News & Analysis as of

Regulatory Oversight Licensing Rules Financial Services Industry

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 64: Navigating Multistate Licensing and Supervision in a Digital Era

RegFi co-hosts Jerry Buckley and Sherry Safchuk are joined by Orrick partner Jedd Bellman, former Maryland Assistant Commissioner of Financial Regulation, for a deep dive into the evolving role of state regulators in...more

BCLP

Hong Kong Stablecoins Bill passed by LegCo

BCLP on

Stablecoins are cryptocurrencies with values tied to fiat currencies or other assets, and are often said to be “pegged to” a single or a basket of fiat currents and/or other assets....more

Walkers

The BMA invites feedback on proposed Payment Services Provider regulatory framework

Walkers on

The Bermuda Monetary Authority ("BMA") proposes a new Payments Services Act ("PSA") to replace the Money Service Business Act 2016 to establish a clear, risk-based framework for Payment Service Providers ("PSPs") operating in...more

Goodwin

Wisconsin Becomes Third State to Enact Law Regulating Earned Wage Access Services

Goodwin on

Following Nevada and Missouri in 2023, Wisconsin has become the third state (and the first in 2024) to enact a law that establishes a financial services oversight regime for earned wage access services, also known as...more

Cozen O'Connor

California Brings Licensing and Oversight to Consumer Debt Collectors

Cozen O'Connor on

On September 25, 2020, California Gov. Gavin Newsom signed S.B. 908, enacting the Debt Collection Licensing Act (DCLA). The DCLA will take effect on January 1, 2022, but proposed regulations will begin to roll out soon. ...more

Troutman Pepper Locke

California’s Debt Collection Licensing Act Moves One Step Closer to Becoming Law

Troutman Pepper Locke on

In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA)....more

Stinson LLP

Missouri Financial Institutions Must Prepare for Impending Marijuana Banking Challenges

Stinson LLP on

In November 2018, Missouri voters passed Amendment 2, setting in motion state regulated medical marijuana. Over the last month, the Missouri Department of Health & Senior Services (DHSS) began approving license applications...more

Ballard Spahr LLP

NYDFS announces creation of new Consumer Protection Task Force

Ballard Spahr LLP on

The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS. ...more

Ballard Spahr LLP

NMLS Reinstatement Period Now Open Through February 29

Ballard Spahr LLP on

The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

Ballard Spahr LLP

NMLS Renewal Underway and Renewal Changes for Nevada Licensees

Ballard Spahr LLP on

The NMLS renewal period for licensees began last week on November 1 and continues through December 31. For Nevada licensees, according to an update from the Nevada Division of Mortgage Lending...more

Ballard Spahr LLP

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS

Ballard Spahr LLP on

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS - South Dakota added its Non-Residential Mortgage Lender License to NMLS on July 15, 2019. ...more

Ballard Spahr LLP

Minnesota Revises Licensing Requirements Effective August 1, 2019

Ballard Spahr LLP on

Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more

Ballard Spahr LLP

Temporary Authority Update

Ballard Spahr LLP on

Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more

Ballard Spahr LLP

North Dakota Modifies Surety Bond Requirements

Ballard Spahr LLP on

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more

Ballard Spahr LLP

North Carolina FAQs Updated to Address MSR Owners

Ballard Spahr LLP on

The North Carolina Office of the Commissioner of Banks recently updated its FAQs to specifically address the need for a Servicer license for entities that merely hold mortgage servicing rights. ...more

Ballard Spahr LLP

NMLS Reinstatement Period Ends February 28

Ballard Spahr LLP on

For those agencies that permit license reinstatement, the reinstatement period will run until midnight Eastern Time on February 28, 2019....more

Ballard Spahr LLP

NMLS Renewal Period Now Open

Ballard Spahr LLP on

A reminder that the NMLS license renewal period opened on November 1, and that there is an Annual Renewal Information section on the NMLS Resource Center website with detailed information regarding deadlines, requirements,...more

Ballard Spahr LLP

Vermont exempts bank partners from loan solicitation license for commercial loans

Ballard Spahr LLP on

We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more

Ballard Spahr LLP

Illinois Adds Exemption and Company Registration Process for Independent Loan Processing Entities

Ballard Spahr LLP on

Effective immediately, Illinois has amended the Residential Mortgage License Act to exempt any entity engaged solely in providing independent contractor loan processing services through the sponsoring of individual licensees....more

Ballard Spahr LLP

Washington Amends Mortgage Servicing Regulations

Ballard Spahr LLP on

The Washington Department of Financial Institutions (DFI) amended its regulations under the Consumer Loan Act, effective September 1, 2018. Changes are made to a variety of provisions, including licensing coverage and various...more

Ballard Spahr LLP

North Carolina to Accept Electronic Surety Bonds

Ballard Spahr LLP on

The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more

Ballard Spahr LLP

Minnesota Adopts Uniform State Test

Ballard Spahr LLP on

Effective August 1, 2018, the Minnesota Department of Commerce will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take and pass a...more

Ballard Spahr LLP

West Virginia Adopts Uniform State Test

Ballard Spahr LLP on

Effective June 1, 2018, the West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take...more

Ballard Spahr LLP

Pennsylvania Issues Mortgage Servicer License FAQs

Ballard Spahr LLP on

The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more

Ballard Spahr LLP

State of Washington Enacts Student Loan Servicing Law

Ballard Spahr LLP on

Washington has become the latest state to impose a licensing requirement on student loan servicers. Last week, Governor Jay Inslee signed SB 6029, which establishes a “student loan bill of rights,” similar to the bills that...more

36 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide