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New Legislation State and Local Government Banks

Sheppard Mullin Richter & Hampton LLP

Illinois Delays Interchange Fee Ban by One Year

On June 1, the Illinois General Assembly passed a bill that, if enacted, will delay the effective date of the Interchange Fee Prohibition Act by one year, from July 1, 2025, to July 1, 2026. The law prohibits financial...more

Orrick, Herrington & Sutcliffe LLP

Washington State enacts provisions to allow companies to deduct interchange fees

On May 20, the governor of Washington State signed into law HB 2020 which amends the state’s tax laws to exclude interchange fees from the business and occupation tax. The legislation stemmed from a lawsuit where a company...more

Ballard Spahr LLP

New York enacts new requirements for subscription auto-renewals and credit card surcharge pricing

Ballard Spahr LLP on

On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for...more

Sheppard Mullin Richter & Hampton LLP

Texas, Louisiana Enact Digital Asset Licensing Legislation

In recent weeks, Texas and Louisiana became the latest states to enact legislation establishing licensure requirements for digital asset service providers. In June, Texas enacted HB 1666, which adds practice restrictions...more

Sheppard Mullin Richter & Hampton LLP

Hawaii Amends Small Dollar Lending Law

Hawaii recently enacted HB 1192, which amends the state’s small dollar lending law by setting forth a new licensing requirement for “installment lenders” and specifies various consumer protection requirements.  The...more

McGlinchey Stafford

NYDFS FAQs Confirm Scope of COVID Mortgage Forbearance Law

McGlinchey Stafford on

Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

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