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Newsletter February 2026
NYC ADOPTS SWEEPING DEBT COLLECTION RULE AMENDMENTS New York City has finalized a broad set of changes to its local debt collection rules, expanding obligations for collection agencies, debt buyers, and original creditors once they engage in "debt collection procedures." The final rule, effective Sept 1, clarifies several long-debated areas, including communication limits (applied per account), [...]
Licensing Maryland Rent Collection in 2026: 7 Licensing Risks Property Managers Must Avoid
Property managers in Maryland are running into a question that is getting more attention and creating real operational risk. Does collecting rent, especially when a tenant is past due, trigger Maryland's collection agency licensing requirements?
Newsletter January 2026
NY STATEWIDE DEBT COLLECTION LICENSING BILLS RETURN New bills in New York, Assembly A5537 and Senate S4271, would create a statewide licensing requirement for third-party collection agencies, debt buyers, and other covered entities collecting consumer debt from New York residents. Covered companies would need to apply for and maintain a license, provide ownership and control [...]
Newsletter December 2025
CA DATA BROKER REGISTRATION AND DELETION RULES TIGHTENED California's Privacy Protection Agency has issued an enforcement advisory clarifying how data brokers must register under the Delete Act ahead of the launch of the state's new Delete Request and Opt-Out Platform (DROP) on January 1, 2026. Any business that operated as a data broker in the [...]
Newsletter November 2025
MA DEBT COLLECTION AND SERVICING RULES REVISED The Massachusetts Division of Banks has updated its debt collection and servicing regulation, which is now fully reorganized and incorporates key portions of CFPB Regulation F. Debt collectors who follow the specified sections of Regulation F will be considered compliant in Massachusetts, but the state is keeping stricter [...]
Newsletter October 2025
MULTISTATE PRIVACY ENFORCEMENT SWEEP TARGETS NONCOMPLIANT BUSINESSES Attorneys general from California, Colorado, and Connecticut, along with the California Privacy Protection Agency, have launched a coordinated investigation into companies failing to honor the Global Privacy Control (GPC) browser signal. Regulators are demanding immediate compliance from businesses that ignore consumer opt-out requests related to the sale or sharing of personal data. [...]
Debt Collection & Buying Business Liquidation: A Practical Exit Strategy for Small and Mid-Size Business Owners
Learn how business liquidation works, when to use it, and the steps to close a company effectively.
Business Formation Sole Proprietorship vs LLC: Deciding the Right Business Structure for U.S. Entrepreneurs
Compare LLC and sole proprietorship structures, taxes, and liability to choose the right one for your business.
Licensing Licensing Challenges for Mortgage Servicers
Mortgage servicers play a central role in the housing finance system. They collect borrower payments, manage escrow accounts, respond to customer inquiries, and step in with loss mitigation or foreclosure processes when borrowers fall behind. Servicers act as the day-to-day managers of loans after origination, ensuring that cash flows properly between borrowers and investors. Since [...]
Licensing The Pros and Cons of Outsourcing Debt Collection for Startups and Small Businesses
Cash flow is the lifeblood of every startup. When customers delay or default on payments, even the most innovative ideas can stall. Founders often face a critical challenge: Should we collect overdue invoices ourselves, or hand them off to a third-party debt collection agency? Outsourcing debt collection - sometimes called debt recovery outsourcing - has become increasingly common for [...]
Licensing Specialty Licensing Services: How Agencies and Financial Firms Grow with Compliance-First Support
Financial services companies and insurance agencies grow by expanding into new markets and product lines, which often requires specialized regulatory approvals: surety bond licensing, debt collection licenses, lender licensing, mortgage licensing support, and money transmitter licensing. Here is how specialty licensing services turn compliance into an engine for growth.
Lending Who Qualifies as a Supervised Lender?
Learn who qualifies as a supervised lender, licensing requirements, and compliance obligations.
Compliance The Changing Compliance Landscape for Consumer Lenders
Explore evolving compliance rules for consumer lenders, CFPB updates, and strategies to stay compliant in 2025 and beyond.
