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Hudson Cook, LLP

State Licensing Pitfalls Mortgage Servicers Must Beware

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In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to...more

Sheppard Mullin Richter & Hampton LLP

BIS Summer Update: Essential Reading for Your Next Beach Trip!

As we pass the midpoint of a year marked by assertive enforcement of dual use laws, the Department of Commerce’s Bureau of Industry and Security (BIS) published an updated version of its Don’t Let This Happen to You! Guide....more

Hudson Cook, LLP

Company Violates Mortgage Law by Holding Servicing Rights without License

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It is usually no surprise to companies operating in the financial services space that they may need a state license to make or service consumer loans. That is particularly true when the loans are highly regulated residential...more

Troutman Pepper

Connecticut Attorney General Continues to Target Unlicensed and Unregulated Cannabis Sales

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Earlier this month, the office of the Attorney General of Connecticut announced that the state had reached a settlement with HighBazaar over allegations that the organization allowed the unlicensed sale of cannabis, and the...more

Polsinelli

Recent Regulatory Actions Against Unlicensed Pharmacy Benefit Managers in West Virginia

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The West Virginia Office of the Insurance Commissioner (“WV OIC”) recently took regulatory actions against four unaffiliated Pharmacy Benefit Managers (“PBMs”) that were operating in West Virginia without a PBM license. These...more

Polsinelli

Recent Regulatory Action Against an Unlicensed Insurance Administrator in Florida

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The Florida Office of Insurance Regulation (“Florida OIR”) recently took regulatory action against a New York-based company (“Company”) regarding its alleged unlicensed activities in Florida. According to the Florida OIR, the...more

Polsinelli

Recent Regulatory Actions Against TPAs in South Dakota

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The South Dakota Division of Insurance (“Division”) recently took regulatory action against a Texas-based Third Party Administrator (“TPA”) regarding its activities in South Dakota. According to the Division, the TPA...more

Skadden, Arps, Slate, Meagher & Flom LLP

JPEX Is Test Case for Hong Kong’s New Regulatory Regime for Virtual Asset Exchanges

Hong Kong regulators recently brought criminal enforcement actions against virtual asset trading platform JPEX and individuals associated with the platform. This case has become the first opportunity for local authorities to...more

Hudson Cook, LLP

Are Your Employees Taking Loan Applications? The Reach and Consequence of Mortgage Loan Originator Licenses

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One of the more nuanced licensing issues that can arise under state credit laws is the need for individual mortgage loan originators (MLOs) to be licensed. On its face, the MLO license seems relatively straightforward....more

American Conference Institute (ACI)

[Webinar] Export Administration Regulations - September 12th - October 5th, 1:00 pm - 4:30 pm EDT

ACI’s highly anticipated Proficiency Series provides true immersion in the EAR with the objective of becoming proficient in four weeks. Join virtually from September 12 – October 5, 2023! Advance your career and...more

Goodwin

Massachusetts Division of Banks Enters into Consent Order with Mortgage Lender

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On January 26, 2023, the Massachusetts Division of Banks (DOB) entered into a consent order​ with a California-based mortgage lender. According to the DOB, the company, which was licensed as a mortgage lender in...more

BakerHostetler

NYS DFS Focuses on Cybersecurity Violations and Increasing Crypto Resources

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On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial...more

WilmerHale

The Gambling Commission reaffirms its status as one of the UK’s most active AML enforcement authorities.

WilmerHale on

On 28 March 2023, the UK Gambling Commission (the Commission) announced that three gambling businesses owned by William Hill Group would pay a total financial penalty of £19.2 million for social responsibility and anti-money...more

Orrick, Herrington & Sutcliffe LLP

New York AG continues crackdown on unregistered crypto trading platforms

On March 9, the New York attorney general filed a petition in state court against a virtual currency trading platform (respondent) for allegedly failing to registeras a securities and commodities broker-dealer and falsely...more

White & Case LLP

Bitzlato Founder Charged With Facilitating Money Laundering of More than $700 Million in Dark Web Funds

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Anatoly Legkodymov, Russian founder of Hong Kong-registered cryptocurrency exchange Bitzlato Limited ("Bitzlato"), was arrested on January 17 based on an Amended Complaint filed by the Department of Justice ("DOJ") charging...more

Orrick, Herrington & Sutcliffe LLP

DFPI takes action against five debt collectors

On January 30, the California Department of Financial Protection and Innovation (DFPI) announced enforcement actions against five separate debt collectors for unlicensed activity under the Debt Collection Licensing Act (DCLA)...more

Butler Snow LLP

A Safer Nashville Experience Under Dallas’s Law

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The multi-floored music meccas known as honky-tonks have made Nashville a key travel destination. Considering that these bars quickly fill with drunken partygoers, many honky-tonks staff security to keep the revelry at a...more

Goodwin

California DFPI Issues $375,000 Sanction Against Debt Collector

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On September 22, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that it issued its first enforcement action against a debt collection company for various practices,...more

Miles & Stockbridge P.C.

Will You Need a License to Hold MSRs in Maryland?

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

Polsinelli

Third Party Administrator Licensing and Compliance Services: Multistate Regulatory Action a Significant Reminder that Insurers...

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A Regulatory Settlement Agreement was recently entered into by forty-one (41) states and an insurer as a result of a multistate targeted market conduct examination (“Multistate Examination”) of the insurer. The Multistate...more

Polsinelli

Third Party Administrator Licensing and Compliance Services: Recent Regulatory Actions Against TPAs

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NEW JERSEY - The New Jersey Department of Banking and Insurance (“New Jersey Department”) recently took regulatory action against a TPA for untimely filing its annual report with the New Jersey Department....more

Goodwin

North Dakota AG Secures Agreement from Loan Debt Relief Company to Provide Refunds to Consumers

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On June 11, 2020, the North Dakota Office of the Attorney General (AG) announced that it had entered into an Assurance of Voluntary Compliance agreement with a California-based debt relief company, under which the company...more

Goodwin

California Department of Business Oversight Announces Settlement with Point-of-Sale Lender Over Allegedly Illegal Loans

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On April 22, 2020, the California Department of Business Oversight (DBO) announced a settlement with a point-of-sale lender that offered consumers a “buy now, pay later” option for payment. ?The DBO alleged that these...more

Polsinelli

Recent Regulatory Actions Against TPAs (UPDATED)

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The Kansas Insurance Department (“Kansas Department”) recently issued a Summary Order against a Missouri-domiciled third party administrator (“Company”) revoking the Company’s Kansas non-resident TPA license....more

Dechert LLP

SFC Takes Enforcement Action Against Private Equity Firm, a Director and Investment Manager

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The Hong Kong Securities and Futures Commission (SFC) has announced that it reprimanded and fined a Hong Kong private equity firm, SEAVI Advent Ocean Private Equity Limited (PE Firm), for employing or appointing unlicensed...more

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