Showing 3 posts in Licensing.

Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York

April 25, 2024 by Taylor Hennington, Bonnie E. Dye

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 ›

Maryland Moves to Eliminate Branch License Requirements for Non-Depository Institutions

May 17, 2023 by Bonnie E. Dye

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 ›

Proposed California Debt Collection Licensing Regulations Raise Scope Concerns

May 24, 2021 by Vaishali S. Rao, Sarah E. King

Last month, the Department of Financial Protection and Innovation (DFPI) published proposed regulations under the Debt Collection Licensing Act (DCLA). The regulations largely address procedural matters related to obtaining a license. However, the DFPI's proposed regulations also appear to implicitly address the scope of the license requirement, potentially expanding the category of licensees beyond what the statutory text contemplates. More ›

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