On February 20, the Virginia General Assembly passed the High-Risk Artificial Intelligence Developer and Deployer Act. If signed into law, Virginia would become the second state, after Colorado, to enact comprehensive...more
3/24/2025
/ Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Enforcement ,
New Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
State Attorneys General ,
State Legislatures ,
Technology Sector
On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more
2/19/2025
/ California ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Institutions ,
Governor Newsom ,
New Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
State and Local Government
California Assembly Bill 3108 became effective on January 1, 2025 and could conceivably make certain business purpose loans secured by owner-occupied property subject to mortgage fraud claims by the borrowers. The primary...more
The Consumer Financial Protection Bureau (CFPB) released a comprehensive report today, outlining detailed recommendations to strengthen state-level consumer protection laws and address modern risks in consumer financial...more
On October 22, the California DFPI announced the state’s approval of registration regulations enacted under the CCFPL, which will require providers of (1) debt settlement services, (2) education financing, (3) income-based...more
11/4/2024
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Licensing Rules ,
Loans ,
New Legislation ,
New Regulations ,
Registration Requirement ,
Reporting Requirements ,
State Legislatures ,
Student Loans
On September 20, Governor Newsom signed AB 2424, which establishes a significant set of new foreclosure notification and sale requirements for mortgage lenders. The law is effective as of January 1, 2025....more
On September 24, California enacted a series of consumer protection laws, including three bills aimed specifically at restricting certain debt collection practices in connection with medical debt reporting, civil actions for...more
On August 2, New Hampshire passed House Bill 1243 (the “Bill”), which substantially amends its Motor Vehicle Retail Installment Sales Act (the “Act”). The Bill is effective as of August 2....more
On June 28, Pennsylvania took a significant step to enhance its data protection framework by updating the Breach of Personal Information Notification Act through the enactment of SB 824. This new legislation revises the older...more
Florida is one of several states that has enacted “de-banking” legislation that requires financial institutions to provide consumers with fair access to financial products and services. On May 3, Governor DeSantis signed into...more
On May 17, Colorado’s governor signed the nation’s first artificial intelligence law designed to prevent algorithmic discrimination. The law is slated to go into effect on February 1, 2026....more
On April 22, the Governor of Tennessee signed HB 2100 into law. This new law, an amendment to the state’s consumer protection codes, introduces protections for consumers against discrimination by financial institutions and...more
On April 19, less than a month after Wisconsin’s enacted legislation, Kansas has followed suited by enacting comprehensive earned wages access legislation. Kansas’ law is set to take effect immediately upon publication....more
4/29/2024
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Kansas ,
Lenders ,
New Legislation ,
State and Local Government ,
State Legislatures
On April 4, Kentucky enacted HB 88, which will amend laws related to unlawful trade practices, and prohibit entities that are not banks or trust companies from:
- suggesting that they are engaged in banking or trust...more
On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders.
The law’s requirements apply to “providers” which are defined as persons who...more
4/22/2024
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Kansas ,
Lenders ,
New Legislation ,
Small Business ,
State and Local Government ,
State Legislatures
On March 25, Washington State became the latest in a growing list of jurisdictions to introduce a “true lender” law with the passing of bill SB 6025. The legislation, similar to laws in other states would characterize a...more
On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive regulatory framework for earned wages access (EWA) services and...more
4/1/2024
/ Banking Sector ,
Earned Wage Access ,
Financial Services Industry ,
Labor Regulations ,
Legislative Agendas ,
Licensing Rules ,
New Legislation ,
Regulatory Requirements ,
State and Local Government ,
State Labor Laws ,
Wage and Hour ,
Wisconsin
On March 6, New Hampshire Governor Chris Sununu signed into law SB 255, a sweeping consumer privacy bill. The Act gives consumers broad rights regarding their privacy and control over their personal data....more
On March 1, the Louisiana Senate introduced SB 335, a bill that would place certain disclosure requirements on providers of commercial financing transactions. Specifically, “providers” (defined as persons who consummate more...more
ARTIFICIAL INTELLIGENCE -
What is the Privacy Impact of the White House AI Order for Businesses? Posted November 28, 2023
Biden’s sweeping AI Executive Order sought to have artificial intelligence used in accordance...more
2/7/2024
/ Artificial Intelligence ,
Biometric Information ,
Biometric Information Privacy Act ,
Consumer Privacy Rights ,
Cross-Border Transactions ,
Cybersecurity ,
Data Breach ,
Data Brokers ,
Data Privacy ,
Data Protection ,
Data Security ,
Healthcare ,
Legislative Agendas ,
New Legislation ,
New Regulations ,
Online Safety for Children ,
Privacy Acts ,
Privacy Laws ,
State and Local Government ,
State Privacy Laws
On October 9, Florida introduced SB 146, which amends the Florida Consumer Finance Act (CFA), and joins other states that have passed laws characterizing certain nonbanks as the “true lender” of loans made through a bank...more
A number of state and federal regulators, bolstered by messaging from the Biden administration, have embarked on a concerted campaign to address so-called “junk fees.”
• CFPB – On Oct. 11, the CFPB issued an...more
In June, the Nevada governor signed SB 290 into law, making Nevada the first state to enact legislation creating a comprehensive statutory framework that specifically defines and regulates the provision of earned wage access...more
In recent weeks, Texas and Louisiana became the latest states to enact legislation establishing licensure requirements for digital asset service providers.
In June, Texas enacted HB 1666, which adds practice restrictions...more
On April 20, Washington Governor, Jay Inslee, signed into law HB 1311 creating new regulations for credit repair organizations (CROs) in the state. Among other things, the new law outlines requirements for CROs, which include...more