Thursday, December 17, 2015
DBO has adopted final regulations under the California Finance Lenders Law (CFLL) and the California Residential Mortgage Lending Act (CRMLA). These regulations provide that certain nondepository lenders, brokers and servicers who are subsidiaries and affiliates of depository institutions are not exempt from licensure when engaged in the business of making, brokering or servicing consumer loans. Lenders, brokers and servicers affected by the new rules are encouraged to begin the licensing process immediately to ensure they are appropriately licensed when the rules become operative on Sept. 28, 2016.
Posted by Alan Abergel at 2:54 PM
AB 1517 amended Financial Code section 2105 (a). Effective Jan. 1, 2016, the disclosure required to be posted at agent and branch locations for money transmitter licensees has changed to reflect a new toll free telephone number for contacting the Department of Business Oversight. Per Financial Code section 2105(a) - Each licensee or agent shall prominently post on the premises of each branch office that conducts money transmission a notice stating that: If you have complaints with respect to any aspect of the money transmission activities conducted at this location, you may contact the California Department of Business Oversight at its toll-free telephone number, 1-866-275-2677, by email at email@example.com, or by mail at the Department of Business Oversight, Consumer Services,1515 K Street, Suite 200, Sacramento, CA 95814.
Posted by Alan Abergel at 2:52 PM
Effective January 2016, the DBO will begin using the National Mortgage Licensing System (NMLS) to manage money transmitter licenses. NMLS is a secure, web-based, nationwide licensing system that allows companies to apply for, update and renew their licenses in one or more states conveniently and safely. Using NMLS will allow the DBO to improve its operations and better supervise the money transmitter industry by linking to a central database shared with other states. Starting Jan. 15, 2016, the DBO will allow all money transmitter licensees to have a complete record in NMLS and submit the record to the DBO for approval. Starting the same day, any company wishing to apply for a money transmitter license may do so through NMLS. The DBO intends to issue a letter to licensees in December with detailed instructions on how to transition their company to NMLS. http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
Posted by Alan Abergel at 2:50 PM