Nebraska amends licensing requirements
On March 17, the Nebraska governor signed LB 363, which amends certain licensing requirements for installment lenders and money transmitters.
Mississippi reenacts licensing requirements
The change affects lenders who provide “credit availability transactions” to customers through fully amortized loans paid over a term of four to 12 months.
Washington passes law allowing mortgage employees to work from home
The law allows licensed MLO activity to be conducted from home if, among other things, certain state and information security requirements are satisfied.
Nevada extends work from home guidance
The Department of Business of Industry, Division of Mortgage Lending extended its provisional guidance allowing licensed mortgage loan originators to work from home until June 30, 2021.
Connecticut extends work from home guidance for licensees
The Department of Banking extended its no-action position with respect to various licensees temporarily working from home through June 30, 2021.
New York warns of “extreme risk” with cryptocurrency trading
On March 1, the New York attorney general issued two alerts warning investors about the “extreme risk” facing New Yorkers investing in virtual or “crypto” currency
DFPI addresses several MTA licensing exemptions
The new opinion letters addressed virtual currency, agent of payee rules, and transactions in which recipients are paid before a company is reimbursed.
CSBS announces new nonbank cybersecurity exam tool
During the NMLS Annual Conference, the Conference of State Bank Supervisors released an updated cybersecurity examination tool designed for nonbank financial company supervision.
Hawaii extends work from home guidance
The Department of Financial Institutions extended interim guidance permitting certain licensees with a physical presence to reduce hours or work from home to coincide with local mayors’ orders.
Texas updates guidance for regulated lenders
On February 18, the Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis.
California Department of Real Estate reissues FAQs regarding licensing process
The FAQs respond to questions regarding, among other things, licensing and examination processes of the Department during Covid-19.
DFPI requests comment on CCFPL regulations
The invitation for comments describes specific topics for stakeholder consideration when providing comments, but the DFPI notes that commenters may provide feedback on “any potential area for rulemaking.”
DFPI issues first enforcement action against student debt-relief company
The agency announced the first-ever enforcement action under its new structure against a student loan debt-relief company and an investigation into others.
DFPI: Certain bitcoin ATMs/kiosks not subject to MTA licensure
An opinion letter explains that the sale and purchase of bitcoin through ATMs/kiosks in third-party retail locations are not subject to licensure because the sale and purchase of bitcoin from the company’s own inventory through a kiosk does not meet California’s definition of “money transmission.”
Washington once again extends work from home guidance
The Department of Financial Institutions issued the interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them.
Massachusetts establishes student loan servicer licensing provisions
The new provisions stipulate that servicers are not required to be licensed as a debt collector or be registered as a third-party loan servicer, provided they meet certain criteria.
DFPI launches debt collection investigation
California’s Department of Financial Protection and Innovation announced the issuance of subpoenas to a dozen debt collection companies as part of its investigation into consumer complaints regarding alleged UDAAP practices.
Washington extends remote work guidance
The Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work.
Texas adopts rules covering mortgage licensee requirements
The amended regulations include updates to definitions, disclosure requirements, and other licensee duties and responsibilities.
Florida amends licensing application procedures
The Department of Financial Services, Office of Financial Regulation amended rules related to the application procedures for prospective loan originator, mortgage broker, and mortgage lender licensees.