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Buchalter

New Colorado Money Transmission Act Parallels Key Provisions of CSBS Money Transmission Modernization Act

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Colorado has adopted a new Money Transmission Modernization Act (“Act”), replacing the old Colorado Money Transmitters Act...more

Orrick, Herrington & Sutcliffe LLP

Colorado enacts its Money Transmission Modernization Act

On April 16, the Colorado General Assembly enacted HB 25-1201, which repeals the state’s current Money Transmitters Act and replaces it with the Money Transmission Modernization Act (the “Act”), which is based on the model...more

White & Case LLP

UK Sanctions Update: Key takeaways from the OFSI Annual Review

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The Office of Financial Sanction Implementation's ("OFSI") Annual Review for 2023-2024 provides valuable insights into how the UK's financial sanctions regime has continued to develop. We explore some of the key trends for...more

Mayer Brown

What to Expect in Licensing in 2025

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With the currently revolving door of directors at the federal Consumer Financial Protection Bureau (CFPB)—which may soon be on its fourth director in 2025 alone—and an order issued by Acting CFPB Director Russell Vought to...more

Hudson Cook, LLP

State Licensing Pitfalls Mortgage Servicers Must Beware

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In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to...more

Hudson Cook, LLP

Company Violates Mortgage Law by Holding Servicing Rights without License

Hudson Cook, LLP on

It is usually no surprise to companies operating in the financial services space that they may need a state license to make or service consumer loans. That is particularly true when the loans are highly regulated residential...more

Orrick, Herrington & Sutcliffe LLP

DFPI takes action against five debt collectors

On January 30, the California Department of Financial Protection and Innovation (DFPI) announced enforcement actions against five separate debt collectors for unlicensed activity under the Debt Collection Licensing Act (DCLA)...more

Miles & Stockbridge P.C.

Will You Need a License to Hold MSRs in Maryland?

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

K&L Gates LLP

FinTech Forward: State Money Transmitter Licensing Regime

K&L Gates LLP on

In this episode, Jennifer Crowder discusses the State Money Transmitter Licensing (“MTL”) Regime and the impacts of payment innovation. The episode also addresses MTL licensing exemptions, agent and authorized delegates, the...more

Ballard Spahr LLP

Washington State AG Sues Debt Buyers for Operating Without a License

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On September 21, 2018, the Attorney General for the State of Washington filed a lawsuit (see complaint) against several companies engaged in purchasing charged-off consumer debts, for operating as “collection agencies”...more

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