On March 12, Gov. Dennis Daugaard signed HB 1027, amending the regulations governing the South Dakota Money Lending License. Under existing law, a license is required for any person that “engages in the business of lending money.” The amendment modifies the term “engaged in the business of lending money” to include originating, selling, servicing, acquiring, or purchasing loans, or servicing, acquiring, or purchasing retail installment loans. Thus, the amendment significantly expands the scope of licensable activity.

The amendment also changes the expiration date of the licenses from July 1 to December 31. Under the new regulation, to renew a license, a licensee must file for renewal by December 1. Notably, any money lending license that is set to expire on July 1, 2015, is extended until December 31, 2015. The amendment also requires a person to be licensed and registered with the NMLS.

The amendment is effective July 1, 2015.

NMLS Adds New Licenses for North Dakota and Oregon

Several new state agencies are now receiving licenses beyond the mortgage industry through the NMLS. The North Dakota Department of Financial Institutions has begun accepting application filings for the Exempt Mortgage Loan Originator Registration through the NMLS. The Oregon Division of Finance and Corporate Securities has also begun accepting filings through the NMLS for the following licenses:

• Payday/Title Loan License
• Payday/Title Loan Registration
• Payday/Title Loan Branch License

Pennsylvania Announces New Continuing Education Requirements for Debt Management Licensees

The Pennsylvania Department of Banking and Securities has announced new continuing education requirements for debt management licensees. Starting with the license renewal in 2016, licensees will be required to complete a minimum of 16 hours of continuing education every two years through a certifying organization. At least one of the education credits must relate to ethics. In addition, licensees are required to keep records regarding completion of the continuing education requirements for four license renewal periods.