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Loans State Attorneys General Consumer Financial Products

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States Join Colorado in Defense of Interest Rate Opt-Out Law

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On September 20, 13 states and Washington, D.C. joined Colorado in its appeal asking the Tenth Circuit to uphold a state law imposing more restrictive interest rate caps on loans from out-of-state banks to residents, arguing...more

Ballard Spahr LLP

Colorado seeks stays of District Court proceedings and preliminary injunction

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We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more

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Plaintiffs file amended complaint in Colorado opt-out litigation

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Here is an update on the lawsuit filed by three trade associations against the Colorado Attorney General and UCCC Administrator challenging the application of the Colorado opt-out statute to out-of-state, state chartered,...more

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Plaintiffs file reply in support of motion for preliminary injunction in Colorado rate exportation litigation

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The industry group plaintiffs in NAIB et al. v. Weiser et al., the lawsuit challenging Colorado’s opt-out legislation, have filed their reply to the brief filed by the Colorado Attorney General and Colorado Uniform Consumer...more

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New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

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Earned Wage Access Products Are Not Loans, According to the AG of Montana

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On December 22, 2023, the Attorney General of Montana released an opinion (the “Opinion”) concluding that certain earned wage access (EWA) products are not “consumer loans” or “deferred deposit loans” under Montana law and do...more

Orrick, Herrington & Sutcliffe LLP

Montana AG opines that EWA products are not loans

On December 22, the Attorney General from the State of Montana opined that Earned Wage Access (EWA) products are not loans under a certain set of conditions. EWA products provide employees with fast access to cash by...more

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Montana AG Opines That Earned Wage Access Products Do Not Constitute Loans

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On December 22, Montana Attorney General Austin Knudsen issued an opinion on whether Earned Wage Access (EWA) products constitute either “consumer loans” under Montana Code § 32-5-102(2)(a) or “deferred deposit loans” under §...more

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CFPB settles claims against operator of training program arising out of income share agreements

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The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more

Orrick, Herrington & Sutcliffe LLP

Colorado AG releases consumer lending study

On January 23, the Colorado attorney general announced that it sent a study examining the availability of consumer lending in the state to the Colorado General Assembly....more

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RD Legal Funding files letter on jurisdictional issues

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RD Legal Funding has submitted a letter to Judge Preska asking her to dismiss all of the federal claims of the New York Attorney General (NYAG). ...more

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