbank cybersecurity exam tool

During the NMLS Annual Conference, the Conference of State Bank Supervisors released an updated cybersecurity examination tool designed for nonbank financial company supervision.

Hawaii extends work from home guidance

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.

Texas updates guidance for regulated lenders

On February 18, the Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis.

“Firsthand experience with SES” featuring Kristie Battershell

The panel discussion on Feb. 24, 2021 is part of the NMLS Annual Conference and looks at how responses to the pandemic in 2020 will shape business operations, legislative priorities, and regulatory oversight moving forward.

California Department of Real Estate reissues FAQs regarding licensing process

The FAQs respond to questions regarding, among other things, licensing and examination processes of the Department during Covid-19.

DFPI requests comment on CCFPL regulations

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.”

DFPI issues first enforcement action against student debt-relief company

The agency announced the first-ever enforcement action under its new structure against a student loan debt-relief company and an investigation into others.

DFPI: Certain bitcoin ATMs/kiosks not subject to MTA licensure

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.”

Washington once again extends work from home guidance

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

“State Legislative Impacts of 2020” featuring Tim Lange

The panel discussion on Feb. 24, 2021 is part of the NMLS Annual Conference and looks at how responses to the pandemic in 2020 will shape business operations, legislative priorities, and regulatory oversight moving forward.

Massachusetts establishes student loan servicer licensing provisions

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.

DFPI launches debt collection investigation

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.

Washington extends remote work guidance

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.

Texas adopts rules covering mortgage licensee requirements

The amended regulations include updates to definitions, disclosure requirements, and other licensee duties and responsibilities.

Florida amends licensing application procedures

The Department of Financial Services, Office of Financial Regulation amended rules related to the application procedures for prospective loan originator, mortgage broker, and mortgage lender licensees.

NY bill requires licensing for all commercial financing under $500K

The legislation would exempt certain banking organizations, any lender who makes or solicits five or fewer commercial financing products within a 12-month period, and check casher licensees, among others.

Data security best practices for licensees operating remotely

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.

Minnesota regulator issues telework guidance

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

Oklahoma extends working from home guidance

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.

DFPI: Certain Bitcoin ATMs not subject to MTA licensure

California’s Department of Financial Protection and Innovation released opinion letters covering aspects of the Money Transmission Act related to Bitcoin ATMs.

California DFPI issues MCA enforcement action covering future receivables

The consent order requires the commercial financing company to desist from lending in California unless and until licensed under the CFL, among other things.

Tim Lange to discuss “Impact of Covid-19 on your business”

The panel discussion on Jan. 12, 2021 is part of the California Mortgage Bankers Association Legal Issues & Regulatory Compliance Conference.

Nebraska updates guidance on temporary branch relocations

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

Texas updates home equity lending guidance

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

Texas updates guidance urging motor vehicle sales finance licensees to work with borrowers

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

Texas updates guidance for regulated lenders

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.

DFPI addresses MTA licensing in new letter

The redacted opinion letter covered aspects of the Money Transmission Act related to the registered clearing house and payment processing service exemptions.

NYDFS issues first “conditional Bitlicense”

NYDFS announced authorization for a digital payments company to launch a service for U.S. customers to buy, sell, and hold certain NYDFS-approved cryptocurrencies.

Oklahoma extends working from home guidance through end of year

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…

MLO licensing in the coming decade [Webcast Archive]

This Checkpoint webcast covered the top 20 things you need to know about mortgage loan originator licensing in the ’20s.

Illinois adopts regulations for student loan servicers

The Department of Financial and Professional Regulation adopted regulations implementing provisions of the Student Loan Servicing Right Act related to licensing fees, operations, and supervision.

New Jersey now accepting student loan servicer licenses through NMLS

On September 15, the Department of Banking and Insurance began accepting applications for the NJ Student Loan Servicer license through NMLS.

Upcoming presentation: NMLS mortgage call report – Where’s NMLS 2.0?

Katy Ryan, APPROVED co-founder and Buckley partner, hosts a session on Oct. 27 as part of the QuestSoft Lending Compliance & Risk Management Virtual Conference.

