News & Analysis as of

Financing Fees

Mayer Brown

Bad Omen: CA Imposes New Fee, UDAAP, and Annual Reporting Requirements on Small Business Financers

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Mere days before Halloween, California enacted California Senate Bill 666, imposing a set of restrictions on the fees that commercial financers may charge their small business customers. Signed by the governor on October 13,...more

Troutman Pepper

FTC Sends $3.3 Million in Payments to Customers of Passport Auto

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As discussed here and here, in October 2022, the Federal Trade Commission (FTC) reached a $3.38 million settlement with Passport Automotive Group (Passport) and two of its officers over allegations that the automotive group...more

Shipkevich PLLC

California DFPI Proposes Regulation to Implement Registration Requirements for Entities Covered Under California Consumer...

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The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more

Troutman Pepper

FTC Fines Automotive Group $3.38M for “Junk fees” and Alleged Fair Lending Violations

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The Federal Trade Commission (FTC) reached a $3.38 million settlement with Passport Automotive Group (Passport) and two of its officers over allegations that the automotive group violated the Equal Credit Opportunity Act and...more

Kramer Levin Naftalis & Frankel LLP

Enforcing a Breakup Fee in a Financing Term Sheet

A case this past year, White Winston Select Asset Funds, LLC v. Intercloud System, Inc. (D.N.J. Oct. 3, 2017), addressed the enforceability of a breakup fee provision in a term sheet for second lien financing. ...more

Troutman Pepper

SBA Expands and Clarifies Ability of SBICs to Finance in Passive Businesses

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New SBA rule affects the holding company and the blocker corporation exceptions for SBICs’ financing passive businesses. On December 28, the U.S. Small Business Administration (SBA) released a Final Rule modifying its...more

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