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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!
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>>
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>>
This month's contributing author is Stacey Riggin.
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