DFPI addresses several MTA licensing exemptions
Two new opinion letters cover aspects of the California Money Transmission Act related to the purchase and sale of digital assets and agent of payee rules.
New Jersey Superior Court grants summary judgment in favor of debt buyer
A proposed class action lawsuit claimed that the defendant unlawfully acquired defaulted credit card accounts without proper licensure.
Collection agency must pay $100,000
The Connecticut Department of Banking issued an order against a California-based collection agency for failing to request a hearing within the prescribed time period after a notice regarding submission of certain information was sent.
DFPI reminds licensees about submitting annual reports
All California Financing Law licensees are required to submit their annual reports by March 15, even if the licensee had no business activity during the 2021 calendar year.
States reach $1.2 million settlement with MLOs over fraudulent SAFE Act education certifications
The enforcement action targeted a mortgage education scheme offered by a California-based company that provided false certificates claiming that MLOs took continuing education courses as required for licensure.
DFPI acknowledges challenges in obtaining a NMLS account
DFPI is “working cooperatively with the NMLS team to be able to verify those that have attempted to apply” in compliance with the Dec. 31, 2021 deadline.
DFPI adopts debt collector license application and requirements
Among other things, the regulations set forth procedures for filing a license application through NMLS and license surrender.
California reduces CFL license fingerprint fee for non-residents
The DFPI updated its CFL background check guidance to reduce the processing fee that must accompany an FBI cardstock fingerprint card.
Upcoming deadline: Fourth quarter NMLS money services businesses call report
After extensions in 2020 and 2021, the NMLS Policy Committee voted to reinstate the February 14 due date beginning in 2022.
DFPI extends NMLS transition for CFL licensees to March 15, 2022
All California Financing Law licensees not yet on NMLS must establish an account in NMLS and submit their information on or before the new deadline.
DFPI reminds debt collectors and buyers of Dec. 31 application deadline
Debt collectors that miss the deadline will be required to wait for the issuance of a license before operating in California.
Upcoming deadline: Texas regulated lender license renewal
The renewal period is open until Dec. 31 via the ALECS online licensing portal, after which a reinstatement period of 180 days begins.
DFPI proposes additional changes to definitions under Debt Collection Licensing Act
Among other things, the proposed modifications amend the definitions of “branch office” and “debt collector.”
DFPI issues proposed rulemaking under CCFPL
The CCFPL provides DFPI with the authority to require companies that provide financial products and services to California consumers to register with the agency.
Upcoming deadline: Nebraska NMLS license transitions
All current Nebraska collection agency licensees that fail to transition to NMLS by December 31 will need to reapply for a license.
DFPI reminds CFL licensees of December 31 transition deadline
Licensees not currently on NMLS must establish an account in the system and transfer information to DFPI through NMLS on or before the deadline.
Utah amends mortgage practices and licensing rule provisions
Amendments to the Residential Mortgage Practices and Licensing Rules to eliminate unnecessary and redundant licensee expenses for criminal background checks and credit reports.
DFPI addresses several MTA licensing exemptions
The new opinion letters cover aspects of the California Money Transmission Act related to virtual currency and agent of payee rules.
Checkpoint: The NMLS company account creation process
We provide insights into common account creation hurdles that companies face as thousands of California Financing Law licensees are transitioning to NMLS.
Arkansas and Connecticut adopt electronic surety bonds
They join a majority of states that require new applicants for certain licenses to submit ESBs in lieu of paper bonds, and require current licensees to convert their paper bonds to ESBs.