News & Analysis as of

Disclosure Requirements New Legislation Consumer Financial Products

Skadden, Arps, Slate, Meagher & Flom LLP

Colorado’s Landmark AI Act: What Companies Need To Know

Colorado has become the first state to enact a comprehensive law relating to the development and deployment of certain artificial intelligence (AI) systems. The Colorado Artificial Intelligence Act (CAIA), which will go into...more

Troutman Pepper

Kansas Becomes Fourth State to Enact Earned Wage Access Legislation

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On April 19, Kansas Governor Laura Kelly signed House Bill (HB) 2560 to regulate earned wage access (EWA) products and services. HB 2560 enacts the Earned Wage Access Services Act that requires EWA providers to be licensed by...more

Venable LLP

New York Implements a New Surcharge Law: What the Changes Mean for Shoppers and Businesses

Venable LLP on

On February 11, 2024, a new law went into effect in New York, establishing important limits and rules for surcharging. Enacted in December 2023, the new statute has a price disclosure component, detailing how surcharge prices...more

Troutman Pepper

Connecticut Becomes Latest State to Enact a Commercial Financing Disclosure and Registration Law

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On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and...more

Manatt, Phelps & Phillips, LLP

Commercial Financing Disclosure Laws Continue to Spread

U.S. states continue to consider and adopt statutes requiring TILA-like disclosures in connection with various types of commercial financing transactions. Most recently, Georgia passed a law, effective January 1, 2024,...more

Pillsbury Winthrop Shaw Pittman LLP

New York Finalizes Disclosure Requirements for Commercial Financing Transactions

New York has joined California and several other states in finalizing regulations requiring consumer-style disclosures for broad categories of commercial financing transactions....more

Mayer Brown

Utah Enacts Commercial Financing Disclosure Law with a Registration Obligation

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Utah has followed California and New York by enacting its own Truth in Lending-like commercial financing disclosure law, but with an additional twist—Utah’s new law has a registration requirement. On March 24, Utah Governor...more

Manatt, Phelps & Phillips, LLP

Student Lending: Illinois Enacts ‘Know Before You Owe’ Law

Illinois House Bill 2746, also known as the “Know Before You Owe Private Education Loan Act,” was signed into law by Illinois Governor J.B. Pritzker on August 26, 2021, after unanimous passage in both chambers of the Illinois...more

Ballard Spahr LLP

CA regulator invites comments on proposed rulemaking to implement new law requiring commercial financing disclosures

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The California Department of Business Oversight (DBO) has issued an invitation for comments from stakeholders in developing regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires...more

Hogan Lovells

California’s new law requires commercial finance disclosures

Hogan Lovells on

On September 30, 2018, California’s Governor signed into law Senate Bill No. 1235, requiring consumer-like disclosures to be provided to recipients of certain business-purpose financial services products (“commercial...more

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