Newsletter September 2025
NY LLC TRANSPARENCY ACT TAKES EFFECT IN 2026 Starting January 1, 2026, the New York LLC Transparency Act (NY LLCTA) will require most LLCs formed in or registered to do business in New York to disclose detailed beneficial ownership information (BOI) annually to the New York Department of State. The law is modeled after the [...]
Business Formation TIN vs EIN: What's the Difference and Which Do You Need?
A TIN is any taxpayer identification number used by the IRS for individuals and businesses, while an EIN is a specific type of TIN assigned only to business entities. Many new entrepreneurs ask: Is a TIN the same as an EIN? The terms are closely related and often confused, but they are not identical. If [...]
Licensing First-Party vs. Third-Party Collections: Key Differences in Licensing
Learn key differences in licensing for first-party vs. third-party debt collections, compliance rules, and state regulations.
Business Formation LLC vs Inc: Understanding the Differences Between an LLC and a Corporation
Starting a business is one of the most exciting steps you can take as an entrepreneur. But before you launch, you'll need to choose the right legal structure. For most small businesses in the United States, the decision usually comes down to forming a limited liability company (LLC) or a corporation (Inc.). At first glance, [...]
Bonds Surety Bond Brokers: How They Help Agents and Businesses Thrive
Discover how surety bond brokers support insurance agents, simplify compliance, and strengthen business relationships.
Licensing Do Credit Grantors Need State Licenses? What You Should Know
Credit grantors are the backbone of lending in the United States, powering consumer purchases and business expansion. They provide the funding that allows borrowers to buy homes, cars, and everyday goods, while helping businesses secure working capital and financing for growth. Without credit grantors, both consumer lending and commercial credit markets would grind to a [...]
Business Formation Disregarded Entity: Meaning, Taxes, and LLC Rules
Understand disregarded entities, how SMLLCs are taxed, EIN rules, W-9 guidance, and when to elect corporate status.
Business Formation Articles of Organization: The Complete Guide for LLCs
When you start a limited liability company (LLC), one of the most important steps is filing your Articles of Organization. This document is the legal foundation of your LLC. It officially establishes your business with the state and allows you to operate as a recognized entity. Without properly filed Articles of Organization, your LLC does [...]
Business Formation Paying Yourself from an LLC: Draws vs. Payroll Explained
Find out if LLC owners can use payroll, how draws work, and when S corp or C corp status changes how you pay yourself.
Business Formation S Corporation Explained: Benefits, Drawbacks & Formation
An S corporation (S corp) is a special tax classification under Subchapter S of the Internal Revenue Code that allows eligible small businesses to avoid double taxation by passing income, losses, deductions, and credits directly to shareholders. How an S Corporation Works An S corporation is not a business structure by itself but a tax [...]
Business Formation Registered Agent LLC: Why Every Business Needs One
When forming a limited liability company (LLC), most entrepreneurs focus on the basics - choosing a business name, filing Articles of Organization, and securing licenses. But one crucial requirement that is often misunderstood or overlooked is designating a registered agent LLC. Every state requires LLCs to appoint and maintain a registered agent. Yet many small business owners [...]
Business Formation Sole Proprietorship: Definition, Meaning, Advantages, and How to Start One
A sole proprietorship is the simplest and most common form of business ownership in the United States. It is a business owned and operated by a single individual, with no legal distinction between the owner and the business. If you've ever freelanced, opened a local shop, or sold products online without forming an LLC or [...]
Business Formation What Is an LLC? Definition, Pros & Cons, and How to Start One
Learn what an LLC is, its pros and cons, and the steps to form one - plus how it compares to other business types.
Licensing Licensing Non-Performing Mortgage Loans: Triggers, Vendors, and State Pitfalls
Why default changes licensing exposure When a mortgage goes from current to delinquent, the work you do can shift - from servicing (collecting scheduled payments, escrow administration, statements) into collection (seeking repayment of a past-due debt). Many states regulate those two buckets differently. That means: The same team, using the same systems, may suddenly be performing regulated [...]
Licensing The License to Collect: A Step-by-Step Guide to Agency Bonding
Unlock success! Discover exactly how do collection agencies become licensed and bonded. Navigate regulations and ensure compliance.
