Licensing Link

June 29, 2023



Welcome to Licensing Link, a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the spectrum of asset classes and financial services activities. We look forward to you joining us for future editions!


Changes Coming to Connecticut—Consumer Lenders, Take Note

The Connecticut legislature passed Senate Bill 1033 on June 6, 2023. If signed into law by Connecticut’s governor, Senate Bill 1033 will make significant changes to the Connecticut Small Loan Act, including expanding the types of consumer credit that are subject to the Small Loan Act, narrowing an existing exemption from the Small Loan Act, and enacting a new “anti-evasion” provision to capture certain persons acting as agents or service providers to banks and other exempt lenders. Read More>>


Update on North Dakota’s New Residential Mortgage Licensing Requirements

In our April 2023 and May 2023 editions of Licensing Link, we noted that, effective August 1, 2023, North Dakota will establish a new licensing requirement to engage in “residential mortgage lending,” which includes arranging or providing residential mortgage loans as a form of financing, or advertising or soliciting in print, by letter, in person, or otherwise, the right to find lenders or provide residential mortgage loans for a person. (See North Dakota Senate Bill 2090). Also effective August 1, 2023, North Dakota will require companies servicing residential mortgage loans to obtain a residential mortgage loan servicer license (See North Dakota House Bill 1068). Read more>>

North Dakota

Nevada Completes Modernization and Clarification of Collection Agencies Act

On June 16, 2023, Nevada Governor Joe Lombardo approved Senate Bill 276, completing its “spring cleaning” to clarify and modernize its existing Collection Agencies Act. We previously discussed the proposed changes to Nevada’s Collection Agencies Act in our April edition of Licensing Link. In this article, we summarize the changes enacted by the final version of Senate Bill 276. For most purposes, the law takes effect October 1, 2023, although the law is effective immediately for the limited purpose of enabling regulators to adopt regulations and perform administrative tasks to prepare to carry out the provisions of the new law. Read More>>


This month’s contributing authors are Joy Tsai and summer associate Katherine Hsu.  

For more information about this topic, please contact the editors, Krista Cooley, Partner, Washington DC at and +1 202 263 3315 and Frank Doorley, Partner, Washington DC at and +1 202 263 3409.

For more than 20 years, our Financial Services Regulatory and Enforcement practice’s licensing team has helped clients engaged in lending and other consumer credit activities navigate every aspect of state licensing. We routinely undertake nationwide licensing and renewal efforts involving all manner of professional licenses for consumer credit-related activities, including mortgage lending, brokering or servicing, consumer lending and brokering, commercial mortgage and non-real estate-secured commercial or business activities, collections, money services or money transmitter businesses, sales finance activities, and real estate broker activities. We not only help companies evaluate the need for and obtain state licenses but also help steer them through license renewals, examinations and required reporting, changes of control, and license surrenders and provide other services that help companies remain in good standing with state licensing regulators.

Legal Updates

Chambers USA 2022

Ranked Band 1 in: Financial Services Regulation Consumer Finance (Compliance)—also ranked in: Financial Services Regulation: Consumer Finance (Enforcement & Investigations) and Consumer Finance (Litigation).


8 Practice Groups of the Year in 2022, including Banking, Class Action, and Cybersecurity and Privacy; Firm of the Year 2016-2020.

Chambers Fintech 2023

Ranked Band 1 in FinTech: Payments & Lending (US)—also ranked in FinTech: Legal (US); Corporate, Securities & Financing (US); and Data Protection & Cyber Security (US).