News & Analysis as of

Disclosure Requirements Financial Services Industry Proposed Legislation

Fox Rothschild LLP

Senate Sidelines Tax on Litigation Finance, But the Fight Goes On

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For now, litigation finance funders can exhale. A proposed tax on profits — initially 40.8%, later revised to 31.8% — has been stripped from the Senate’s sweeping tax and spending bill, dubbed the “One Big Beautiful Bill.” ...more

Sheppard Mullin Richter & Hampton LLP

Texas Legislature Proposes Disclosure Rules for Commercial Financing 

The Texas House and Senate introduced House Bill 700 and Senate Bill 2677 to regulate commercial sales-based financing transactions. The proposed legislation would impose standardized disclosure requirements, require broker...more

Troutman Pepper Locke

Texas Introduces Legislation to Regulate Sales-Based Commercial Financing

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Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction...more

Troutman Pepper Locke

Texas Senate Bill 1736 Proposes Allowing Convenience Fees for Electronic Motor Vehicle Payments

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On February 27, Texas State Senator José Menéndez (D) introduced Senate Bill 1736, a piece of legislation aimed at regulating convenience fees associated with electronic payments for motor vehicles. SB 1736 would allow such...more

Womble Bond Dickinson

Insurance Premium Finance Exemption - Maryland Commercial Finance Disclosure Legislation

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Maryland recently introduced Commercial Finance Disclosure Law (“CFDL”) legislation in both the House (HB 693) and Senate (SB 754), following a path of other states with laws requiring consumer-like disclosures in certain...more

Troutman Pepper Locke

New Year = New Earned Wage Access Legislation in New York

Troutman Pepper Locke on

This week, New York became the latest state to introduce legislation aimed at regulating Earned Wage Access (EWA) services. Assembly Bill 258 titled — “An Act to Amend the Banking Law, in Relation to Providing for Income...more

Troutman Pepper Locke

Proposed Legislation in Louisiana Aims to Regulate Commercial Financing Transactions

Troutman Pepper Locke on

On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial...more

K&L Gates LLP

GOP ESG Bills Await US House Floor Consideration

K&L Gates LLP on

ESG Activity in the House Financial Services Committee (HFSC) - Prior to departing for the August recess, Chairman Patrick McHenry (R-NC) wrapped up the month-long series of hearings considering digital assets and...more

Winstead PC

[Webinar] A Trustee’s Duty To Disclose - June 13th, 10:00 am - 11:00 am CT

Winstead PC on

David F. Johnson will address the complex issues surrounding a trustee’s duty to disclose and will compare Texas law and the Uniform Trust Code on this topic. He will address disclosure requirements under trust documents and...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 3, March 2023

Now is the Time to Guard Against Reckless Banking Legislation - “Only a structural change to the way Congress acts on financial regulation will prevent future losses.” Why this is important: An old adage is that...more

Latham & Watkins LLP

Illinois Considering Crypto Licensing

Latham & Watkins LLP on

A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state. On February 21, 2023, the Illinois Department of Financial...more

Sheppard Mullin Richter & Hampton LLP

New York Publishes Proposed Rules on Commercial Financing Disclosures

On September 14, the New York Department of Financial Services (NYDFS) published a notice of proposed rules under New York’s Commercial Financing Disclosure Law (CFDL)...more

Latham & Watkins LLP

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - Consumer Protection and State Money...

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The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers. Latham & Watkins presents a blog series on the Responsible...more

Miles & Stockbridge P.C.

Maryland Joins Other States Proposing Commercial Finance Disclosure Laws: Truth-in-Lending Type Disclosures in Commercial Loans

Earlier this month, Maryland State Senator Benjamin K. Kramer introduced Senate Bill 825 titled “Consumer Credit - Commercial Financing Transactions.” Although not obvious from the bill’s title, it contains legislation...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Proposed Rules to Implement New Commercial Financing Disclosure Law

On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York’s Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898). Under the CFDL, commercial financing...more

Ballard Spahr LLP

CA DFPI issues modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for commercial...

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The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like...more

Ballard Spahr LLP

Inside the Beltway – Diversity and Inclusion in the Financial Services Sector

Ballard Spahr LLP on

The House Financial Services Committee continues briskly reporting out legislation targeted at the credit reporting system, housing, and diversity and inclusion in the financial services sector. Chairwoman Maxine Waters...more

Mayer Brown Free Writings + Perspectives

Disclosure Effectiveness Testing Act

The House Financial Services Committee recently passed H.R. 1815, which is the Securities and Exchange Commission Disclosure Effectiveness Testing Act. ...more

Smith Debnam Narron Drake Saintsing & Myers,...

Consumer Financial Services Spring 2018 Update

District Court Takes Expansive View of Deceptive or Misleading Practices under FDCPA - The FDCPA prohibits a debt collector from using "any false, deceptive, or misleading representation" in connection with the collection...more

Carlton Fields

State Suitability, Fiduciary Duty and Disclosure Initiatives Roundup

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States are stampeding to impose additional duties on those who provide financial advice or make recommendations to consumers. Some of these initiatives result from the states’ belief that action is required to wrangle...more

Ballard Spahr LLP

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

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Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

Ballard Spahr LLP

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Ballard Spahr LLP

NJ Assembly contemplates harsh restrictions on prepaid accounts

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The New Jersey Legislature is considering a law to restrict prepaid-account fees. Assembly Bill 4965 ( the NJ Bill) seeks to impose fee constraints, disclosure mandates, and limits on consumer liability for unauthorized...more

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