Licensing Stay Ahead of the Game: A Proactive Approach to Regulatory Standards
Master proactive compliance management. Shift from reactive to strategic advantage, mitigate risks, and future-proof your business.
Licensing Unlocking Crypto Regulations: What Every Business Needs to Know About MTLs
Navigate the complex world of MTLmtl license crypto. This guide covers federal & state rules, application steps, and compliance for your crypto business.
Compliance Beyond the Buzz: Navigating Regulations in Fintech Innovation
Navigate the complex world of regulatory compliance for fintech. Learn strategies to build a strong program & gain a competitive edge. Regulatory compliance for fintech has become the make-or-break factor that separates thriving financial technology companies from those that struggle or fail entirely. Here's what every fintech leader needs to know: Key Elements of Fintech [...]
Licensing Licensed to Collect: What You Need to Know About Agency Regulations
Do collection agencies have to be licensed? The answer is yes in most jurisdictions, but the rules vary dramatically depending on where you operate. In both Canada and the United States, collection agencies face a complex web of licensing requirements that can make or break a business. Quick Answer: Canada: All provinces require collection agencies [...]
Debt Collection & Buying Georgia's Debt Collection Rules: Unlicensed and Unbothered?
Do collection agencies have to be licensed in Georgia? The answer might surprise you: No, Georgia does not require collection agencies to obtain a state license. This makes Georgia an outlier in the debt collection industry, where most states have strict licensing requirements. Here's what you need to know: No state licensing required - Georgia [...]
Lending What Exactly is a Money Services Business? Your MSB Explained
Money services businesses are non-bank financial institutions providing essential services like money transfers, currency exchange, and check cashing. They serve millions of people worldwide, especially those without traditional bank access. Quick Definition: What: Non-bank entities offering financial services Services: Money transmission, currency exchange, check cashing, money orders, prepaid cards Regulation: Heavily regulated under anti-money laundering [...]
Licensing Your Crypto Journey: Securing the Right Licenses for Your Business
MSB license crypto requirements are critical for cryptocurrency businesses in North America. Here's what you need to know: Quick Answer for MSB License Crypto: Canada: Register as a Money Services Business (MSB) with FINTRAC - free registration, 2-6 months timeline. US: Register with FinCEN federally + obtain state Money Transmitter Licenses - complex, expensive, 6+ [...]
Compliance Finding Your Perfect Fit: Top Compliance Management Solutions
Transform compliance chaos to clarity. Explore leading compliance management solutions to mitigate risk and boost efficiency.
Licensing Masters of Regulation: What Regulatory Specialists Actually Do
Regulatory compliance specialists ensure organizations follow all applicable laws, regulations, and industry standards. They bridge complex regulatory requirements and daily business operations, helping companies avoid costly violations while maintaining operational efficiency. Key roles of regulatory compliance specialists: Monitor regulatory changes - Track updates from agencies like SEC, FDA, FINRA, and state regulators Develop internal policies [...]
Licensing Collection Agency Registration vs. Licensing: What's the Difference?
Need collection agency registration? Get expert guidance on the process, NMLS, state laws, and compliance to operate legally. Avoid fines.
Compliance Expert Guidance: How Navigating Regulatory Requirements Can Transform Your Business
Transform your business with expert regulatory compliance consulting. Mitigate risks, ensure efficiency, & achieve strategic advantage.
Licensing Decoding the MSB License: What Every Money Services Business Needs to Know
An msb license is a regulatory requirement for businesses providing financial services like money transfers, currency exchange, or check cashing. Here's a quick overview: MSB License Quick Facts: Federal Registration: Required with FinCEN within 180 days of operations. State Licensing: Separate licenses needed in each state of operation. Qualifying Activities: Money transmission, currency exchange, [...]
Licensing Scaling Smart: When and Why to Transition Away from Sponsor Bank Dependency
The fintech ecosystem has grown at a remarkable pace, reshaping how consumers and businesses move, store, and access money. From peer-to-peer payments and digital wallets to embedded finance platforms, the infrastructure powering these solutions is more complex - and more scrutinized - than ever before. For many early-stage fintechs, the path into regulated markets starts with a sponsor bank [...]
