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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.