Brief
 

October 5, 2023

 
 

Welcome

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!

 
 
 
Licensing link

FHA Recertification Process – Unique Entity Identifier Renewal Reminder

In a recent webinar covering HUD’s annual mortgagee recertification process, representatives of HUD’s Lender Approval Division advised FHA-approved mortgagees that each mortgagee will need to verify that it has renewed its UEI number through the System of Award Management (“SAM”)Read More>>

 
 
 

South Dakota Annual Renewal Reminder – Information Security Policy Updates

Earlier this year, the South Dakota Department of Labor and Regulation’s Division of Banking (“Division”) issued notices to South Dakota licensees through the Nationwide Multistate Licensing System (“NMLS”) informing them that the Division would require each licensee to upload a current version of its Information Security Policy as part of the annual license renewal process. All policies must be updated by November 1, 2023. Read More>>

Licensing
 
 
 
Licensing link

Connecticut Small Loan Amendments Go Live, With Guidance

In our June 2023 edition of Licensing Link, we discussed the significant changes that the Connecticut General Assembly made to the Connecticut Small Loan Act during its legislative session. Those changes became effective on October 1, and the Connecticut Department of Banking (“Department”) recently issued formal guidance summarizing important features of the new law and the Department’s interpretation of the amendments. We summarize the material changes that went into effect October 1 and the Department’s guidance regarding the changes. Read More>>

 
 
 

North Carolina Consumer Finance Act Amendments Now Effective

The North Carolina General Assembly enacted legislation to amend the North Carolina Consumer Finance Act on June 27, 2023, with the changes taking effect October 1, 2023. These changes include significant amendments to the scope of the Consumer Finance Act and practice requirements that apply to licensees under the law. Companies that make, service, or collect loans in North Carolina should review the changes. Read More>>

Licensing
 
 
 

This month’s contributing author is Stacey Riggin.

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

 
 
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Accolades
Legal Update
 

Chambers USA 2023

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

Law360

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).