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Licensing Rules Banking Sector Financial Services Industry

Sheppard Mullin Richter & Hampton LLP

Wisconsin Signs Earned Wage Access Bill into Law

On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive regulatory framework for earned wages access (EWA) services and...more

A&O Shearman

Wealth management by "family offices" in Poland and the licensing requirements

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In recent years, there has been an increased interest in Poland in the services of so-called "family offices", ie private wealth management. Undoubtedly, the demand for such services has grown with the increased affluence...more

Orrick, Herrington & Sutcliffe LLP

Indiana enacts Money Transmission Modernization Act

On May 4, the Indiana governor signed SB 458, which repeals current Indiana code governing the licensing and regulation of money transmitters by the Department of Financial Institutions. The bill adds a new chapter codifying...more

K&L Gates LLP

FinTech Forward: State Money Transmitter Licensing Regime

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In this episode, Jennifer Crowder discusses the State Money Transmitter Licensing (“MTL”) Regime and the impacts of payment innovation. The episode also addresses MTL licensing exemptions, agent and authorized delegates, the...more

Ballard Spahr LLP

Vermont exempts bank partners from loan solicitation license for commercial loans

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We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more

Snell & Wilmer

Emerging Trends in the Regulation of Fintech and Blockchain Technology: An Update on the National Fintech Charter

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Given the heavily regulated nature of financial services in the United States, it should not be a surprise that one of the biggest challenges facing the “fintech” industry is regulatory uncertainty. As explained by the...more

Ballard Spahr LLP

West Virginia Adopts Uniform State Test

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Effective June 1, 2018, the West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take...more

Ballard Spahr LLP

Pennsylvania Issues Mortgage Servicer License FAQs

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The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more

Ballard Spahr LLP

Wisconsin Using the NMLS Uniform Authorized Agent Reporting

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On February 1, 2018, the Wisconsin Department of Financial Institutions started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements....more

Ballard Spahr LLP

New York Attorney General Expresses Support for Student Loan Servicing Legislation

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Earlier this week New York Attorney General Eric Schneiderman sent a letter to select state legislators adding his backing to the creation of a licensing regime in New York for student loan servicing, similar to what has been...more

Ballard Spahr LLP

State Regulators Agree to Multistate Licensing Process for Money Service Businesses

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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

Ballard Spahr LLP

Texas Adds Residential MLO Pre-Licensing Education Expiration Period

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The Texas Finance Commission of Texas adopted a new provision requiring the following individuals to retake the 20 hours of pre-licensing education as required by the S.A.F.E. Mortgage Licensing Act:...more

Ballard Spahr LLP

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

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Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more

Ballard Spahr LLP

Reinstatement Period Begins

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The Reinstatement Period on NMLS started on January 1 and ends on February 28. ...more

Ballard Spahr LLP

PA banking regulator reiterates licensing guidance for fintech companies

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Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated...more

Ballard Spahr LLP

Illinois Revises Residential Mortgage License Act Provisions

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The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

Ballard Spahr LLP

D.C. and California Issue Student Loan Servicing Regulations, Join Other States in Migrating Licenses to NMLS

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As we reported last month, the District of Columbia Department of Insurance, Securities and Banking (DISB) started accepting applications and transition filings for the Student Loan Servicer License on the Nationwide Mortgage...more

Ballard Spahr LLP

Iowa Transitions Division of Banking Licenses to NMLS

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On October 1, 2017, the Iowa Division of Banking will require the following licensees to submit a license transition request via NMLS...more

Ballard Spahr LLP

Minnesota Adds Non-Depositor Licenses to NMLS

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On October 1, 2017, the Minnesota Department of Commerce will start accepting new applications and transition fillings on NMLS for the following licenses...more

Ballard Spahr LLP

Illinois student loan servicing bill vetoed

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Senate Bill 1351, known as the Illinois Student Loan Bill of Rights, was vetoed at the end of last week by the state’s Republican Governor.  The bill would have created a student loan ombudsman and implemented new...more

Ballard Spahr LLP

D.C. Adds Student Loan Servicer License to NMLS

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On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

Ballard Spahr LLP

Maryland Adds Consumer Finance, Debt-Related, and Money Services Business Licenses to NMLS

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On August 1, 2017, the Maryland Commissioner of Financial Regulation started accepting new applications and transition fillings for the following licenses on NMLS...more

Ballard Spahr LLP

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

Ballard Spahr LLP

New Hampshire Amends MLO Licensing Provisions

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New Hampshire has amended provisions regarding the licensing laws of mortgage loan originators (MLO) from other states. The commissioner may conditionally approve an application for an MLO license if the applicant is...more

Ballard Spahr LLP

Montana Revises Licensing Provisions

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The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more

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