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Summer 2019 Newsletter
DFI filed CR-101s under both the Consumer Loan Act (CLA) and Mortgage Broker Practices Act (MBPA) to implement amendments to the federal SAFE act (the federal law requiring the licensure of individual mortgage loan originators (MLOs).
In addition, the department will consolidate the rules relating to MLOs, currently found in both sets of rules, into one new chapter of rules to make it easier for licensees to find the rules that regulate their licenses. Other amendments may include changes specific to the CLA rules regulating student education loan servicers to reduce conflict with federal law or rules and changes specific to the MBPA on the trust account rules. Finally, we always consider technical changes for clarity and consistency while rule writing is underway.
Visit DFI’s Rulemaking Webpage for rulemaking activity impacting other DFI industries.
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