Bonnie E. Dye
Showing 12 posts by Bonnie E. Dye.
3 Key Takeaways and Collection Agency Industry Insights from the NACARA Conference
Last week, the North American Collection Agency Regulatory Association (NACARA) hosted its annual conference at the California Department of Financial Protection and Innovation’s Sacramento office. The event served as a platform for state regulators and collection agency representatives to discuss the latest challenges and emerging trends affecting the industry. More ›
CFPB Publishes Filing Instructions for its New Nonbank Registry for Repeat Offenders
On August 23, the Consumer Financial Protection Bureau (CFPB) issued its Filing Instructions Guide ("Guide") for Nonbank Registration pursuant to its Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule ("the Final Rule"). More ›
Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York
The Buy Now Pay Later ("BNPL")[1] legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and, similar to the Governor's bill, proposes that New York be the first state to require BNPL lenders to obtain a state license. More ›
Louisiana Private Education Lender Registration Added to the Nationwide Multistate Licensing System and Registry
As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law. More ›
California Licensed Debt Collectors Required to Submit Annual Reports to DFPI by March 15, 2024
In its December 2023 Bulletin, the California Department of Financial Protection and Innovation ("DFPI") announced that debt collectors licensed prior to January 1, 2024, will be required to file an annual report by March 15, 2024, through the DFPI portal. More ›
Nationwide Multistate Licensing System Adds New License Types
Several new licenses will be managed on the Nationwide Multistate Licensing System and Registry (NMLS) in Kentucky, North Dakota, and Wisconsin beginning August 1, 2023. These new license types will affect consumer finance companies in the student loan, mortgage, and sales finance industries. More ›
Veto Override Brings Changes to North Carolina License Requirements for Consumer Finance Lenders and Servicers
Last month, the North Carolina General Assembly passed NC Senate Bill 331, which aimed to bring changes to the North Carolina Consumer Finance Act. Although Governor Roy Cooper had vetoed the bill, the state Senate voted to override the veto, making the bill effective on October 1, 2023. The amendments enacted in the bill will make a number of substantive changes to, among other things, the licensing requirements for lenders and servicers operating in the state. More ›
Maryland Moves to Eliminate Branch License Requirements for Non-Depository Institutions
As of July 1, 2023, Maryland will no longer require consumer finance company licensees to license their branch locations. Maryland House Bill 686 was signed into law by Governor Wes Moore on May 8, 2023 to effectuate the regulatory change. Up until the July 1 effective date, non-depository institutions operating in Maryland remain subject to branch license requirements. This means that these institutions are required to obtain and maintain separate licenses for each branch location. However, as a result of the change, licensees will be able to conduct business at multiple locations under a single license. More ›
California DFPI Announces Extension to Proposed Comment Period for Covered Person Registration Rulemaking
The California Department of Financial Protection and Innovation (DFPI) announced an extension to the proposed comment period for Covered Person Registration Rulemaking. The comment period, initially set to end on April 12, 2023, has now been extended to May 17, 2023. More ›
Don't Be Fooled – April 1st Application Deadline for New Louisiana Virtual Currency License
April 1, 2023 marks the deadline to submit an application for the Louisiana Virtual Currency Business Activity License or Virtual Currency Limited Activity Registration in order to receive timely approval from the Louisiana Office of Financial Institutions (OFI). Pursuant to the Louisiana Virtual Currency Business Act (VCBA), a license or other equivalent is required for a company to engage in the virtual currency business after June 30, 2023. Applications submitted by April 1, 2023 will be approved, conditionally approved, or denied before June 30. The OFI began accepting applications for the license and registration at the beginning of the year. More ›
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