House Bill 557 Summary

• Requires regulated lenders and payday loan lenders to file applications through an electronic system of licensing as prescribed by the administrator.

• Removes requirement that applicants and objectors reimburse the administrator for hearing expenses on a pro rata basis.

• Changes the deadline for annual license renewal from May 31 to December 31 of each year for both regulated lenders and payday loan lenders.

• Clarifies when written deficiency notices are deemed received by applicants, including via U.S. mail, email, or posting on the NMLSR electronic system.

• Becomes effective July 1, 2022, and is declared an emergency measure.