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.
The regulations establish provisions for student loan servicers related in part to licensing requirements as well as related consumer protections for borrowers.
Effective immediately, the new bill adds definitions, eliminates certain requirements for licensees, and adds business operation guidance.
Licensees who fail to comply with the regulations may be subject to fines, potential license suspension or revocation.
The newest NPRM invites comments related to the scope, annual report, and document retention requirements under the Debt Collection Licensing Act.
Learn more about this topic and others in the NMLS Resource Center.
The final installment of Buckley’s Licensing & Supervision Lifecycle webcast series covered coordination between states and various federal agencies.
Learn more about this topic and others in the NMLS Resource Center.
Among other requirements, applicants must upload a business plan, management chart, and organizational chart to their NMLS company form (Form MU1).
A new opinion letter examines whether donations to nonprofit organizations are exempt from the California Money Transmission Act.
The Louisiana Office of Financial Institutions (OFI) published the proposed rules in the Louisiana Register to implement the Louisiana Virtual Currency Business Act (VCBA).
Among other things, the acts prohibit servicers from misleading student loan borrowers and outline provisions related to private education lenders.
APPROVED Director Kristie Battershell joined attorneys from Buckley to discuss state supervision, enforcement, and multistate coordination.
Money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks.
The California Department of Financial Protection and Innovation issued a notice of proposed rulemaking with written comments due by Aug. 8.
The new bills are effective July 1, 2022, and focus on requirements for licensed money transmitters and mortgage loan originators.
Learn more about this topic and others in the NMLS Resource Center.
All current licensees should have already received a communication from the Nevada Financial Institutions Division.
The Office of Consumer Affairs and Business Regulation, Division of Banks announced the final amendments, effective May 27, 2022.
The amendments take effect Jan. 1, 2023, and strike language repealing specified provisions and add, amend, and strike certain definitions, among other things.