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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!
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>>
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.
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