California enacts the Debt Collection Licensing Act

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 the DFPI.

CSBS announces first MSB Accreditation

On September 28, the Conference of State Bank Supervisors announced that the Ohio Division of Financial Institutions received its first Money Service Business Accreditation.

California DBO now Department of Financial Protection and Innovation

The governor signed AB 107, an Assembly Budget Committee bill, which changes the name of the Department of Business Oversight to the Department of Financial Protection and Innovation (DFPI).

Rhode Island extends work from home guidance for lenders

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

Oklahoma regulator amends working from home guidance

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

APPROVED Checkpoint: Key takeaways from NMLS Ombudsman meeting

For the first time ever, the recent NMLS Ombudsman meeting was virtual and focused on a single topic: remote work and supervision in a post-pandemic world.

CSBS announces single exam for money transmitters

The streamlined examination for money transmitters operating nationwide (i.e., in 40 or more states) will be known as “MSB Networked Supervision.”

Checkpoint Q&A: Remote examinations and complaints

Panelists from our recent webcast on examinations and complaints follow-up on audience questions that were not addressed during the program due to time limitations.

Renewals in a remote world [Webcast Archive]

This webcast covered a number of topics, including how to prepare for renewal, what to expect during the renewal period, state-specific requirements, and how the pandemic could affect the process this year.

California’s new consumer financial protection law

The California Consumer Financial Protection Law changes the name of the Department of Business Oversight and expands UDAAP and enforcement authority.

DBO reports installment lending by CA nonbanks increased 68% in 2019

The annual report covers the 2019 operations of finance lenders, brokers, and Property Assessed Clean Energy program administrators licensed under the California Financing Law.

DBO investigates auto title lender over out-of-state bank partnership

The California Department of Business Oversight announced a formal investigation into a California auto title lender to determine whether the lender is evading state interest rate caps through a recent partnership with a Utah-based bank.

Georgia adds installment lender and branch approval licenses to NMLS

New applicants and existing licensees may now make submissions for Georgia Department of Banking and Finance licenses directly through NMLS.

Vermont removes home state licensure requirement

With this development, the already short list of state financial services regulators enforcing such a requirement became significantly shorter.

Upcoming deadline: Annual continuing education for 2020

The NMLS annual renewal period is right around the corner and it’s certainly not too early for state-licensed mortgage loan originators to start fulfilling their annual continuing education requirements.

California addresses MTA licensing exemptions

The California Department of Business Oversight (CDBO) released two new opinion letters covering aspects of the California Money Transmission Act (MTA) related to the sale of foreign currency and the agent of the payee exemption.

Kansas extends remote work guidance for certain licensees

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

Remote examinations and complaints [Webcast Archive]

This discussion covers how the pandemic has affected the traditional examination process, and updates from CSBS regarding the latest developments within the State Examination System (SES) and on managing complaints.

Connecticut extends work from home guidance

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

Arkansas extends work-from-home guidance

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

Texas updates guidance for regulated lenders

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

Hawaii extends guidance permitting reduced office hours, temporary closure

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.

Idaho extends temporary work from home guidance for licensees

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

California DBO opinion letters cover activities exempt from MTA licensing

The opinion letters issued throughout the summer covered virtual currency and agent of payee rules under the California Money Transmission Act.

West Virginia extends remote working for regulated entities

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.

California Consumer Financial Protection Law still pending

Governor Newsom signed the Budget Act of 2020, which allocates $10.2M in 2020-21 growing to $19.3M in 2022-23 to the DBO, contingent on the enactment of the law.

South Carolina extends interim guidance to mortgage brokers permitting remote work

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

Louisiana extends emergency declarations to non-depository entities

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

Colorado extends money transmitter and real estate broker licenses

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.

Maximizing vendor value [Webcast Archive]

This Checkpoint webcast focuses on getting the most out of third-party vendor relationships and navigating potential issues during the current pandemic. APPROVED team members Tanya Anthony and Tim Lange are joined by a panel of industry leaders who share their experience and insights.

