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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!
The State of Play on EWA: Missouri and Nevada Adopt EWA Licensing Laws
State legislatures in Missouri and Nevada recently enacted new laws to regulate innovative earned wage access (“EWA”) programs, which should facilitate certain providers' ability to offer these programs in each state, and may provide a model for other states to license and regulate the product. While providers will have time to come into compliance with the Nevada law, which takes effect on July 1, 2024, the Missouri law becomes effective August 28, 2023. Read More>>
Maine Moves to Transition Debt Collectors and Money Transmitters to NMLS
The Maine Department of Professional and Financial Regulations/Bureau of Consumer Credit Protection (the “Bureau”) recently announced the passage of new regulations for debt collectors, which includes debt buyers, and money transmitters to transition both license types to the Nationwide Multistate Licensing System (“NMLS”) later this year. Both rules became effective on June 25, 2023. We discuss each, in turn, below. Read more>>
This month's contributing author is Brenda Robinson.
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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