News & Analysis as of

Proposed Legislation State and Local Government Consumer Financial Products

Lewis Roca

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

Lewis Roca on

In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Troutman Pepper

Proposed Legislation in Louisiana Aims to Regulate Commercial Financing Transactions

Troutman Pepper on

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

Ballard Spahr LLP

New York Governor’s Proposed TED Bill Includes Sweeping BNPL Legislation

Ballard Spahr LLP on

After promising earlier this year to “establish nation-leading regulations for the Buy Now Pay Later loan industry,” New York Governor Kathy Hochul took a significant first step in that direction by including Buy Now Pay...more

Ballard Spahr LLP

Washington state “predatory loan” bills propose expanded coverage, “anti-evasion” language, licensing revisions, and other...

Ballard Spahr LLP on

House Bill 1874 (H.B. 1874), denominated the “predatory loan prevention act”, was pre-filed for introduction in the Washington state legislature December 5, 2023, and referred to the House Committee on Consumer Protection and...more

Sheppard Mullin Richter & Hampton LLP

House Passed SECURE Notarization Act of 2022

Recently, the House of Representatives passed the SECURE Notarization Act of 2022 (H.R. 3962). The legislation that creates federal minimum standards to allow notaries in all states to perform remote online notarization...more

Ballard Spahr LLP

Movement on 2 California Bills Implicating the California Financing Law

Ballard Spahr LLP on

There was movement recently on two California bills that we have been tracking closely and could substantially alter the lending and brokering landscape under the California Financing Law (CFL). ...more

Hogan Lovells

New York legislature moves to impose new requirements on reverse mortgage industry

Hogan Lovells on

Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more

Ballard Spahr LLP

California bill capping consumer loan interest rates and addressing unconscionability clears Assembly

Ballard Spahr LLP on

Last week, by a vote of 60 to 4 (with 16 not voting), the California Assembly cleared AB 539, which would change several aspects of the California Financing Law (CFL), including by setting new interest rate caps, imposing new...more

Ballard Spahr LLP

California Bill Would Cap Some Deregulated Interest Rates And Address Unconscionability Issue

Ballard Spahr LLP on

A bill introduced last week in the California State Assembly could change the consumer lending landscape in California considerably....more

Ballard Spahr LLP

Student loan servicing developments in California, Illinois, and Washington; legislation introduced in Virginia and New Mexico

Ballard Spahr LLP on

The new year heralds many new developments in the state regulation of student loan servicers.  California, Illinois, and Washington have each taken significant steps in implementing their existing laws while legislation has...more

Pierce Atwood LLP

Under The Dome: Inside The Maine State House

Pierce Atwood LLP on

Governor LePage Delivers State of the State Address - Governor LePage delivered his final State of the State address to the Legislature on Tuesday, February 13. The speech, which lasted nearly an hour and a half, focused...more

Patterson Belknap Webb & Tyler LLP

Equifax Must Turn Over NY Breach Data This Week

New York State regulators won’t be letting Equifax, Inc. off-the-hook any time soon for last year’s massive data breach that affected more than 145 million Americans....more

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