The California Department of Business Oversight (DBO) has issued proposed regulations to implement SB 1235, the bill signed into law in September 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans, merchant cash advances, and factoring. The law contains exemptions and carve-outs for, among other things,
California bill capping consumer loan interest rates moves closer to enactment
AB 539 was cleared by the California Senate’s Banking Committee on June 26. The bill would change several aspects of the California Financing Law (CFL), including by setting new interest rate caps, imposing new rules governing loan duration, and prohibiting prepayment penalties. For example, while the CFL does not set a maximum interest rate on
California Senate to hold June 26 hearing on bill capping consumer loan interest rates
The California Senate’s Banking and Financial Institutions Committee will hold a hearing on AB 539 on June 26, 2019. The hearing was previously scheduled for today.
AB 539 was cleared by the California Assembly on May 23. The bill would change several aspects of the California Financing Law (CFL), including by setting new interest
California bill capping consumer loan interest rates clears Assembly
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 rules governing loan duration, and prohibiting prepayment penalties. For example, while the CFL does not
CA Dept. of Business Oversight files action against title lender for CA law violations; launches investigation into whether lender’s interest rates are unconscionable
The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest rates charged by the lender are unconscionable.
According to the DBO’s Accusation, the lender is licensed under the California Financing Law (CFL). The
California Legislation Would Make CCPA Even Worse for Businesses
New proposed legislation in California, backed by state Attorney General (“AG”) Xavier Becerra, would amend the new California Consumer Privacy Act (“CCPA”) to make it easier for private plaintiffs and public officials to sue for violations while further increasing regulatory uncertainty and compliance costs for businesses. Specifically, SB 561 would expand the CCPA’s private right
CA bill introduced to require non-retail businesses to allow customers to choose among refund methods
A bill (AB 1428) has been introduced in the California Assembly that would apply to a “business” that uses prepaid cards to make refunds to customers located in California. The bill would require such a business to allow the customer to choose whether to get the refund by prepaid card, check, or a
CA regulator invites comments on proposed rulemaking to implement new law requiring commercial financing disclosures
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 consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. Companies providing such financing
This Week’s Podcast: Recent Developments in California Law
Ballard Spahr attorneys Chris Willis, Scott Pearson, and Taylor Steinbacher discuss recent noteworthy developments in California law. Chris, who chairs Ballard’s Consumer Financial Services Litigation Group, and Scott, a partner in the Consumer Financial Services group, discuss the recently decided California Supreme Court De La Torre case, which makes licensed lenders vulnerable to claims that
GLBA and the California Privacy Act: Analyzing SB 1121’s Change to the Financial Institution Carve-Out Provision
Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law.
Of particular note: SB 1121 modifies the financial institution carve-out language in CCPA section 1798.145(e). While the change is a welcome