News & Analysis as of

Consumer Lenders State and Local Government Loans

Sheppard Mullin Richter & Hampton LLP

Louisiana and Connecticut Advance Earned Wage Access Laws

Louisiana and Connecticut recently passed legislation establishing regulatory frameworks for earned wage access (EWA) providers. Connecticut’s SB 5140 passed the legislature on June 4 and awaits Governor Ned Lamont’s...more

Orrick, Herrington & Sutcliffe LLP

Nevada regulates consumer lenders doing business remotely

On May 28, the governor of Nevada approved SB 437, establishing requirements for consumer lenders operating outside the state over the internet. Under the new law, an “Internet consumer lender” is defined as an entity that...more

Sheppard Mullin Richter & Hampton LLP

Maryland OFR Responds to Market Concerns Over Licensing Requirements for Mortgage and Installment Loan Assignees

On February 18, the Maryland Office of Financial Regulation (OFR) issued an alert to address industry concerns regarding its January guidance on licensing requirements for assignees of residential mortgage and installment...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Reaches Settlement with Lender Over Crypto-Backed Loans

On December 23, 2024, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with a lender to resolve its investigation into the company’s crypto-backed lending program, which the...more

Woods Rogers

John Byrum and Jay Spruill Convince SCC to Strike Prohibitive Rule Against Consumer Finance Companies

Woods Rogers on

In a cross-practice effort involving WRVB’s Financial Services and Regulatory Compliance practice groups, Richmond attorneys John Byrum and Jay Spruill convinced the Virginia State Corporation Commission (SCC) to strike a...more

Sheppard Mullin Richter & Hampton LLP

Connecticut Stops FinTech from Unlicensed Lending Activities

On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on...more

Bradley Arant Boult Cummings LLP

New Mexico Governor Signs Bill to Impose 36% Rate Cap and Tough Anti-Evasion Provisions

Beginning next year, New Mexico will join a handful of other states (including, among others, California, Illinois, and Colorado) setting stringent interest rate caps on consumer loans. House Bill 132, which Gov. Michelle...more

Sheppard Mullin Richter & Hampton LLP

Wyoming and Maine Issue New Licensing Requirements Potentially Impacting Passive Loan Investors

Wyoming and Maine recently amended their laws related to licensure requirements for consumer lending: - In July, Wyoming adopted House Bill 0008 (HB 0008), which amends provisions of the Wyoming Uniform Consumer Credit...more

Ballard Spahr LLP

CA DBO concludes certain point-of-sale financing arrangements are loans, not credit sales

Ballard Spahr LLP on

On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents.  In the first action,  the DBO...more

Ballard Spahr LLP

CA Governor signs laws setting Financing Law rate cap, automatic deposit account exemption from levy

Ballard Spahr LLP on

Last week, California Governor Newsom signed into law AB 539, which makes significant amendments to the California Financing Law (CFL), and SB 616, which creates a new exemption from levy for deposit account funds....more

Bricker Graydon LLP

California limits lending rates for consumer loans

Bricker Graydon LLP on

The Fair Access to Credit Act (AB 539) was signed into law by California Governor Gavin Newsom on October 10, 2019. The act requires California Finance Law (CFL) licensed lenders making consumer loans from at least $2,500 to...more

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