Press Releases Announcing Cornerstone's New Licensing Management Tool, Atlas
Cornerstone Licensing introduces Atlas, a modern, streamlined portal for faster, clearer licensing work.
Licensing Licensing Challenges for Non-Traditional Mortgage Products
The New Frontier in Mortgage Innovation Shared equity agreements, reverse mortgages, rent-to-own models, and novel securitization structures are reshaping the mortgage landscape. These products promise flexibility for consumers and new growth opportunities for fintechs and non-bank lenders - but they also test the limits of existing state licensing frameworks. In the past five years, regulators [...]
Newsletter August 2025
NEBRASKA COMBINES INSTALLMENT LOAN & SALES ACTS INTO SINGLE STATUTE Effective October 1, 2025, Nebraska will combine the Installment Loan Act and the Installment Sales Act into a single statute: the Nebraska Installment Loan and Sales Act. Importantly, the state is not merging license types - installment loan and installment sales licenses will remain separate, with no [...]
Compliance Corner: What Regulators May Expect You To Know About the AI Tools You're Using in Your Collection Agency
AI keeps reshaping financial services, and collection agencies are adding AI tools to streamline operations, strengthen compliance, and improve consumer engagement. With that innovation comes responsibility and a growing need for clarity on legal, ethical, and regulatory questions. Emerging technology like AI is top of mind for state financial services regulators, who increasingly ask how licensees use these tools.
Debt Collection & Buying Beyond the Collection License: When Debt Buyers Need Lender or Servicer Licenses
Why a Collection License Isn't Always Enough For decades, debt collection firms have assumed that once you have a collection agency license, you're cleared to operate. But the reality is more complicated. Regulators are increasingly looking at what kinds of debt you collect and how you collect it. Depending on your portfolio and practices, you [...]
Debt Collection & Buying License-Ready from Day One: A Practical Guide for Debt Collection Startups
Launching a debt collection venture - whether a tech-driven fintech or a traditional call-center outfit - means entering one of the most highly regulated pockets of U.S. financial services. States watch collectors closely because the work touches consumers at a vulnerable moment. Before the first call or email goes out, a new entrant must lock down licenses, bonds, corporate [...]
Newsletter July 2025
NYC DEBT COLLECTION RULE DELAYED AGAIN The New York City Department of Consumer and Worker Protection (DCWP) has postponed the implementation of its amended debt collection rule, originally slated to take effect October 1, 2025. This marks the third delay, following strong advocacy from ACA International and other industry stakeholders, who raised concerns about misalignment [...]
Lending 7 Tips for Launching a Successful Lending Business
Thinking of starting a lending business? The lending industry offers vast opportunities for entrepreneurs willing to navigate its complexities. Whether you're interested in consumer loans, business financing, or real estate funding, understanding the landscape is crucial. Here are 7 essential tips to help you successfully start a lending business: 1. Spot the Demand Early Today's [...]
Licensing Beyond Licensing: What States Expect from Non-Bank Lenders Post-Approval
Obtaining a consumer lending license is a major milestone for non-bank lenders - but it's only the beginning. Once licensed, lenders must meet a host of ongoing state-level obligations that require operational discipline and proactive planning. These obligations are not just bureaucratic checkboxes; they are essential to staying compliant, avoiding penalties, and building long-term credibility with regulators. [...]
Licensing Licensing Readiness for Lending Startups: Building Infrastructure Before Market Entry
For venture-backed and tech-enabled lending startups, licensing for lending startups isn't a box to check later - it's the foundation for everything that follows. Whether you're launching a BNPL product, installment loans, or a new personal lending platform, the ability to operate legally across the U.S. hinges on a deliberate, phased approach to licensing for lending startups [...]
Licensing When Is a State Consumer Lending License Required?
Understanding Licensing Triggers Across Products and Jurisdictions Navigating the U.S. regulatory landscape as a non-bank lender isn't simple. State licensing requirements vary widely and are often triggered by factors that go beyond just issuing a loan. Whether you're offering installment credit, point-of-sale financing, or operating a lending marketplace, knowing when and why you need to [...]
