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Mortgages › Money Transmitter

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Ballard Spahr LLP

Wisconsin Senate Proposes New Bill to Revise Money Transmission, Consumer Lenders, Collection Agency, and Other Financial Services...

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In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more

Troutman Pepper

State AGs and State Money Transmission Regulators Settle With Payment Processor Over Unauthorized Mortgage Withdrawals

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On October 17, 52 state and territorial attorneys general, in addition to state money transmission regulators, entered into settlements amounting to more than $20 million with ACI Worldwide (ACI), to resolve claims involving...more

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Kansas Passes an Act Requiring Mortgage Companies, Supervised Lender, and Money Transmitters to Create Information Security...

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On April 24, the Governor of Kansas signed into law Kansas Senate Bill 44, which enacts the Financial Institutions Information Security Act (the “Act”). The Act requires credit services organizations, mortgage companies,...more

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Spouses of Individual Delaware License Applicants May be Required to Provide Fingerprints

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As part of recently enacted legislation (HB 199) authorizing the Delaware State Bank Commissioner to participate in a multi-state automated licensing system to administer licenses for mortgage loan brokers, licensed lenders,...more

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Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

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Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018.  In addition to changes impacting mortgage-related licensees (e.g. mortgage lenders,...more

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North Carolina to Accept Electronic Surety Bonds

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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

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Alaska Adds Money Service Business Licenses to NMLS and Adopts ESB

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As we recently reported, starting February 1, 2018, the Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities will start receiving new applications and transition filings on...more

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Alaska to Add Money Transmitter License to NMLS and Adopt Electronic Surety Bonds

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Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more

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New State Agencies Receiving ESB through NMLS

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On January 1, 2018, certain state agencies will start receiving Electronic Surety Bonds (ESB) through NMLS for the following licenses...more

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Ohio Adds Money Transmitter License to NMLS

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On January 1, 2018, the Ohio Division of Financial Institutions will start accepting new application and transition fillings for the Money Transmitter License on NMLS....more

Ballard Spahr LLP

Six State Agencies Using NMLS MSB Call Report

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Starting in Q1 2018, the following state agencies will start using the NMLS MSB Call Report: ?Indiana Department of Financial Institutions, Iowa Division of Banking, New York Department of Financial Institutions, Ohio...more

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Indiana Issues New Bond for Money Transmitter License

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On October 14, 2017, the Indiana Department of Financial Institutions issued a new bond form for their Money Transmitter License to correct the language, making it consistent with their existing statute. This new bond form...more

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Illinois Utilizes NMLS UAAR Functionality

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The Illinois Department of Financial and Professional Regulation earlier this month started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements. The UAAR allows...more

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Michigan Using NMLS MSB Call Report

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Starting in Q3 2017 (July 1, 2017 to September 20, 2017), the Michigan Department of Insurance and Financial Services is requiring Money Transmitter licensees...more

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New York Added Money Transmitter License to NMLS

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On July 1, 2017, NMLS started receiving new applications for the NYDFS Money Tranmistter License and transition fillings on NMLS....more

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Maryland and Washington Converting to Electronic Surety Bonds on NMLS

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On August 1, 2017, the Maryland Commissioner of Financial Regulation will start using the new Electronic Surety Bond (ESB) through NMLS....more

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Vermont Enacts Loan Solicitation License, Amends Other Financial Regulation Licensing Provisions

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Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more

Goodwin

Financial Services Weekly News - July 2016 #4

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Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

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NY DFS Finalizes Rigorous AML/BSA Regulation

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The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 3.10.16

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The SEC’s been floating an idea that would require mutual funds “to increase their liquidity cushions to accommodate investors looking to leave in a hurry,” but the industry’s pushing back—hard—despite the recent Third Avenue...more

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NMLS Release 2016.1

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NMLS Release 2016.1 is targeted for January 25, 2016. The release includes functionality for surety companies and surety bond producers to request an account within NMLS and establish business associations, enhancements to...more

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