Upcoming deadline: New York volume of servicing report

While the second-quarter VOSR typically must be submitted to the NYSDFS no later than July 30, that deadline has been extended because of the Covid-19 pandemic.

Texas updates guidance for motor vehicle sales finance licensees

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.

Texas extends regulated lender advisory

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

Missouri amends mortgage broker licensing requirements

On July 6, the Missouri governor signed SB 599, which, among other things, modifies the state’s mortgage broker licensing requirements. The legislation is effective August 28, 2020.

Louisiana requires licensing for virtual currency businesses

HB 701 was signed into law on June 13 and provides for the licensing and regulation of virtual currency businesses in the state, effective August 1, 2020.

South Dakota requires mortgage licensees to register branches

On July 1, 2020, the South Dakota Division of Banking began accepting mortgage branch registration applications via NMLS.

Kansas extends remote work guidance

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.

New York reverse mortgage licenses added to NMLS

The Reverse Mortgage Lending Dual Authority License and the Reverse Mortgage (HECM) Lending License appear to be the first licenses related exclusively to reverse mortgage lending activities on NMLS.

Hawaii extends guidance permitting reduced hours, temporary office closures

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

Oklahoma amends working from home guidance

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

NYDFS launches virtual currency initiatives

NYDFS issued a a Memorandum of Understanding with the State University of New York to launch a virtual currency program and resources intended to help virtual currency market participants.

OCC issues interpretive letter addressing money transmitter licensing

According to the OCC, state laws that are intended to impose licensing requirements on a national bank’s exercise of fiduciary powers are preempted and satisfaction of an exemption from those requirements is not required.

Florida issues emergency order regarding certain filing deadlines

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

Washington State extends remote work guidance for MLOs

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

Washington State amends guidance for mortgage loan servicers

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

Temporary Authority and other updates made to NMLS Policy Guidebook

In April 2020, a number of changes were made to the Guidebook, including the addition of a section on “Non-Disclosable Events and Regulatory Actions.”

Work-from-home no action position extended by Connecticut

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

Kansas extends remote work guidance for certain licensees

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.

Caution: Fraudulent communications regarding secretary of state filings

State-licensed companies should be on the lookout for fraudulent communications suggesting that a filing or payment is required from them in order to remain in good standing with various secretaries of state.

Louisiana updates non-depository emergency declarations

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.

South Dakota extends work from home guidance

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

Oklahoma issues extension to interim remote work guidance

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

New Jersey extends no-action position regarding temporary work from home

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

New Mexico regulator extends permission to work from home

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

Arizona regulator implements adjusted renewal process

The Department of Financial Institutions announced the new process that will enable licensees to renew licenses of the parent licensee and its branches at the same time.

Connecticut extends work from home guidance

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

ACN and amendments [Webcast Archive]

Buckley Partner Katy Ryan joined APPROVED team members Tanya Anthony and Twilla Wojciechowski to discuss key state requirements, ACN deadlines, change of control, and tips on how to successfully manage company amendments in today’s environment. [Checkpoint Webcast]

Nevada extends work from home guidance

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

Texas extends annual report deadline for regulated lenders

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

New Jersey extends filing deadlines for certain annual reports

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

APPROVED Checkpoint: It’s time to spring clean NMLS records

Spring is a great time to review and update NMLS records. Here are some tips to help you clean up those sections of the NMLS company, branch, and individual forms that tend to get overlooked and disorganized.

Texas amends residential MLO application procedures

The amendments are intended to reduce costs for residential MLOs and to ensure consistency with current licensing procedures and processes.

Washington state extends remote work guidance for MLOs

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

Michigan regulator issues guidance for financial services sector to comply with stay at home orders

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.

Florida regulator reminds money transmitters of license renewal extensions

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

Upcoming deadline: New York Volume of Operations Report

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.

Illinois extends financial statement submission deadline for certain MSBs

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.

Louisiana issues emergency declarations to non-depository entities

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.