Licensing The New Rules of Earned Wage Access: Licensing in 2025
Cornerstone unveils a new look and website as the company celebrates its 25-year anniversary
Debt Collection & Buying Debt Collection Agency License: Key Steps to Licensing Success
What Is a Collection Agency License? A collection agency license, often referred to as a Debt Collection License, is a state-issued permit that authorizes businesses to collect debts - whether on behalf of others or through purchased debt portfolios - from consumers within that state. Unlike federal regulations like the Fair Debt Collection Practices Act (FDCPA), which sets nationwide [...]
Newsletter June 2025
COLORADO UPDATES MONEY TRANSMITTER LICENSING Colorado has adopted the Model Money Transmission Modernization Act (MTMA), set to take effect August 6, 2025, replacing the state's existing money transmitter licensing framework. The updated law introduces a higher net worth requirement - now $100,000 based on transaction volume - and reduces the minimum surety bond from $1 million to $250,000. It [...]
Licensing Money Transmitter Licensing Guide for Fintech Startups
For early-stage fintech startups, financial regulation can feel overwhelming. One critical hurdle many founders face early is the fintech money transmitter license (MTL). Whether you are building a payment app, a crypto platform, or a remittance service, understanding MTL requirements is essential for compliance, credibility, and long-term growth.
Press Releases Cornerstone Licensing Services Unveils New Interactive Mortgage State Licensing Map Empowering Lenders and Brokers Nationwide
Free, real-time state-by-state map tool delivers state-specific licensing and bond requirements in a single click - fully integrated with our Licensing Portal.
Newsletter May 2025
INDUSTRY NEWS STUDENT LOAN SERVICING RESTARTED - VERIFY YOUR LICENSES With federal student loan collections back in effect since May 5, wage garnishments and other enforcement measures are once again in force. A standard debt-collection license may no longer suffice - many states now mandate a dedicated student-loan servicer or collector permit. Exemptions are limited, and debt buyers must [...]
Licensing Licensing Rules for Non-Traditional Mortgage Products
The non-traditional mortgage market is growing fast, driven by borrower demand, market gaps, and investor interest. Products range from home equity lines of credit (HELOCs) to hard money loans, and they offer flexibility and opportunity. But for lenders, servicers, and purchasers, especially non-banks, the regulatory obligations can be nuanced and easy to misunderstand.
Licensing Defaulted Mortgage Loans and Licensing Risk
As residential mortgage loans move from performing to non-performing status, the rules change in ways mortgage professionals cannot ignore. Servicing a current loan and managing a delinquent one are treated very differently under federal and state law, especially on licensing. This article breaks down the licensing triggers that arise when loans default.
Insurance Protect Your Business with the Right Insurance Solutions
In the debt collection and debt buying industry, insurance isn't optional - it's critical. From frivolous lawsuits to sophisticated cyber-attacks, agencies face constant risks in today's litigious and digital environment. The right coverage, especially Errors & Omissions (E&O) - also known as Professional Liability - and Cyber Liability insurance, can mean the difference between a minor setback and a [...]
Licensing Mortgage Servicer Licenses and Beyond: What Secondary Market Participants Must Know
Mortgage industry executives and risk officers must work through a patchwork of state licensing rules in the secondary market for mortgage loans. Unlike loan originators, secondary market participants such as mortgage note buyers, loan servicers, and investors often face less obvious licensing triggers. Recent regulatory developments point to expanded oversight of post-origination activity.
Debt Collection & Buying What is Debt Collection Licensing?
The average American consumer carries about $90,460 in debt. That is hard on people, and it is just as hard on lenders when a borrower falls behind. If you want to recover what you are owed, your business may need debt collection licensing first. Here is how the collection licensing process works, including what a digital debt collection license really means.
Newsletter April 2025
UTAH UT AI DISCLOSURE LAW ENACTED Effective May 7, 2025, Utah's new law requires businesses and licensed professionals using generative AI in consumer interactions to provide clear disclosures. In regulated industries - including financial services, lending, and debt collection - licensed individuals must proactively disclose AI use at the start of any high-risk interaction, such as those involving financial [...]
