CFPB, Federal Agencies, State Agencies, and Attorneys General
Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt. The amendments become effective on October 1, 2023.
Senate Bill 355 (“SB 355”) permits employees of Installment Loan Company licensees to work from remote locations. … Continue Reading
On June 29, 2023, Connecticut’s Governor signed into law Substitute Senate Bill No. 1033 which makes significant changes to the state’s Small Loan Act. The new law takes effect on October 1, 2023.
The primary changes are as follows:
New APR calculation (Section 1, subdivision (2), Revising 36a-555(2)). Under the current law, the APR is calculated under the provisions of the federal Truth-in-Lending Act and associated regulations. … Continue Reading
New York Senator James Sanders Jr. recently proposed Senate Bill 1450A (“S1450”), which would require those making or soliciting “commercial financing products” in New York State to obtain a license and comply with specified requirements.
Section 363-A of proposed S1450 defines a “commercial financing product” as any advance of funds to a commercial or business enterprise made for the purpose of assisting the business with its capital needs. … Continue Reading
NYDFS recently issued Proposed Guidance “to New York State-regulated banking organizations and regulated non-depository financial institutions to notify them of the Department’s expectation that they update their framework for the review and assessment of the character and fitness of their directors, senior officers, and managers, both upon onboarding and on an ongoing basis.”… Continue Reading
On April 12, North Dakota Governor Doug Burgum signed into law House Bill 1068, which creates a new statutory licensing scheme in North Dakota covering residential mortgage loan servicing activities. This follows on the heels of the enactment last month of North Dakota Senate Bill 2090, which overhauled North Dakota’s licensing requirements related to residential mortgage lending. … Continue Reading
On April 17, the NYDFS announced the adoption of final regulations intended to shift the cost of supervision and examination of BitLicensees from the NYDFS via the implementation of direct assessments to licensees. The new regulations will primarily only apply to those entities who hold a BitLicense, as entities engaging in virtual currency business activities as a limited purpose trust company or a banking organization will continue to be assessed under 23 NYCRR Part 101.… Continue Reading
Third-party debt collectors, first-party creditors, and debt buyers face an ever-evolving federal and state regulatory landscape as well as ongoing private litigation. We first look at the impact of the CFPB’s most recent rulemaking agenda on debt collectors. We then discuss compliance and licensing issues under District of Columbia, California, Utah, and New York debt collection laws and the Wyoming “debt buyer” licensing requirement. … Continue Reading
Mark Brnovich, the Arizona Attorney General, recently issued an opinion regarding whether earned wage access (EWA) products are “consumer lender loans” under the state’s Consumer Lenders Act (CLA) such that a person who makes, procures, or advertises an EWA product must be licensed as a “consumer lender.” The AG concluded that an EWA product offered as a no-interest and non-recourse product is not a “consumer lender loan” under the CLA.… Continue Reading
Last week, Ballard Spahr launched an innovative online application to help cryptocurrency and blockchain industry participants keep pace with quickly evolving laws, regulations, policies, and government enforcement priorities in the space. The Cryptocurrency and Blockchain Legislative Tracker is an interactive tool for investors, financial institutions, asset managers, digital currency exchanges, blockchain technology companies, and others doing or seeking to do business involving cryptocurrency.… Continue Reading
On August 31, 2022, the California Senate voted to approve House Assembly Bill 156, and sent the bill to Governor Newsom for consideration and potential signature. If it becomes law, the bill would amend the existing California Debt Collection Act (the “DCLA”) in three ways.
First, the bill would amend provisions of Cal.… Continue Reading