Virginia outlines student loan servicer requirements

The Virginia legislature enacted SB 77, which requires entities servicing student loans in the Commonwealth to be licensed by the State Corporation Commission.

D.C. Department of Insurance, Securities and Banking issues FAQs

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.

Rhode Island regulator extends guidance for lenders

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

Oregon issues guidance for debt buyers and collectors

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

West Virginia extends remote working for depository and non-depository entities

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

South Carolina issues guidance to mortgage brokers

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

New Jersey extends license application deadlines

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.

Texas agencies issue emergency guidance for home equity lenders

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.

D.C. issues bulletin regarding filing submissions

The Department of Insurance, Securities and Banking issued new procedures requiring electronic submissions and payments in light of the Covid-19 public health emergency.

Oregon permits work from home for certain licensees

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

Oklahoma issues amended guidance regarding remote work

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

Virginia requires licensure of debt settlement service providers

The Virginia governor signed HB 1553, which outlines licensing and regulatory requirements for debt settlement services providers.

Branch licensing in a remote world [Webcast Archive]

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]

Texas issues revised emergency bulletin for lenders

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

Upcoming deadline: South Carolina NMLS license transitions

The South Carolina Bureau of Financial Institutions requires several consumer finance and MSB licenses to be transitioned to NMLS by May 31.

Delaware Check Seller and Money Transmitter Licenses Required to Transition to NMLS by June 15

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.

Louisiana issues guidance to non-depository licensees regarding Covid-19 relief

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.

New Mexico calls on MSBs to cease standalone operations

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.

New York issues Covid-19 cybersecurity guidance

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

Louisiana declares emergency for lenders and brokers

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.

Nevada to grant temporary licensing exemptions for PPP lenders

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.

Introducing Buckley’s Covid‑19 Regulatory Tracker

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.

Upcoming deadline: New Jersey mortgage servicer license application

For those entities currently conducting business as mortgage servicers and not otherwise exempt, the New Jersey Department of Banking and Insurance provides a deadline of April 13, 2020.

Alabama issues guidance on annual report submission

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.

West Virginia amends mortgage loan originator definition; adjusts allowable final installment payment on mortgage loans

The changes amend the definition of a mortgage loan originator with respect to manufactured home retailers and the adjusts allowable final installment payment on a mortgage loan.

Utah amends consumer lending requirements

The amendment modifies provisions related to consumer lending in the state, including registration, reporting, and operational requirements for deferred deposit lenders.

Freddie Mac issues guidance on business continuity plans, borrower relief

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.

Delaware mandates check seller and money transmitter licensees to use NMLS

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.

California requests certain licensees offer payment plans and extensions

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

Hawaii permits licensees to reduce office hours, temporarily close

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

Minnesota extends filing deadlines for consumer credit licensees

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

West Virginia creates regulatory sandbox program

The program allows participants to temporarily test innovative financial products or services on a restricted basis without requiring a license under West Virginia law.

Indiana amends certain financial institution and consumer credit provisions

House Enrolled Act No. 1353 amends various provisions concerning financial institutions and consumer credit, including those related to first lien mortgage lenders, credit unions, and surety bond requirements, among others.

Washington state amends debt buyer provisions

On March 18, the Washington governor signed Substitute HB 2476, which clarifies the definition of a debt buyer and outlines prohibited activities.

Maryland authorizes remote notarization; encourages remote closings

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.

Rhode Island regulator delays reporting deadlines

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.

Illinois issues guidance for numerous financial services licensees

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

Idaho issues memorandum to money transmitters

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

Nebraska issues guidance regarding examinations during Covid-19 emergency

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.

Illinois DFPR extends all deadlines set by department administrative law judges

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.

NMLS updates temporary policy for reporting deadlines

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).

North Carolina issues guidance on debt collection

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

District of Columbia permits mortgage brokers and originators to work from home, delays reporting deadlines

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.

Texas issues Covid-19 guidance related to multiple licenses

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

South Carolina and Massachusetts extend reporting deadlines

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

Massachusetts DOB reminds licensees of requirement for pandemic planning

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.

