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Disclosure Requirements State and Local Government Financial Services Industry

Alston & Bird

States Impose Commercial Financing Disclosure Requirements

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What Happened: In a little-noticed development, eight states have enacted legislation that requires specific disclosures for commercial non-real estate secured financing transactions....more

DLA Piper

Horizon - ESG Regulatory News and Trends

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Welcome to Horizon, DLA Piper’s regular bulletin reporting on late-breaking legislative and policy developments in ESG. Our aim is to scan the litigation, enforcement, and regulatory horizon to help inform business decisions....more

Sheppard Mullin Richter & Hampton LLP

Kansas Enacts Earned Wages Access Law

On April 19, less than a month after Wisconsin’s enacted legislation, Kansas has followed suited by enacting comprehensive earned wages access legislation. Kansas’ law is set to take effect immediately upon publication....more

Sheppard Mullin Richter & Hampton LLP

Kansas Introduces New Commercial Financing Disclosure Law

On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders. The law’s requirements apply to “providers” which are defined as persons who...more

Troutman Pepper

Proposed Legislation in Louisiana Aims to Regulate Commercial Financing Transactions

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On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial...more

Moore & Van Allen PLLC

States Look to Impose Financing Disclosure Requirements on Commercial Loans and the CFPB Considers Potential TILA Preemption...

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In December 2021, the Bureau of Consumer Financial Protection (or the “CFPB”) issued a notice and request for comment (the “Notice”) on its intention to make a preemption determination regarding the Truth in Lending Act...more

Sheppard Mullin Richter & Hampton LLP

New York Publishes Proposed Rules on Commercial Financing Disclosures

On September 14, the New York Department of Financial Services (NYDFS) published a notice of proposed rules under New York’s Commercial Financing Disclosure Law (CFDL)...more

Sheppard Mullin Richter & Hampton LLP

California Approves Commercial Financing Disclosure Regulations

On June 9, the California Office of Administrative Law (OAL) approved the Department of Financial Protection and Innovation’s (DFPI) proposed commercial financing disclosure regulations issued pursuant to SB 1235...more

Sheppard Mullin Richter & Hampton LLP

Utah Enacts Commercial Financing Disclosure Requirement

On March 24, Utah Governor Spencer Cox signed SB 183 into law making Utah the third state in the country to enact a Truth in Lending-like commercial financing disclosure law.  Utah joins California and New York to adopt such...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Proposed Rules to Implement New Commercial Financing Disclosure Law

On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York’s Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898). Under the CFDL, commercial financing...more

Pillsbury Winthrop Shaw Pittman LLP

New York Enacts Novel Disclosure Requirements for Commercial Financing Transactions

Fintechs and other nonbanks will be required to provide consumer-style disclosures when offering to extend small business financing in New York. In late December 2020, New York Governor Andrew Cuomo signed into law...more

Ballard Spahr LLP

New York enacts commercial financing disclosure law

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On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less.  New York’s commercial financial law (NYCFL)...more

Ballard Spahr LLP

Georgia and Colorado Address MLO Temporary Authority to Operate

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Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...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

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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

Ballard Spahr LLP

California on the Verge of Requiring Commercial Finance Disclosures

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It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state's Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

Ballard Spahr LLP

New York City adopts new requirements for used car dealers

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The New York City Department of Consumer Affairs (DCA) has adopted new rules for used car dealers, requiring all licensed dealers to make additional disclosures to consumers and creating a new consumer bill of rights for the...more

Carlton Fields

State Suitability, Fiduciary Duty and Disclosure Initiatives Roundup

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States are stampeding to impose additional duties on those who provide financial advice or make recommendations to consumers. Some of these initiatives result from the states’ belief that action is required to wrangle...more

Ballard Spahr LLP

Education Dept. says state student loan servicing laws are preempted

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In response to the wave of new state student loan servicing laws and enforcement activity, the U.S. Department of Education has published an interpretation emphasizing that the Higher Education Act (HEA) preempts state...more

Orrick, Herrington & Sutcliffe LLP

New California Law Imposes Additional Disclosure Requirements for Local Government Bonds

Local government issuers of bonds and any conduit borrowers of the proceeds of such bonds need to be aware of California Senate Bill 450 (Hertzberg), signed into law by the Governor on October 9, 2017....more

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