A&B Abstract: Effective January 1, 2020, Rhode Island will regulate virtual currency under its money transmission laws. Background Forty-nine states and the District of Columbia regulate money transmission. Almost all of those jurisdictions have different definitions and exemptions that determine whether their laws apply to certain businesses or activities. The result is a complex, patchwork […]
Licensing
Maryland Clarifies New Net Worth Requirements for Mortgage Servicers
A&B Abstract: Effective October 1, 2019, the Maryland Commissioner of Financial Regulation will impose new net worth requirements on licensees. Importantly, Maryland servicing licensees without GSE approvals may not use a line of credit to satisfy the net worth requirements. However, mortgage servicers may include mortgage servicing rights in the calculation of tangible net worth. […]