InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Kansas extends professional and occupational license renewal deadlines
On April 9, Kansas Governor Laura Kelly issued an executive order extending the renewal deadlines for all occupational or professional licenses, certificates, permits, or registrations issued by a state agency. Such licenses/registrations/etc. will remain valid until 90 days following the termination of the statewide state of emergency. However, the order does not affect licensing for attorneys.
Kansas governor authorizes remote online notarization
On April 9, Kansas Governor Laura Kelly issued an executive order temporarily allowing remote online notarization as long as it meets certain conditions and follows the regulations outlined by the secretary of state and noted in the executive order. The order remains in effect until May 1, or until the statewide state of emergency expires.
Wisconsin DFI’s Office of Credit Unions issues resource guide
On April 9, the Wisconsin DFI’s Office of Credit Unions issued a resource guide to answer questions and enable credit unions to continue to conduct business during the Covid-19 pandemic. Topics addressed include the holding of annual meetings, Bank Secrecy Act compliance, board meetings, call report deadlines, and examination protocols, among others.
Southern District of New York Bankruptcy Court issues general order addressing certain filings, documentation requirements, and deadlines
On April 9, the U.S. Bankruptcy Court for the Southern District of New York issued General Order M-545 regarding court operations under the exigent circumstances created by Covid-19. Effective immediately, with respect to cases filed by an individual under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code, the general order:
- Suspends the requirement that a CM/ECF user secure the signer’s original signature prior to electronically filing a document bearing the signature, provided certain requirements are met.
- Provides guidance on documentation that creditors (mortgage holders or servicers) must file in connection with a temporary suspension of mortgage payments.
- Extends any deadline under the Loss Mitigation Program Procedures or Student Loan Mediation Program Procedures that has not expired as of March 16, 2020, to July 1, 2020.
- Provides an alternate standard for establishing a debtor’s identification for purposes of a meeting of creditors under section 341 of the bankruptcy code.
The order expires on July 1, 2020 unless modified by further order.
New Mexico Director of Financial Institutions Division calls on MSBs to cease standalone operations
On April 9, New Mexico Director of Financial Institutions Division Christopher Moya issued an order calling on all standalone money services businesses (MSB) to temporarily close and suspend operations. MSBs are not designated as essential businesses in New Mexico, and as such, were instructed to cease all standalone storefront operations to further combat the spread of Covid-19. Branches located physically within a business deemed essential were permitted to stay in operation, as well as MSBs with telephonic or online services.
Delaware Department of Insurance issues bulletin to insurance companies on regulatory filing requirements
On April 9, the Delaware Department of Insurance issued Bulletin No. 118 to insurance companies authorized to transact business in Delaware regarding compliance with regulatory filing requirements during Covid-19. The bulletin permits insurers to request an extension of certain filing deadlines by an additional 30 to 60 days, depending on the type of filing. Types of filings for which a 30-day or 60-day filing deadline extension may be requested are listed in the bulletin.
Arkansas suspends on-site audits by title insurers
On April 9, the Arkansas Insurance Department issued Bulletin 16-2020 suspending on-site audits by title insurers. All title insurers regulated by the department are directed to suspend onsite audits of agencies appointed with the insurer for 60 days from March 11, 2020.
Connecticut regulator: PPP loans exempted from legal lending limit calculations
On April 9, the Connecticut Department of Banking issued guidance to state-chartered credit unions clarifying that they do not need to include loans made as part of the Small Business Administration’s Paycheck Protection Program when calculating limits on member business loans because those loans are fully guaranteed by the U.S. government. The guidance also encouraged credit unions to continue working with members and other financial institutions during the Covid-19 outbreak.
Nevada will grant temporary licensing exemptions for lenders to participate in PPP program
On April 9, the Nevada Financial Institutions Division announced a program to grant temporary exemptions to certain licensing requirements under Chapter 675 of the Nevada Installment Loan and Finance Act for approved Small Business Administration 7(a) lenders interested in participating in the Paycheck Protection for businesses impacted by Covid-19. The announcement included the exemption request form that must be submitted to the division by interested lenders.
D.C. enacts data breach requirements and consumer protections
On March 26, the mayor of the District of Columbia signed Act 23-268 to expand data privacy and consumer protection measures. Among other things, the “Security Breach Protection Amendment Act of 2020” (i) expands the definition of personal information subject to the Act; (ii) specifies the required contents of a security breach notification and requires that written notice of a breach involving 50 or more District residents be provided to the District’s attorney general; (iii) specifies security requirements for the protection of personal information, including for nonaffiliated third-party service providers; (iv) requires consumers to be provided at least 18 months of non-cost identity theft prevention services for data breaches involving the release of a social security or tax identification number; and (v) stipulates that a violation of these requirements is considered an unfair or deceptive trade practice. The Act takes effect following a 30-day congressional review period and publication in the District of Columbia Register.