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Proposed Legislation Lenders Financial Services Industry

Ballard Spahr LLP

Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans

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The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the...more

Ballard Spahr LLP

NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

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Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more

Troutman Pepper Locke

Proposed New York FAIR Business Practices Act Aims to Expand Consumer Protections Against Unfair, Deceptive, or Abusive Practices

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On March 13, New York State introduced proposed legislation titled the Fostering Affordability and Integrity Through Reasonable Business Practices Act (FAIR Act). The proposed legislation seeks to broaden the scope of...more

King & Spalding

“Revenge Tax”

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Withholding Tax Rules Under Current Law - Current US tax law provides for a 30% withholding tax on interest paid by a US borrower to foreign lenders. However, many foreign lenders are exempt from this tax, either under the...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

Troutman Pepper Locke

The Big Beautiful Bill and the Effects on Bank Lending Into the US

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Every year, foreign lenders make thousands of loans to U.S. entities. The U.S. withholding tax on the related interest payments has been generally stable since 1984. The general rule is that interest paid under these loans...more

Hogan Lovells

Buy-Now Pay-Later regulation: Government confirms final position

Hogan Lovells on

HM Treasury has confirmed its approach to the regulation of Buy-Now Pay-Later (BNPL) lending in its response to the October 2024 consultation. On 19 May 2025, Government also laid draft legislation before Parliament. Given...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

Ballard Spahr LLP

Legislation to prohibit ‘trigger leads’ in mortgage industry reintroduced in House, Senate

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Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....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

Womble Bond Dickinson

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

Womble Bond Dickinson on

In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Troutman Pepper Locke

Washington State Representatives Propose Amendments Targeting Bank Model Lending and Loan Programs Based on Tips or Memberships

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Washington now joins the list of states that have enacted or proposed legislation adopting so-called anti-evasion provisions, including legislation passed in Minnesota, Connecticut, Nebraska, and proposed in Florida. On...more

Ballard Spahr LLP

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis

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Florida SB 146, a bill that would add a “Predatory loan prevention” section to the Florida Consumer Finance Act has been introduced in the Florida Senate, seeking to curb bank-model lending programs and codify a “true lender”...more

McGlinchey Stafford

SAFER Act: Marijuana May Soon Become a Bigger Deal

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Proponents of marijuana reform have had cause for celebration in 2023. Despite challenges facing the industry, the political and social momentum surrounding cannabis is ticking upward. Most recently, the marijuana industry...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

Ballard Spahr LLP

Term SOFR Hedges: The Price of Perfection

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Summary - As a result of the shift from LIBOR to the Secured Overnight Finance Rate (SOFR), borrowers who use interest rate swaps or options to manage interest rate risk may be asked to pay extra to maintain a hedge under...more

Allen Matkins

California Bill Would Ban This Unusual "Purpose Credit"

Allen Matkins on

Regulation U, 12 CFR § 221.1 – 221.125, imposes certain requirements for lenders, other than securities brokers and dealers, who extend credit secured by margin stock.  Regulation U defines "purpose credit" as "any credit for...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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