Maine has amended its Consumer Credit Code to target loans made using a bank partnership model. The amendments include an anti-evasion provision under which a purported agent or service provider is deemed a “lender” subject to Title 9-A, Article 2 of Maine Revised Statutes. Article 2 contains a licensing requirement and rate and fee limits for consumer loans.… Continue Reading
NOTE: We intended to post this blog entry on the Monitor on July 30 but it was inadvertently omitted.
The CFPB, after an investigation in cooperation with 13 state attorneys general, has entered into a consent order with Colfax Capital Corporation, a California consumer lending company (Colfax), and its wholly-owned subsidiary, Culver Capital, LLC, a Georgia consumer lender (Culver) (formerly known as Rome Finance Co.… Continue Reading