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.
Connecticut adds federal student loan servicer registrant to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
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Office of Consumer Affairs and Business Regulations regarding telework and will continue, unless modified or withdrawn.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.
NMLS system maintenance July 21-26 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
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.