Last week, the North American Collection Agency Regulatory Association (NACARA) hosted its annual conference at the California Department of Financial Protection and Innovation’s Sacramento office. The event served as a...more
On August 23, the Consumer Financial Protection Bureau (CFPB) issued its Filing Instructions Guide ("Guide") for Nonbank Registration pursuant to its Registry of Nonbank Covered Persons Subject to Certain Agency and Court...more
The Buy Now Pay Later ("BNPL") legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and,...more
As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private...more
In its December 2023 Bulletin, the California Department of Financial Protection and Innovation ("DFPI") announced that debt collectors licensed prior to January 1, 2024, will be required to file an annual report by March 15,...more
Several new licenses will be managed on the Nationwide Multistate Licensing System and Registry (NMLS) in Kentucky, North Dakota, and Wisconsin beginning August 1, 2023. These new license types will affect consumer finance...more
Last month, the North Carolina General Assembly passed NC Senate Bill 331, which aimed to bring changes to the North Carolina Consumer Finance Act. Although Governor Roy Cooper had vetoed the bill, the state Senate voted to...more
As of July 1, 2023, Maryland will no longer require consumer finance company licensees to license their branch locations. Maryland House Bill 686 was signed into law by Governor Wes Moore on May 8, 2023 to effectuate the...more
The California Department of Financial Protection and Innovation (DFPI) announced an extension to the proposed comment period for Covered Person Registration Rulemaking. The comment period, initially set to end on April 12,...more
April 1, 2023 marks the deadline to submit an application for the Louisiana Virtual Currency Business Activity License or Virtual Currency Limited Activity Registration in order to receive timely approval from the Louisiana...more
For companies that maintain consumer finance licenses on the Nationwide Multistate Licensing System and Registry (NMLS), it’s time to request renewal of your licenses. The 2023 NMLS renewal season opens on November 1, 2022....more
On September 23, 2022, California Gov. Gavin Newsom vetoed Assembly Bill 2269, known as the Digital Financial Assets Law, which would have implemented a new licensing regime for digital asset businesses operating within...more