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The Nevada Legislature recently passed Assembly Bill 332 (“AB 332”), which amends Nev. Rev. Stat. Title 55 relating to Banks and Related Organizations to add a new chapter regulating Private Education Lenders and Student Loan Servicers.  The provisions of SB 322 will become effective on January 1, 2024. 

AB 332 exempts the following entities from its requirements:

  • Banks;
  • Savings and loan associations;
  • Savings banks;
  • Thrift companies;
  • Credit unions;
  • The Nevada System of Higher Education;
  • The Western Interstate Commission for Higher Education; and
  • Any wholly owned subsidiaries of the above.
… 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

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

On August 8, 2022, the District of Columbia Department of Insurance, Securities and Banking (the Department”) issued a Bulletin on money transmission (the “Bulletin”).  The Department issued the Bulletin to ensure that parties “engaging in or planning to engage in money transmission with Bitcoin or other virtual currency used as a medium of exchange, method of payment or store of value in the District,” understand that such transactions “require a money transmitter license.”… Continue Reading

The California Department of Financial Protection and Innovation (DFPI) has published a notice on its website concerning delays that debt collectors and buyers seeking to comply with the new licensing requirement in the state’s Debt Collection Licensing Act are currently experiencing.

The new law, passed in September 2020, requires debt collectors and buyers to apply for a DFPI license by December 31, 2021. … Continue Reading

Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated financial service” which it described as intended to “reiterate[] and remind[]” such persons of its existing licensing guidance. … Continue Reading

The Minnesota Attorney General announced that she has filed a lawsuit in state court against two pension advance companies.

According to the AG’s press release, the companies often solicited borrowers through their own websites or websites of “lead generators” who marketed “pension loans” or “loans that can fit your needs.” … Continue Reading