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.
NMLS Policy Guidebook Updates Available [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
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.
Mortgage Business-Specific Requirements Response to Public Comments Now Available [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
New Items Added to the NMLS Modernization Web Page [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
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.
Get Highlights from the NMLS Ombudsman Meeting [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
NMLS Policy Guidebook Updates Available [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
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.