In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
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
1/10/2020
/ Advertising ,
Consumer Financial Products ,
Consumer Lenders ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Licensing Rules ,
Limited Authority ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Amendments ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Rulemaking Process ,
State and Local Government
Public Act No. 19-88 requires an attorney admitted in Connecticut in good standing to “conduct” a “real estate closing.” It takes effect October 1, 2019. The term “conduct” is not defined. A “real estate closing” includes a...more
On July 8, 2019, the Department of Financial Institutions, Division of Consumer Services notified licensees that after review and analysis of its budget, it was implementing temporary fee waivers, as follows...more
As a result of a new Alaska law, HB 104, the following are exempted from mortgage loan originator requirements in the state:
Employees of federal, state, or local government agencies...more
Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year.
Effective July 1, 2019, the following application fees apply in...more
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
5/30/2019
/ Consumer Financial Products ,
Exemptions ,
Financial Services Industry ,
Licensing Rules ,
Manufactured Housing ,
Mortgage Servicers ,
Mortgages ,
Regulatory Oversight ,
Regulatory Requirements ,
SAFE Act ,
State and Local Government
Effective July 1, 2019, the definition of “mortgage broker” is revised to exclude certain retailer or retail brokers of a manufactured or mobile home or a residential industrialized building, as those terms are further...more
Effective October 1, 2019, the Montana Mortgage Act is amended to include the following:
Subject to certain exceptions:
- For approved servicers by a government sponsored enterprise (GSE), a requirement that it...more
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
4/5/2019
/ Consumer Financial Products ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Loan Originators ,
Mortgages ,
New Legislation ,
NMLS ,
Regulatory Oversight ,
SAFE Act ,
State and Local Government ,
Statutory Authority
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
On August 22, 2018, Commissioner Perez issued a Memorandum setting forth a no action position relating to the U.S. Office location requirement that went into effect on October 1, 2018. As it relates to mortgage activity, the...more
Noting, among other things, “retrenchment” on the federal level, the Maryland Financial Consumer Protection Act of 2018 (HB 1634) was signed into law on May 15, 2018. ...more
Substitute House Bill No. 5490, an Act Concerning Consumer Credit Licenses, proposes to make changes to the Banking Law in Connecticut that would expand the banking commissioner's existing authority in the mortgage arena to...more
The Conference of State Bank Supervisors (CSBS) announced last week that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more
The Conference of State Bank Supervisors (CSBS) announced Tuesday that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more
A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more