To help financial services companies manage the federal approvals, state licenses, and foreign “doing business” registrations they are required to maintain—and avoid penalties for non-compliance—Ballard Spahr has launched Ballard360 LicenSync.  LicenSync was created by the firm’s Client Value and Innovation Team working in partnership with the firm’s Consumer Financial Services Group.

The project management tool

As discussed in an earlier blog post, the California Department of Financial Protection and Innovation (“DFPI”) issued an Invitation for Comments on the Proposed Second Rulemaking under the Debt Collection Licensing Act (“DCLA”) on August 19, 2021.  The Commissioner is now considering draft regulations related to the DCLA’s scope, annual report, and document retention

On June 27, the Oregon Department of Consumer and Business Services’ (“Department”) Division of Financial Regulation (“Division”) finalized new regulations implementing Senate Bill 485, which requires companies to obtain a license from the Division in order to service student loans in Oregon, unless an exemption applies.  The new regulations also establish related servicer requirements

In an announcement to its subscribers sent electronically on May 23, 2022, the California Department of Financial Protection and Innovation (“DFPI”) notified applicants – and prospective applicants – for a license under California’s Debt Collection Licensing Act (the “Act”) that changes mandated by the Federal Bureau of Investigation (“FBI’) to state agency protocols for requesting

Kentucky recently enacted HB 494, titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student loan servicers to be licensed in Kentucky.  The Act applies to servicers of private student loans and federal student loans.

Servicers of private student loans must submit a licensing application to the Commissioner

We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”). As promised, we are providing a more detailed summary of HB 10/SB 77, which is undoubtedly one of the most sweeping laws we’ve seem to date targeted at regulating student

One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed.  While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan servicers had previously failed.

Identical bills HB 10/SB 77 had been sent to Governor Northam’s desk on March 12, but were

The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents.

There are two types of applications available: (1) a short “form” for “Federal Contractors” who hold a contract awarded by the U.S. Secretary of Education to service federal student loans; and (2) a

On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget. Though sweeping legislation has been anticipated for some time, awareness of the extensive provisions of the new legislation are critical for student loan servicers nationwide.

The legislation