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.
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.
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.
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.
DFPI modifies Student Loan Servicing Act proposal
The changes provide for the licensure, regulation, and oversight of student loan servicers by the California agency.