Indiana issues work at home guidance for licensees

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.

Kansas OSBC provides remote work guidance

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.

Louisiana advises non-depository institutions on temporary closures

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.

NMLS extends deadline for reports and SAFE MLO test enrollment

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.

New York extends deadline for Covid-19 response plans

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.

Indiana permits loan brokers and collection agents to work from home

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.

Oregon extends annual report deadline for consumer finance licensees

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

California permits certain licensees to work from home

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.

Idaho amends requirements for mortgage lenders

Among other things, HB 401 amends the definition of “mortgage lending activities” to include residential mortgage servicing and eliminates certain prohibited practices.

Michigan directs licensees to provide Covid-19 response summary by March 20

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.

Colorado requests pause of debt collection efforts

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.

Preliminary state regulatory guidance related 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.

Centers Administering Mortgage Loan Originator Test to Close for 30 Days

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.

NY Requires Regulated Institutions to Submit Covid‑19 Response Plans by April 9

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.

West Virginia amends Safe Mortgage Licensing Act for MLOs

On March 5, the governor signed HB 4353, which creates “a rational nexus requirement between prior criminal conduct and initial licensure decision making,” to guide commissioners or commissions with licensing authority.

Agencies issuing guidance on novel coronavirus/Covid‑19

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

South Dakota amends real estate licensing provisions

Among other things, SB 28 outlines reasons why an application for a license may be denied and sets forth licensure exemptions.

CSBS seeks additional comments on MSB Model Law

The MSB Model Law is a primary part of CSBS’s Vision 2020 initiatives, intended to modernize state regulation of non-banks and fintech firms.

CFL Overview [Webcast Archive]

Debbie Stopeck, a senior program manager at APPROVED, shares her unique insights from a career spanning nearly four decades in licensing at the California DBO. [Checkpoint Webcast]

Upcoming deadlines: NMLS call reports and financial statements

There are some quickly-approaching deadlines for reports and financial statements filed via the NMLS.

Upcoming deadlines: CRMLA license annual report and CA Holden Act report

CRMLA licensees are required to file an annual report with the California DBO no later than March 1, 2020. Some lenders must also file a Holden Act report by March 31, 2020

APPROVED Checkpoint: License surrender

It is important to properly surrender a license that is no longer required to effectively terminate the issuing regulator’s supervisory authority. Here are a few key things to know about surrenders.

CO reminds entities of retail credit seller UCCC notification requirements

The Dec. 27 advisory stated that consumers may not be obligated to pay finance charges on consumer credit transactions purchased, acquired, or otherwise assigned to retail credit sellers that have not filed applicable notifications.

Upcoming deadline: CFL license annual report

The DBO does not grant filing extensions, and missing the March 15 deadline may result in monetary penalties and/or suspension or revocation of the license.

Point-of-sale finance company enters into consent order with CA DBO

The DBO had initially denied the company’s license application in December 2019 and issued a statement of issues explaining its reasoning.

APPROVED Checkpoint: License certificates

Finding out that your license application has been approved is a celebratory occasion, with the news delivered, in some cases, in the form of a license certificate. Here are a few key things to know about certificates.

Proposal seeks to increase CA consumer protection and financial innovation

Gov. Newsom’s proposal would include the creation and administration of the California Consumer Protection Law through expansion of the California DBO

New York proposes state-level increase in consumer finance oversight

Governor Cuomo’s proposal would expand the entities subject to NYDFS’ enforcement authority and harmonize state regulator authority to bring UDAAP actions.

California DBO denies point-of-sale lending license application

Related guidance issued after determining the Minnesota-based company had already been making unregulated loans to California consumers in violation of the CFL.

Periodic reporting made easier [Webcast Archive]

Our panel shares best practices and tricks of the trade to prepare for periodic reports coming up in the first quarter of 2020. [Checkpoint Webcast]

Nevada to consolidate mortgage banker and broker licenses

On Jan. 1, 2020, the NMLS will convert Nevada mortgage broker licenses and Nevada mortgage banker licenses to Nevada mortgage company licenses.

