SB 264 Summary

• Allows employees of mortgage lenders and consumer loan licensees to work from remote locations (employee's home or other non-licensed location) if the employer meets seven specified safeguarding requirements.

• Requires in-person customer interactions to occur only at licensed places of business and mandates secure virtual private networks, risk-based monitoring, and employee training on confidentiality.

• Prohibits licensees from maintaining consumer information and records at remote locations while ensuring all records remain accessible for regulatory oversight and examinations.

• Requires licensees to maintain records of all remote work locations by city, state, and location type, and make this list available to the superintendent upon request; the superintendent may charge an annual fee not exceeding $25 per location.

• Retains existing prohibitions on registrants and entities from receiving premiums on third-party fees or paying referral fees and kickbacks related to mortgage lending transactions.