InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Colorado governor permits further extensions of money transmitter and real estate broker licenses
On July 19, the Colorado governor issued Executive Order 2020 141, which extends Executive Order D 2020 015, as amended by several earlier orders, until August 18, 2020. Executive Order D 2020 015 authorizes the Department of Regulatory Agencies to promulgate and issue emergency rules extending the expiration date of licenses issued by the Division of Banking for money transmitters and licenses issued by the Division of Real Estate for real estate brokers.
Hawaii regulator extends guidance permitting licensees to reduce office hours, temporarily close offices
On July 2, the Hawaii Division of Financial Institutions extended earlier guidance, previously covered here, that temporarily permits licensees with locations in Hawaii to reduce hours or close offices during Hawaii’s Covid-19 emergency period. Notice of temporary closure or relocation from certain licensees, including escrow depositories and financial institutions, is required. The guidance is extended to July 31, 2020.
California governor issues executive order extending previous relief orders
On June 30, the California governor signed Executive Order N-71-20 (previously discussed here), which extends authorization for local governments to halt evictions for renters impacted by the Covid-19 pandemic through September 30. Among other things, the executive order also extends the deadlines in connection with certain licenses, including real estate licenses, which we previously covered here.
Washington Department of Financial Institutions extends guidance on remote work for mortgage loan originators
On June 22, the Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work. The guidance extends earlier interim guidance permitting mortgage loan originators to work from home, previously covered here, until December 31, 2020.
Nevada Financial Institutions Division advises collection agency licensees that they may operate
On June 4, the Nevada Department of Business and Industry, Financial Institutions Division advised collection agency licensees that they may operate their business while following all remaining emergency directives issued by the governor, state agencies, justice court orders, and all applicable state and federal laws. The issuance follows guidance issued on March 20, which deemed a collection agency a non-essential business under the Nevada governor’s orders to close non-essential business (previously discussed here).
South Dakota Division of Banking extends work from home guidance
On June 1, South Dakota’s Division of Banking updated Memorandum 11-003 (previously covered here) to extend the time period in which licensed mortgage loan originators can work from home until December 31, 2020, so long as certain conditions relating to data and records security are met.
New Mexico regulator extends permission to work from home
On May 28, the New Mexico Financial Institutions Division extended its guidance allowing mortgage licensees and their staff to work from home until August 31, 2020 (previously covered here). The guidance permits licensees and their staff to work from their home residences, which may not be licensed as a branch, if various conditions regarding data and information security, worker and customer health, and advertising are met.
South Carolina regulator updates guidance on working remotely and defers deadline for submitting the 2019 mortgage log
On May 28, the South Carolina Department of Consumer Affairs issued updated interim guidance (previously discussed here) regarding working remotely from unlicensed locations and the deadline for submission of the 2019 mortgage log. The updated interim guidance provides that, until July 1, 2020, licensed mortgage loan originators are permitted to work from home, whether in South Carolina or another state, even if the home is not a licensed branch. The guidance also notes the deferral of filing deadline for the 2019 mortgage log required of mortgage broker companies until June 1, 2020.
NMLS extends deadline for reports and SAFE MLO test enrollment
On March 25, in response to the Covid-19 pandemic, the NMLS Policy Committee extended the deadline for certain reporting obligations satisfied through NMLS, and the enrollment window for taking the SAFE MLO test.
Companies required to submit financial statements, the Mortgage Call Report, and the Money Services Businesses Call Report will have an additional 60 days from pre-established deadlines to submit such reports. Individuals will have the testing window on their test appointments extended 180 days.
The NMLS Resource Center has been updated with additional resources to provide updates on state agency operating status. In addition, the NMLS Policy Committee is encouraging states to accept documentation electronically that otherwise may have been required in hard copy.
The full announcement can be found on the NMLS Resource Center.
Florida Office of Financial Regulation sets forth options related to the operation of various financial services industries
On March 20, the Florida Office of Financial Regulation issued guidance to consumer finance industries regarding remote work. Specifically, mortgage loan originators may work remotely so long as they do not conduct business in a manner that would require a license for their home. In addition, state licensed mortgage companies are advised to take precautions to maintain safety and security of data and records in connection with remote work.