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Jones Day

New York Legislature Passes Bill Banning Rent Minimum Provisions in Real Estate Loan Documents

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On June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents....more

Alston & Bird

States Impose Commercial Financing Disclosure Requirements

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What Happened: In a little-noticed development, eight states have enacted legislation that requires specific disclosures for commercial non-real estate secured financing transactions....more

Womble Bond Dickinson

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

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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

Sheppard Mullin Richter & Hampton LLP

Colorado Approves DIDMCA Opt-Out, Raising Concerns for Consumer Credit Access

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Earlier this month, the Colorado legislature voted to approve HB23-1229, which would opt the State out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”), a federal law...more

Sheppard Mullin Richter & Hampton LLP

Connecticut Stops FinTech from Unlicensed Lending Activities

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On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on...more

Bradley Arant Boult Cummings LLP

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

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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

White & Case LLP

COVID-19 Response: US Financial Services Regulatory: U.S. State/Local (Updated April 24, 2020)

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In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US...more

Ballard Spahr LLP

Illinois enacts law to fund income share agreements; distinguishes them from loans

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Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Pritzker, recently signed into law, the Student Investment Account Act, which establishes a Student Investment Account to be...more

Ballard Spahr LLP

D.C. belatedly releases Bill of Rights for student loan borrowers

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The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

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