Legal Seminar, Denver, CO

• Authorization for the Commissioner to require a licensee that possesses virtual currency as a permissible investment to provide proof of all their virtual currency, including that stored offline. [Effective June 14, 2018] Wyoming (Ch 44) Exempts persons who develop, sell, or facilitate the exchange of an open blockchain token from licensing as a securities broker-dealer or as a money transmitter. These exemptions apply if certain conditions are met including, among others, that the token has not been marketed as an investment. [Effective June 15, 2018] Wyoming (Ch. 3) amends the state Money Transmitter Act to provide that the Act will not apply to the buying, selling, issuing, or taking custody of payment instruments or stored value in the form of virtual currency or receiving virtual currency for transmission. [Effective June 15, 2018] Florida (Ch. 44) Provides an exemption from licensing for security dealers and investment advisors that solicit a mortgage loan from a client or refer a client to a licensed mortgage lender or broker if no compensation is collected for referring or soliciting a mortgage loan from a client. [Effective July 1, 2018] Florida (Ch. 61) Defines the terms “business purpose loan” and “hold himself or herself out to the public as being in the mortgage lending business” for purposes of the licensing statutes and makes it a prohibited practice to misrepresent a residential mortgage loan as a business purpose loan. [Effective July 1, 2019] Minnesota (Ch. 104) Adopts the Uniform State Test for mortgage loan originators and changes the name of NMLS in the state statutes to Nationwide Multistate Licensing System. [Effective August 1, 2018] NOTE: With this enactment, all jurisdictions have adopted the Uniform State Test for mortgage loan originators. New Hampshire (Ch. 211) Exempts from licensure an individual who acts as a mortgage banker, mortgage broker, mortgage servicer, or mortgage originator who in not engaged habitually and repeatedly in such activities in a commercial context. States that it shall be a rebuttable presumption that an individual is not engaged in the above businesses if not involved in more than 3 loans in any consecutive 12-month period. [Effective August 7, 2018] Utah (HB 108) Expands the existing exemption for certain nonprofits from mortgage licensing to include additional housing groups such as Habitat, that use volunteers or employees whose compensation are not based on the number or size of loan originations. [Effective May 8, 2018] Utah (HB 243) An entity is now prohibited from obtaining a mortgage license if it does not conduct its residential mortgage loan business from a location within the United States. [Effective May 8, 2018] West Virginia (HB 4285) Increases the required hours for pre-and continuing education for mortgage loan originators and adopts the Uniform State Test. [Effective June 1, 2018] Mortgage Lending/Mortgage Servicing Enactments: