Legal Seminar, Denver, CO

NMLS Expansion

Enactments:

Maryland (Ch. 480) Moves the existing registration process for consumer credit reporting agencies to NMLS. [Effective October 1, 2018] Wyoming (Ch. 19) Requires collection agencies to manage licensing through NMLS. [Effective June 15, 2018]

Non-Depository Supervision

Enactments:

Alaska (Ch. 28) Eliminates the requirement that premium finance companies be examined at least once every 18 months and authorizes the department to examine at its discretion. [Effective August 13, 2018] Connecticut (Public Act 173) Contains numerous amendments to the licensing laws governing nondepository financial services including mortgage, check cashers, collection agencies, debt adjustors and negotiators, money transmitters and sales finance companies. The law generally makes the banking commissioner’s investigative and supervisory authority consistent across all license types and specifies that the commissioner’s authority extends to individuals acting or claiming to act with or without any licensing, registration, or other state authorizing requirement. Among other things, the law authorizes the Commissioner to rely upon an investigation or report made by another state or federal supervisory agency

• The effective dates for these provisions range from July 1, 2018 to July 1, 2019.

Maryland (Ch. 731) Implements several recommendations made by the state’s Financial Consumer Protection Commission to enhance the Commissioner’s regulatory and penalty powers. Among other things, the law:

• Allows the Commissioner to bring civil actions under Dodd-Frank provisions

• Increases funding to the Office of the Commissioner for enforcement activity and supports “vigorous enforcement by the state attorney general and the Commissioner to protect state’s residents • Alters the definition of “unfair or deceptive trade practice” to be “unfair, abusive, or deceptive trade practice”

[Effective October 1, 2018]

Proposals:

In California , the legislature is working to amend the state’s existing broker statutory language to clarify the activities that constitute brokering including lead generation (A.B. 3207). Issues regarding