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Louisiana Office of Financial Institutions declares emergency for check-cashing entities
On April 9, Louisiana Office of Financial Institutions Commissioner John Ducrest declared a state of emergency and issued guidance for Louisiana-based check-cashing entities in response to the Covid-19 crisis. The order: (i) granted check cashers the authority to temporarily relocate and close operations, services, or products; (ii) waived the 30-day notification requirement pertaining to closures or relocations of services, operations, and products; and (iii) provided guidance for reporting operational changes and temporary relocations. The declaration expires April 30, unless otherwise extended or renewed.
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.
Department of Veterans Affairs issues Circular on CARES Act requirements
On April 9, the Department of Veterans Affairs issued Circular 26-20-12 regarding extending relief for VA loans pursuant to the Coronavirus Aid, Relief, and Economic Safety Act (CARES Act). The circular provides information regarding borrower eligibility, offering borrowers forbearance, the accrual of fees, penalties, and interest, credit reporting of a borrower’s account, exiting forbearance, and the foreclosure moratorium. The circular is effective until April 1, 2021, and preempts section 3 of Circular 26-20-7 (“Special Relief for Those Potentially Impacted by COVID-19”).
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.