Additional States Adopt Electronic Surety Bonds On NMLS
Many state laws or regulations require financial services licensees to obtain a surety bond as a condition of licensure. State regulators or consumers can file... Read More
State Regulatory Developments
Oregon Conforms MLO Pre-Licensing Requirements with NMLS
The Oregon Department of Consumer and Business Services, Finance and Securities Regulation, in order to conform fully to the Nationwide Mortgage Licensing System and Registry... Read More
Kentucky Publishes Guidance Addressing Licensing Requirements for Servicers
The Kentucky Department of Financial Institutions (“Department”) recently published guidance addressing the Department’s regulatory approach relating to licensing requirements for master servicers and sub servicers... Read More
New Jersey Enacts Provisions for Temporary Deferment of Payments for Borrowers Who Enter Active Duty
New Jersey recently enacted legislation that allows certain National Guard and United States Reserve members on federal active duty to temporarily defer mortgage loan payments... Read More
CSBS Submits Comment Letter in Opposition of the OCC’s Proposal to Issue a Special Charter for Fintech Companies
The Conference of State Banking Supervisors (“CSBS”) submitted a comment letter on January 13, 2017, restating its disapproval of the Office of the Comptroller of... Read More
Payday Lender Claiming Tribal Immunity Settles Lawsuits with Florida, D.C.
A payday lender recently reached settlements with Florida and the District of Columbia attorneys general to resolve lawsuits accusing it of violating consumer financial protection... Read More
Ohio Modifies Provisions Regarding Unconscionable Acts or Practices
Ohio made several updates to its overarching unconscionable acts or practices provisions including incorporating specific examples of mortgage practices it considers as unconscionable acts. These... Read More
Washington Amends the Consumer Loan Act
The Washington Department of Financial Institutions recently adopted provisions amending the Rules implementing the Consumer Loan Act (CLA) relating to the surety bond and capital... Read More
New York Department of Financial Services Issues Revisions to Proposed Cybersecurity Regulation
Recently, the New York Department of Financial Services (NY DFS) issued the first state regulatory code requiring financial services companies to comply with certain cybersecurity... Read More
California Amends Debt Collection Practices by Enacting Identity Theft Resolution Act
The State of California recently enacted the Identify Theft Resolution Act (the “Act”), amending debt collection requirements for debt collectors who receive consumer claims of... Read More
Illinois Revises Provisions Regarding Uniform Real Property Electronic Recording Act
Illinois modified its provisions regarding the Uniform Real Property Electronic Recording Act (“URPERA”) to augment the Illinois Electronic Recording Commission (“Commission”), which adopts standards to... Read More
Kentucky Clarifies Licensing Requirement for Master Servicers
On December 22, 2016, the Kentucky Department of Financial Institutions (“DFI”) released a Memorandum (“Memorandum”) regarding licensing requirements for “master servicers” and “sub servicers” in... Read More
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