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Proposed Legislation › Usury

Troutman Pepper Locke

Texas Introduces Legislation to Regulate Sales-Based Commercial Financing

Troutman Pepper Locke on

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

Ballard Spahr LLP

Oregon Considering DIDMCA Opt-Out Legislation

Ballard Spahr LLP on

Oregon may become the latest state attempting to stop out-of-state banks from “exporting” home-state interest rates on loans made to Oregon consumers. Like similar legislation adopted by Colorado in 2023, House Bill 2561...more

Bradley Arant Boult Cummings LLP

New Legislation in House, Senate Would Cap Consumer Loans at 36%, Crippling the Industry

Bradley Arant Boult Cummings LLP on

New federal legislation introduced in the House and Senate would place a 36% annual percentage rate cap on nearly all consumer loans, potentially killing the small dollar consumer lending industry. Last month, Congressmen...more

Ballard Spahr LLP

Senator Sanders to introduce bill imposing 15% or lower consumer credit interest rate cap

Ballard Spahr LLP on

Senator Bernie Sanders recently announced that he will be introducing a bill, the “Loan Shark Prevention Act,” that would amend the Truth in Lending Act (15 U.S.C. 1606) (TILA) to establish a “national consumer credit usury...more

Ballard Spahr LLP

State AGs urge Senators to reject bills addressing Madden and “true lender”

Ballard Spahr LLP on

A group of 21 state attorneys general have sent a letter to the Senate majority and minority leaders as well as to the chairman and ranking member of the Senate Banking Committee urging them to reject H.R. 3299 (“Protecting...more

Stinson - Corporate & Securities Law Blog

“True Lender” Litigation on the Rise: Recent Litigation and Enforcement Actions Challenge Traditional Bank Partnership Model

Stinson - Corporate & Securities Law Blog on

Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more

Smith Debnam Narron Drake Saintsing & Myers,...

Madden Fix Bill Passes House, Faces Uncertain Fate In Senate

Smith Debnam Narron Drake Saintsing & Myers,... on

The United States House of Representatives passed H.R. 3299, commonly known as the “Madden fix” bill, by a vote of 245-171 on February 14, 2018. The bill, which is officially entitled “Protecting Consumers’ Access to Credit...more

Ballard Spahr LLP

House passes “Madden fix” bill

Ballard Spahr LLP on

By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more

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