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Montana governor issues executive order prohibiting evictions, foreclosures, and utility and internet cancellation
On March 30, Montana Governor Steve Bullock issued an executive order prohibiting residential foreclosures, evictions, and utility and internet service cancellations. In addition, no borrower may be reported to a credit bureau for failure to pay for the duration of the directive. Citing the requirement for residents to stay at home, Bullock provided that having habitable homes that possess the ability to communicate externally via phone and internet services are paramount to public health and human safety. The directive went into effect immediately and limits the foregoing actions through April 10.
Massachusetts Division of Banks updates extensions for licensee filings
On March 30, the Massachusetts Division of Banks (DOB) issued an update for licensees to clarify the filing deadlines for financial statements and call reports in light of the NMLS policy decision. The DOB is providing a 60-day extension to file financial statements, a 30-day extension to submit Call Reports and the MCR Standard Financial Condition Report, and a 60-day extension for Annual Reports.
Louisiana regulator permits remote annual meetings
On March 30, the Louisiana Commissioner of Financial Institutions issued an emergency declaration permitting shareholders or members of a financial institution to participate in annual meetings by means of remote communication and permitting institutions to hold virtual annual meetings. The declaration is effective until April 13 unless renewed.
Texas Department of Banking issues business continuity considerations
On March 30, the Texas Department of Banking issued considerations for business continuity planning. In it, the Department asked banks and financial institutions to consider enterprise-wide interdependencies, as well as critical business functions like core processing, physical and digital cash deposits and withdrawals, and payment transactions. The issuance also included employee- and security-focused considerations such as secure remote access to systems, testing of remote capabilities, cross-training employees, and alternative staffing for physical branch operations. The considerations were drafted in coordination with the Independent Bankers Association of Texas and the Texas Bankers Association.
Minnesota Commerce Department grants flexibility to domestic insurers for annual meetings
On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-13 to domestic insurers regarding annual meetings. The guidance urges insurers to be flexible in rescheduling meetings or allowing alternatives to in-person annual policyholder or shareholder meetings. Temporary amendments to an insurer’s bylaws to adopt statutory provisions that allow more flexibility regarding the scheduling of annual shareholder or policyholder meetings and remote meetings of the board of directors and board committees in response to Covid-19 are deemed approved by the Commerce Department for the duration of the public health emergency. In addition, corporate actions are not rendered invalid by the failure to hold an annual meeting.
Minnesota Commerce Department extends filing deadlines for subdivided land registrants
On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-12 to subdivided land registrants. The guidance extends the deadline for subdivided land registrants to file annual reports that were due by April 30, 2020, pursuant to Minn. Stat. § 83.30, subdivision 1, to June 30, 2020, and provides instructions for submission of the filing.
Minnesota Commerce Department extends filing deadlines for consumer credit licensees
On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-09 to consumer credit licensees. The guidance extends the deadlines to file annual reports originally due March 1 or March 15, 2020 to April 30, 2020, for the following consumer credit-related licensees: regulated lenders, motor vehicle sales finance companies, industrial loan and thrift companies, consumer small lenders, insurance premium finance companies, debt settlement services providers, and debt management services providers.
Minnesota Commerce Department provides relief to financial professionals
On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-08 to provide certain relief to broker-dealers, state registered investment advisers, federal covered investment advisers, and their registered agents or representatives (collectively, “financial professionals”). The guidance provides the following relief:
- Certain financial professionals who are not registered or notice filed with the commissioner and have been displaced from their ordinary business locations are granted a temporary exemption from the registration and filing requirements of certain provisions of the Minnesota Securities Act, provided that certain requirements are met. Qualifying financial professionals may engage in certain enumerated activities without registering or filing with the commissioner.
- Broker-dealers, state registered investment advisors, and federal covered investment advisors are permitted to submit Forms U4 without first obtaining physical signatures from individual agents and representatives, provided that certain requirements are met.
- State registered investment advisors are provided relief from annual update filings and certain document delivery requirements.
Minnesota Commerce Department offers relief to vehicle protection product warrantor registrants
On March 30, pursuant to the Commissioner Order issued on the same day, the Minnesota Commerce Department issued Regulatory Guidance 20-14E to vehicle protection product warrantor registrants. The guidance provides temporary, emergency relief to vehicle protection product warrantors with respect to March and April registration renewals under Minn. Stat. § 59C.04. Renewal deadlines for registered vehicle protection product warrantors whose registration will expire during April or May, are extended up to 45 days from the prescribed due date.
Minnesota Commerce Department offers relief to service contract provider registrants
On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-14D to service contract provider registrants. The guidance provides temporary, emergency relief with respect to March and April registration renewals related to service contract providers under Minn. Stat. § 59B.03. Renewal deadlines for registered service contract providers whose registration will expire during April or May, are extended up to 45 days from the prescribed due date.