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Delaware directs check sales and money transmitter licensees to use NMLS
The Delaware Office of the State Bank Commissioner issued a directive that, beginning on April 15, all Chapter 23, Sale of Checks and Transmission of Money Licensees are advised to use the Nationwide Mortgage Licensing System for applications, renewals, surrenders and amendments.
Washington regulator urges credit unions to work with troubled borrowers
On April 6, the Washington Department of Financial Institutions, Division of Credit Unions issued guidance urging credit unions to assist borrowers with reduced ability to repay their debt obligations, including waiving fees, increasing credit card limits for creditworthy borrowers, restructuring commercial loans, offering payment and loan modifications, ensuring continuation of mortgage servicing, and refraining from reporting late payments to credit reporting agencies. The Division emphasized that it would not criticize credit union’s efforts to accommodate members in a safe and sound manner, even if this reduces capital and earnings.
Missouri governor issues an executive order regarding remote notarization
On April 6, the Missouri governor issued Executive Order 20-08 authorizing notarial acts to be performed utilizing audio-video technology, provided certain conditions are met. The order terminates on May 15, 2020 unless extended.
Indiana governor updates stay at home order, creates enforcement team
On April 6, the governor of Indiana issued an executive order updating the terms of previous orders to remain at home. Among other updates, the order instructs professional service providers, such as lawyers, accountants, insurance providers and real estate service providers, to conduct their business virtually or by telephone whenever possible. The order also creates an Enforcement Response Team comprised of state law enforcement to respond to and investigate reports of violations.
South Carolina governor calls on residents to stay-at-home and practice social distancing
On April 6, South Carolina Governor Henry McMaster issued an executive order limiting social interaction and calling on citizens to stay in their residences when not conducting essential business or activities. The order defined essential businesses to include activities operations or services identified by the United States Cybersecurity and Infrastructure Security Agency in its March 28, 2020 memorandum, which includes financial services. The order went into effect at 5:00 p.m. on April 7.
Massachusetts regulator suspends lending limits for PPP loans
On April 6, the Massachusetts Division of Banks issued guidance to state-chartered banks and credit unions indicating that it will not make adverse regulatory findings or take enforcement action if a loan made under the Small Business Administration’s Payment Protection Program (PPP) causes the institution to violate legal limits on loans to one borrower or the institution’s internal policy. The division also encouraged institutions to work collaboratively to meet demand for PPP loans, such as instituting referral systems.
Florida issues executive order suspending the assessment and collection of taxation for notes and obligations under the CARES Act
On April 6, the Florida governor issued an executive order suspending the assessment and collection of excise taxes on documents imposed pursuant to Chapter 201 of the Florida statutes for all notes and other written obligations made pursuant to Title I of the CARES Act (the Paycheck Protection Program). The Department of Revenue is directed to issue an emergency order establishing that taxation imposed under Chapter 201 on such notes and obligations is not owed as a result of the suspension.
Arizona governor calls for moratorium on small business evictions
On April 6, Arizona Governor Doug Ducey issued an executive order calling for a moratorium on small business evictions. The order applies to businesses impacted by the Covid-19 crisis and instructs landlords to work with tenants to waive late fees, penalties, and to develop rent repayment plans. In place until May 31, the order does not apply to foreclosure or eviction proceedings initiated before the March 11 declared state of emergency.
HUD announces system to securely deliver case binders electronically for endorsement
On April 6, HUD issued Mortgagee Letter-2020-07 announcing that the FHA is accelerating the deployment of “FHA Catalyst”—a system to securely deliver case binders electronically for endorsement—which is now available. This initiative is in response to issues mortgagees have faced in complying with FHA requirements for the delivery of Single Family Forward and HECM paper case binders as well as issues the FHA has faced in processing such paper case binders in light of the Covid-19 outbreak. The letter provides an overview of FHA Catalyst and instructions on access and use of the platform.
Indiana securities regulator alerts registrants to regulatory relief
The Indiana Secretary of State, Securities Division issued a compliance alert to notify registrants that the division granted relief from fingerprinting requirements associated with registration applications for investment adviser representatives. The division indicated that it may provisionally approve an application for registration without fingerprints, provided the applicant submits fingerprints before June 30, 2020.