Financial Institutions - Consumer Credit - Application of Licensing Requirements

SB 784 repeals an exemption that previously allowed entities acquiring mortgages, mortgage loans, or installment loans to avoid state licensing requirements, provided they didn’t actively make such loans themselves. The bill directly affects financial institutions and businesses that purchase or take over these loans from others but do not normally originate them. This change ensures all entities handling these consumer credit products must now comply with standard state licensing rules for financial services providers, effective July 1, 2026.