Posts were previously published in the ABA Business Law Section s
Business Law Today April Month-In-Brief.
Maryland Commissioner of Financial Regulation Asserts Action against Non-Maryland State Bank for Lending Without State License
By: Latif Zaman
On January 21, 2021, the Maryland Commissioner of Financial Regulation filed an administrative charge letter against an FDIC-insured, out-of-state, state chartered bank and its non-bank service providers in connection with the bank s consumer lending platform. Among other allegations, the Commissioner asserted that the bank was required to hold state lending licenses to originate loans to Maryland residents, despite the fact that Maryland law apparently prohibits the Commissioner from licensing banks. The defendants recently removed the case from the Maryland Office of Administrative Hearings to the U.S. District Court for the District of Maryland.
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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 companies buying residential mortgage loans or mortgage servicing rights. Such uncertainty as to whether a state’s mortgage lender or servicer law applies to license such activities is also shared by certain state regulators.
Based on our analysis, few state mortgage finance licensing laws expressly extend the licensing obligation to purchase, acquire, or hold residential mortgage loans. More state mortgage financing licensing laws extend the licensing obligation to those who acquire, purchase, or hold mortgage loan servicing rights than those that extend the licensing obligation to those who acquire, purchase, or hold mortgage loans. From our analysis, the state regulators who apply their state’s mort
Md extends moratorium on foreclosures through May 3 thedailyrecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailyrecord.com Daily Mail and Mail on Sunday newspapers.
Federal Activities:
On January 22, in response to President Biden’s COVID-19 Economic Relief Executive Order, the U.S. Department of the Treasury announced that it would create an online tool to assist households in obtaining stimulus payments. For more information, click
On January 20, the Biden administration issued a
memorandum to federal agencies and executive departments that places a regulatory freeze on reviewing new or pending rules. One rule recently finalized and currently pending is the Office of the Comptroller of the Currency’s rule on access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. For more information, click
Maryland Issues Six-Month Work-From-Home Regulation for Licensees
The state’s regulation is a starting point for a permanent rule that will allow remote work arrangements for collection agencies.
1/26/2021 2:00 PM
AdvocacyNewsStateCompliance
The regulation will be published in the
Maryland Register Jan. 29 and will be valid for six months while the Maryland Commissioner of Financial Regulation works to enact a final rule on remote work arrangements.
“This regulation balances appropriate consumer protections with a recognition of today’s workforce needs and the progression towards more consistent remote work and work location flexibility,” the notice from the commissioner states.
Maryland was expected to be one of the next states to consider permanent work-from-home rules after Washington recently finalized its rule, which will take effect Feb. 17, 2021.