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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!
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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