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New Legislation › Lenders › Consumer Lenders

Holland & Knight LLP

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

Holland & Knight LLP on

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

Goodwin

Connecticut Enacts Law Regulating Earned Wage Access Services

Goodwin on

Connecticut has enacted a law (the amendment) amending the state’s existing small loan act (the act). In this alert, we focus on the amendment’s application of the act to “earned but unpaid wage or salary income advances”...more

McGuireWoods LLP

Connecticut and Louisiana Poised to Enact Earned Wage Access Legislation, Marking Significant Policy Shift Among States

McGuireWoods LLP on

Connecticut and Louisiana are poised to become the latest states to enact earned wage access (EWA) laws, as bills await signatures from Connecticut Gov. Ned Lamont and Louisiana Gov. Jeff Landry. The Connecticut bill passed...more

Bennett Jones LLP

Canadian Government (Finally) Provides Certainty on Criminal Interest Rates

Bennett Jones LLP on

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

Allen Matkins

Legislator Proposes To Expand CFL To Encompass "Commercial Brokers"

Allen Matkins on

The California Financing Law currently requires the licensing of "finance lenders" and "brokers".   Cal. Fin. Code § 22100.  A "finance lender" is defined to include "any person who is engaged in the business of making...more

Bradley Arant Boult Cummings LLP

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

Bradley Arant Boult Cummings LLP on

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

Miles & Stockbridge P.C. on

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

Goodwin

California Signs Two New Consumer Protection Bills into Law

Goodwin on

On September 25, 2019, California’s Governor signed into law two bills that impact financial consumer services companies in California: California Assembly Bill 539 and California Senate Bill 187.  Both laws go into effect...more

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