Upcoming deadlines: NMLS license transitions

Certain licensees in Mississippi, New Mexico, and Rhode Island face a Dec. 31 deadlines to transition to the NMLS. Others in Kentucky and South Carolina will be required to transition in the first half of 2020.

APPROVED Checkpoint: Top 10 things to know about MLO Temporary Authority

On November 24, the mortgage loan originator temporary authority to operate (Temporary Authority) provisions of the Federal Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) take effect. The primary goal of Temporary Authority is to streamline MLO licensing and reduce friction in lending nationwide by permitting qualified MLOs to apply to be temporarily…

Meet Mogy: APPROVED’s web-based licensing platform

APPROVED has built a web-based regtech platform from the ground up. We call it Mogy — named after a pioneer in the field of work simplification — and it is designed to make the licensing process smarter, more predictable, and more streamlined. At Mogy’s core is a proprietary requirements database, built upon the combined legal…

California says all CFL licensees should use NMLS

On October 25, the California Department of Business Oversight (DBO) published proposed regulations that (i) require all licensees under the California Financing Law (CFL) to register through NMLS; and (ii) establishes regulatory requirements for the oversight of Property Assessed Clean Energy (PACE) program administrators. Currently, under the CFL, some licensees engaged in residential mortgage origination…

Certain Maryland CSBs no longer required to provide information statement

Until recently, all Maryland credit services businesses (CSBs) were required to provide consumers with a written statement that includes the information listed at Md. Code Ann. Com. Law § 14-905 prior to either (1) the execution of a contract or agreement between the consumer and the CSB, or (2) the receipt by the CSB of…

APPROVED expands team with two key additions

WASHINGTON, D.C. (Oct. 28, 2019) APPROVED, Buckley’s licensing service for financial services companies, announces the addition of two key players as it expands its state examination management and California licensing capabilities — Kristie Battershell and Debbie Stopeck. “We continue to build APPROVED by attracting talented people with deep knowledge of the licensing process who know…

APPROVED Checkpoint: NMLS annual renewal period is almost here

It’s that time of year! The NMLS annual renewal period begins on November 1, and ends on December 31. It’s important to handle your renewal requirements as early as possible, given that failure to renew in a timely manner may result in license termination. For starters, you’ll want to ensure that your NMLS record is…

Upcoming deadline: California license annual assessment

The California Department of Business Oversight (DBO) has notified California Financing Law (CFL) licensees and California Residential Mortgage Lending Act (CRMLA) licensees of their annual assessment obligations for fiscal year 2019-2020. Assessment invoices must be paid by October 31, 2019.  For CRMLA licensees, notice of the assessment was provided via an NMLS invoice last month.…

Buckley announces Winnow, a new regtech solution coming in 2020

Find what you need with Winnow Buckley LLP is preparing to launch its newest product, Winnow, in 2020. Winnow is a powerful online application designed to deliver regulatory surveys tailored to a user’s specific business type and licensing, the financial products they offer, and where they offer those products. Winnow solves one of the key…

Temporary Authority — Learn why 2, 14, 30, 120, 365, and 2155 may be your lucky numbers! [Webcast Archive]

Our panel discusses the launch of TA, NMLS implementation, and the approach at the state level. And of course, the importance of the numbers 2, 14, 30, 120, 365, and 2155. [Checkpoint Webcast]

APPROVED Checkpoint: NMLS implements new worker classification requirement

Over the summer, the NMLS implemented Release 2019.7, which requires NMLS company users to provide worker classification information for certain individuals associated with the company’s record. While the release is in support of Temporary Authority to Operate (which goes into effect November 24, 2019), the requirement does not encompass mortgage loan originators exclusively — it…

CFPB issues FAQs on SAFE Act amendments

On September 25, the CFPB published four FAQs pertaining to compliance with federal SAFE Act amendments created by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which take effect on November 24. According to the Bureau, the Act’s amendments “establish temporary authority, which provides a way for eligible loan originators who have applied for…