News & Analysis as of

Regulatory Requirements Consumer Lenders State and Local Government

Sheppard Mullin Richter & Hampton LLP

Louisiana and Connecticut Advance Earned Wage Access Laws

Louisiana and Connecticut recently passed legislation establishing regulatory frameworks for earned wage access (EWA) providers. Connecticut’s SB 5140 passed the legislature on June 4 and awaits Governor Ned Lamont’s...more

Orrick, Herrington & Sutcliffe LLP

Nevada regulates consumer lenders doing business remotely

On May 28, the governor of Nevada approved SB 437, establishing requirements for consumer lenders operating outside the state over the internet. Under the new law, an “Internet consumer lender” is defined as an entity that...more

Sheppard Mullin Richter & Hampton LLP

Maryland OFR Responds to Market Concerns Over Licensing Requirements for Mortgage and Installment Loan Assignees

On February 18, the Maryland Office of Financial Regulation (OFR) issued an alert to address industry concerns regarding its January guidance on licensing requirements for assignees of residential mortgage and installment...more

Ballard Spahr LLP

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

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The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Woods Rogers

John Byrum and Jay Spruill Convince SCC to Strike Prohibitive Rule Against Consumer Finance Companies

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In a cross-practice effort involving WRVB’s Financial Services and Regulatory Compliance practice groups, Richmond attorneys John Byrum and Jay Spruill convinced the Virginia State Corporation Commission (SCC) to strike a...more

Ballard Spahr LLP

Alaska Exempts Nonprofit Organizations From Mortgage Lender Licensing Requirements

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The Alaska Department of Commerce, Community, and Economic Development recently adopted amendments to its mortgage lending regulations to exempt bona fide nonprofit organizations from the licensing requirement....more

Ballard Spahr LLP

New York Issues Final Mortgage Servicing Regulations

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On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more

Ballard Spahr LLP

New Jersey Mortgage Servicer License Applies to Holders of Mortgage Servicing Rights

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The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The...more

Ballard Spahr LLP

Georgia and Colorado Address MLO Temporary Authority to Operate

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Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more

Ballard Spahr LLP

Michigan Adopts Temporary Authority Provisions

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Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Ballard Spahr LLP

Wisconsin Adopts Temporary Authority Provisions

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Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Ballard Spahr LLP

Washington State Adopts Temporary Authority Provisions

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Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

Allen Matkins

DBO Reports Record Number Of CFL Licensees

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California prohibits any person (unless exempt) from engaging in the business of a finance lender or broker without obtaining a license from the Commissioner of Business Oversight. Cal. Fin. Code § 22100(a). This applies to...more

Ballard Spahr LLP

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

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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 D.C. publishes final student loan servicing regulations

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The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. ...more

Ballard Spahr LLP

Arizona’s regulatory sandbox is open for play

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On August 3, 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first...more

Ballard Spahr LLP

Washington Amends Mortgage Servicing Regulations

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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

California Department of Business Oversight Issues Warning to Lenders and Servicers Who Fail to File Mandatory Reports

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On June 29, 2018, the California Commissioner of Business Oversight warned California residential mortgage lenders and servicers that their failure to file annual reports could lead to enforcement actions. ...more

Ballard Spahr LLP

New York City adopts new requirements for used car dealers

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The New York City Department of Consumer Affairs (DCA) has adopted new rules for used car dealers, requiring all licensed dealers to make additional disclosures to consumers and creating a new consumer bill of rights for the...more

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