Virginia outlines student loan servicer requirements
The Virginia legislature enacted SB 77, which requires entities servicing student loans in the Commonwealth to be licensed by the State Corporation Commission.
D.C. Department of Insurance, Securities and Banking issues FAQs
The FAQs regarding the effect of Covid-19 address filings, the processing of licensing or registration applications, and remote work for securities professionals, among others.
Rhode Island regulator extends guidance for lenders
The Department of Business Regulation, Banking Division, amended previous guidance issued to mortgage loan originators, lenders, loan brokers and exempt company registrants.
Oregon issues guidance for debt buyers and collectors
The guidance to state-regulated debt buyers and collection agencies included reasonable measures they could take to prevent garnishment of CARES Act stimulus checks.
West Virginia extends remote working for depository and non-depository entities
The Department of Financial Services Commissioner extended guidance enabling employees of regulated entities to work remotely through June 15.
South Carolina issues guidance to mortgage brokers
The interim guidance addressed working remotely from unlicensed locations and extended the deadline for submitting the 2019 mortgage log.
New Jersey extends license application deadlines
The Department of Banking and Insurance extended the deadline for license and registration applications under New Jersey’s Mortgage Servicers Licensing Act to June 12, 2020.
Texas agencies issue emergency guidance for home equity lenders
The Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit and Credit Union Department issued revised home equity lending guidance related to making new loans or adjusting existing loans to facilitate recovery efforts.
D.C. issues bulletin regarding filing submissions
The Department of Insurance, Securities and Banking issued new procedures requiring electronic submissions and payments in light of the Covid-19 public health emergency.
Oregon permits work from home for certain licensees
The Oregon Division of Financial Regulation temporarily authorized certain licensees to work from home while transacting business when specific conditions are met.
Oklahoma issues amended guidance regarding remote work
The Department of Consumer Credit issued amended interim guidance to licensees, effective through May 31, 2020.
Virginia requires licensure of debt settlement service providers
The Virginia governor signed HB 1553, which outlines licensing and regulatory requirements for debt settlement services providers.
Texas issues revised emergency bulletin for lenders
On April 16, the Texas Office of Consumer Credit issued a revised bulletin outlining emergency guidance for regulated lenders navigating the Covid-19 crisis.
Upcoming deadline: South Carolina NMLS license transitions
The South Carolina Bureau of Financial Institutions requires several consumer finance and MSB licenses to be transitioned to NMLS by May 31.
Delaware Check Seller and Money Transmitter Licenses Required to Transition to NMLS by June 15
New license applicants and existing licensees will be required to use NMLS beginning April 15 and existing licensees have until June 15 to submit their license transition requests.
Louisiana issues guidance to non-depository licensees regarding Covid-19 relief
Among other things, lenders are encouraged to follow the terms of the provisions for non-federally-backed mortgage loans as if they were federally-backed.
New Mexico calls on MSBs to cease standalone operations
Money services businesses are not designated as essential businesses in New Mexico, and as such, were instructed to temporarily cease all standalone storefront operations to further combat the spread of Covid-19.
New York issues Covid-19 cybersecurity guidance
The April 13 guidance on cybersecurity awareness issued by the New York Department of Financial Services identifies three areas of heightened risk.
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.