Licensing Are You Licensed to Collect Federal Student Loans? What to Know Before May 5
The U.S. Department of Education has announced that federal student loan collections will resume on May 5, ending a long pandemic-era pause. This includes the reinstatement of wage garnishments and other collection measures for defaulted borrowers. For professionals in the debt collection industry, this development carries important implications. Any organization involved in the recovery of [...]
Compliance Passive Income or Active Risk? Rethinking the Role of Passive Debt Buyers in a High-Scrutiny Market
The Myth of the Hands-Off Buyer In the debt buying industry, a common assumption has been that "passive" debt buyers - those who purchase portfolios but outsource all collections - can take a hands-off approach with minimal regulatory risk. This myth is increasingly dangerous in today's high-scrutiny market. Even so-called passive debt buyers face significant [...]
Compliance Municipal Oversight in Debt Collection: City Level Licensing
Introduction: Local Rules with National Impact When most debt collectors think about licensing, they look to state-level requirements. But some of the country's most active consumer protection efforts are happening at the city level - and if you're collecting from residents in places like New York City, Chicago, Buffalo, or Yonkers, you're expected to follow local rules [...]
Compliance State Licensing Challenges Facing Debt Collection Agencies in 2025
Debt collection agencies face a dynamic regulatory landscape in 2025. Several states have recently overhauled licensing requirements or introduced new rules, forcing agencies to adapt quickly. Compliance teams must track changing laws, meet new application deadlines, and juggle multiple state licenses - all while keeping an eye on exemptions and opportunities to streamline the process. [...]
Lending Lending Business Models: Licensing & Startup Guide
Choosing the right lending business model is essential - whether you're launching a new lending business or expanding into alternative finance options. The lending industry offers a wide range of models, from traditional bank loans to newer channels like peer-to-peer (P2P) lending and micro-lending. Each model serves different borrower profiles, involves distinct licensing requirements, and follows its [...]
Newsletter March 2025
INDUSTRY NEWS OFAC EXTENDS RECORDKEEPING REQUIREMENTS TO 10 YEARS Effective March 12, 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) will require organizations to retain records of OFAC-related transactions for 10 years, doubling the previous 5-year requirement. The extended recordkeeping period applies to all transactions subject to OFAC regulations, including [...]
Lending Key Regulatory Updates for Lenders in 2025
2025 brings significant regulatory changes affecting both consumer and commercial lenders. New laws and rules - from enhanced consumer protections to stricter capital standards - are in motion, requiring lenders to track new legislation, comply with key deadlines, and adjust to updated fair lending, capital, and reporting requirements. Recent shifts at the Consumer Financial Protection Bureau (CFPB) have introduced [...]
Compliance What Money Transmitters Need to Know About FinCEN's New AML Rules
The world of money transmission has always been heavily regulated, but new anti-money laundering (AML) requirements coming from the Financial Crimes Enforcement Network (FinCEN) are pushing money service businesses (MSBs) to raise their game. In 2025, FinCEN is introducing significant updates that will reshape how MSBs manage risk, monitor transactions, and prevent financial crimes. If [...]
Compliance How Regulators Are Addressing Digital Payments in the Crypto Era
As cryptocurrencies continue to redefine how we transfer value, regulators at the federal and state levels have been working hard to keep up. From traditional money transmitters to crypto exchanges, businesses in the space are facing a growing set of rules designed to ensure transparency, prevent money laundering, and protect consumers. The Federal Picture At [...]
Newsletter Newsletter: February 2025
INDUSTRY NEWS CFPB FEBRUARY SNAPSHOT If you haven't been keeping up with the constant stream of Consumer Financial Protection Bureau (CFPB) updates, here's a quick overview of the key developments this month. The CFPB saw major upheaval, with Director Rohit Chopra dismissed and Treasury Secretary Scott Bessent taking control, leading to an immediate freeze on [...]
Lending Fair Lending: Increased Scrutiny on Algorithmic Decision-Making
As lending institutions increasingly embrace artificial intelligence (AI) and alternative credit scoring models, regulators are focusing on ensuring these tools uphold fair lending principles. These advanced technologies promise more precise risk assessments and expanded access to credit but also bring challenges related to transparency, bias, and fairness. With heightened scrutiny in 2025, lenders must adapt [...]
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