News & Analysis as of

Lenders Licensing Rules

Holland & Knight LLP

Know Now or Pay Later: Navigating New York's Buy-Now-Pay-Later Act

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Once hailed as the sleek, interest-free alternative to credit cards, buy-now-pay-later (BNPL) loans have become a defining feature of modern consumer finance. Consumers like them because with just a few clicks, they can...more

Mayer Brown

Licensing Link - June 2025

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Licensing Link is a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the...more

Mayer Brown

New York Enacts First-of-Its-Kind Law to License Buy-Now-Pay-Later Lenders

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The regulatory environment for “Buy Now, Pay Later” (or “BNPL”) loans is entering a new era. On May 9, 2025, New York enacted legislation that will require providers of BNPL loans to be licensed by the state and adhere to...more

Orrick, Herrington & Sutcliffe LLP

Maryland enacts new earned wage access law

On May 25, the Maryland General Assembly chaptered HB 1294 and affirmatively subjected earned wage access products to the Maryland consumer credit and licensing provisions. The law requires companies that offer earned wage...more

Hudson Cook, LLP

Alaska's Anti-Evasion Bill: A Threat to Small Business Lending and Modern Bank-Fintech Partnerships

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A number of states have considered - and some have enacted - laws to regulate strategic partnerships between banks and technology companies that act as service providers....more

Troutman Pepper Locke

Indiana Federal Court Dismisses FDCPA Suit Alleging Violations for being an Unlicensed Debt Collector

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In a recent decision from the U.S. District Court for the Northern District of Indiana, the court granted a motion to dismiss in favor of a debt collection law firm and one of its attorneys who were not licensed as debt...more

Kohrman Jackson & Krantz LLP

SEC Brings Action Against Convertible Debt Lender

Recently, the Securities and Exchange Commission filed a complaint against Curt Kramer and three companies owned by Kramer, 1800 Diagonal Lending Company, LLC, Power Up Lending Group, Ltd., and Geneva Roth Remark Holdings,...more

Mayer Brown

MSR Fund Investments: 7 Aspects to Consider

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While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights...more

Ballard Spahr LLP

Nevada enacts licensing requirement for private education loan lenders and servicers

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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...more

Orrick, Herrington & Sutcliffe LLP

Nevada amends licensing and regulation provisions

On June 15, the Nevada governor signed SB 355 (the “Act”) to amend several provisions relating to existing state law, which provides for the licensure and regulation of various financial institutions by the Commissioner of...more

Ballard Spahr LLP

Bill to license commercial lenders proposed in New York

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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...more

Shipkevich PLLC

Money Transmission Legislative & Regulatory Update: Minnesota, Nevada, Georgia, and Texas

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Minnesota - On May 24, 2023, the governor of Minnesota signed SF 2744, bringing amendments to various state statutes related to financial institutions. The amendments address the regulation and licensing of money...more

Sheppard Mullin Richter & Hampton LLP

Georgia and Rhode Island Amend Consumer Finance Laws to Add Licensing Exemption, Remote Work Authorization

State legislatures in Georgia and Rhode Island recently amended their lending and licensing laws. The following are the noteworthy updates: Georgia - - HB 891 creates an exception from licensure under the Georgia...more

Lowndes

A Primer on Florida Alcoholic Beverage Licenses

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If you are buying or financing properties with businesses selling alcoholic beverages, Florida’s regulatory requirements may seem daunting. To successfully navigate the complexities of Florida alcoholic beverage licensing, a...more

Holland & Knight LLP

California Revives De Minimis Lender License Exemption

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In California, any person engaging in the business of a finance lender or broker must obtain a license from the commissioner of the Department of Financial Protection & Innovation. The California Finance Code defines "finance...more

Jones Day

Massachusetts Enacts and Implements New Student Loan Servicing Law

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The Massachusetts Student Loan Borrower Bill of Rights The SL Bill of Rights came into effect on July 1, 2021, and the DOB issued its implementing regulations on the same day. Building upon and codifying earlier proposed...more

Troutman Pepper Locke

Virginia State Corporation Commission Amends Short-Term Lender Regulations

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On July 12, the Virginia State Corporation Commission (Commission) issued an order amending regulations for short-term lending licensees under Va. Code § 6.2-1800, et seq. (Chapter 18). This licensing regime stems from the...more

Miles & Stockbridge P.C.

New York Greatly Expands the Reach of its New Commercial Loan Disclosure Law

In March, we reported on a new law enacted in New York at the end of last year, Senate Bill 5470-B that imposes certain Truth-in-Lending Act modeled disclosure obligations on those making or brokering certain commercial loans...more

Miles & Stockbridge P.C.

Commercial Lender Licensing and Commercial Loan Disclosures in New York

To date, the licensing and disclosure obligations for lenders and brokers of commercial loans, (including commercial mortgage loans and non-real estate-secured commercial or business purpose loans) have not received the...more

Hudson Cook, LLP

New York Department of Financial Services Extends Student Loan Relief to Private Student Loans

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New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded. Among the responses is an...more

Moritt Hock & Hamroff LLP

Lender Alert: Commercial Finance Licensing Legislation In New York State Merits Watching

A bill recently introduced in the New York State Senate (S6688) would vastly expand the reach and scope of the licensing regime applicable to effectively all forms of commercial financing transactions. The current lender...more

Allen Matkins

Borrower Seeks To Void Notes Because Lender Was Not Licensed Under The CFL

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The California Financing Law (fka Finance Lenders Law) prohibits anyone from engaging in the business of a finance lender without obtaining a license from the California Commissioner of Business Oversight (unless exempt). ...more

Ballard Spahr LLP

Vermont exempts bank partners from loan solicitation license for commercial loans

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We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more

Ballard Spahr LLP

California Makes Changes to the Finance Lenders Law

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Recently, several changes were made to the California Finance Lenders Law with various effective dates. Effective immediately, the California Finance Lenders Law has been renamed the "California Financing Law."...more

Ballard Spahr LLP

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

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Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more

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