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Troutman Pepper Locke

Illinois Amends Student Loan Servicing Rights Act to Include Educational Income Share Agreements

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On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share...more

Mayer Brown

Leaving Las Vegas? New Exemptions from Nevada In-State Office Rule Set to Take Effect

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On October 1, 2025, Nevada Senate Bill 437 takes effect, which will amend the Nevada Installment Loan and Finance Act (“ILFA”) to significantly streamline licensing and operational requirements for consumer lenders that...more

Shipkevich PLLC

New York Legislature Passes Landmark FAIR Business Practices Act: Implications for Consumer Finance Lending and Debt Settlement...

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On June 18, 2025, the New York Legislature passed the Fostering Affordability and Integrity through Reasonable (FAIR) Business Practices Act (the “FAIR Act”). This significant legislation marks the most substantial update to...more

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

Ballard Spahr LLP

Maryland enacts Earned Wage Access legislation

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A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by...more

Hudson Cook, LLP

Despite Noble Intentions, Va. Usury Bill Is Bad For Consumers

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In the last few years, state legislatures have enacted legislation to curtail online bank lending in response to advocacy efforts by consumer activists. Such programs, in which nonbank financial technology companies...more

Sheppard Mullin Richter & Hampton LLP

New Hampshire Updates Motor Vehicle Retail Installment Act: What Lenders Need to Know

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

Bennett Jones LLP

Canadian Government (Finally) Provides Certainty on Criminal Interest Rates

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As we have reported in prior blogs, the Government of Canada is moving forward with plans to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the current criminal interest rate, being an...more

Ballard Spahr LLP

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

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The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Venable LLP

Colorado Passes Law to Curb Interest Rates on Consumer Loans

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Colorado has passed a law that amends the Colorado Uniform Consumer Credit Code (UCCC) to extend state interest rate limits on certain consumer loans made by out-of-state state-chartered banks, which caps rates at a maximum...more

Hudson Cook, LLP

New California Law Impedes Creditors' Ability to Offer Voluntary Protection Products to Military Servicemembers

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California recently enacted Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022, with the stated intent of strengthening the state's military consumer protection laws by enhancing protections for...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

Miles & Stockbridge P.C.

Certain Exemptions of the New California Consumer Financial Protection Law Need To Be Clarified

In our Legislative Alert of October 13, 2020, we reported on the California legislation enacted in late September, Assembly Bill 1864, that created the new California Consumer Financial Protection Law (“CCFPL”), and we set...more

Holland & Knight LLP

California Dreamin': The Golden State Launches New Mini-CFPB

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Amid wildfires and viral plague, a new consumer protection agency rises in the West: The California Department of Financial Protection and Innovation (DFPI). Holland & Knight recently noted that a bill was pending on...more

McGuireWoods LLP

The New California Consumer Financial Protection Law

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California’s financial services regulator soon will likely have a new name and a significantly expanded mission after state lawmakers passed legislation on August 31, 2020 that would revamp the agency in the image of the...more

Goodwin

COVID-19 and Consumer Financial Services: Navigating New U.S. and State Orders, Rules, Laws, Guidance, and Pleas

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Over the past several weeks, the coronavirus (COVID-19) pandemic has sparked a litany of new orders, rules, laws, guidance, and plain asks from federal and state leaders, agencies, and courts. The President and federal and...more

Ballard Spahr LLP

Michigan Adopts Temporary Authority Provisions

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Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Ballard Spahr LLP

Wisconsin Adopts Temporary Authority Provisions

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Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Ballard Spahr LLP

Washington State Adopts Temporary Authority Provisions

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Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

Ballard Spahr LLP

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

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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

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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

Holland & Knight LLP

New Jersey Passes New Law to Help Student Loan Borrowers: Servicers Should Take Note

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New Jersey has enacted a law, P.L. 2019, c. 200 (Act), that is designed to assist potential and existing student loan borrowers in understanding and managing their student loans. Briefly, the Act: 1) authorizes the New Jersey...more

Ballard Spahr LLP

South Carolina enacts Servicemembers Civil Relief Act

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On April 26, the South Carolina Servicemembers Civil Relief Act (the “Act”) was signed into law and went into immediate effect. The Act seeks to “expand and supplement” the federal Servicemembers Civil Relief Act (“SCRA”),...more

Ballard Spahr LLP

Colorado passes 36% payday loan rate cap

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By an overwhelming vote (approximately 1,4270,000 million to 433,000), Colorado voters passed Proposition 111, a ballot initiative that places a 36 percent APR cap on payday loans. ...more

Ballard Spahr LLP

Ohio Enacts Restrictive Payday Lending Law

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Ohio Governor John Kasich on Monday signed into law tough new restrictions on small-dollar lending. It will take at least 270 days until licensed lenders are required to comply with the limitations in the new law. ...more

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