Financial Institutions - Consumer Credit - Application of Licensing Requirements

Summary

The bill removes a previous carve‑out that let certain parties avoid state licensing when they take over mortgages, mortgage loans, or installment loans. After the change, those parties will be subject to the same licensing requirements as other financial service providers. The change corrects an error made in a 2025 law and takes effect July 1, 2026.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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