Installment Agreements

News & Analysis as of

California DBO Reports on Jump in Nonbank Installment Consumer Lending

According to a new report from the California Department of Business Oversight (DBO), installment consumer lending by nonbanks grew almost 50 percent in 2015, with the majority of loans between $2,500 and $5,000 featuring an...more

Short-Term Lenders Face Costly Path To Compliance

On June 2, 2016, the Consumer Financial Protection Bureau released its long-anticipated notice of proposed rulemaking on short-term consumer lending. The proposed rule follows the CFPB’s March 2015 release of an outline of...more

CFPB Proposes Framework For Payday, Title and Other Installment Loans

On June 2, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released a 1,340-page Notice of Proposed Rulemaking on short-term lending (the “Proposal”). Our initial, high-level observations on the...more

West Virginia Attorney General Announces Settlement with Online Lender Over Alleged Usurious Loans

On June 6, 2016, the West Virginia Attorney General announced a settlement with a regional online lender over allegations that the lender’s business practices violated West Virginia’s Consumer Credit and Protection Act. The...more

CFPB’s Proposed Payday Rules Eerily Reminiscent of Mortgage Reform

This week, the Consumer Financial Protection Bureau (CFPB) proposed a long-awaited rule on payday, vehicle title, and certain high-cost installment loans – collectively. The proposed rule is open for comment through September...more

CFPB issues proposed payday/auto title/high-rate installment loan rule

As expected, the CFPB issued its proposed payday loan rule, in a release running 1,334 pages. The CFPB also issued a fact sheet summarizing the proposal. Once we complete our initial review of the proposal, we will issue a...more

CFPB issues request for information and report in conjunction with release of proposed payday/auto title/high-rate installment...

In addition to the proposed payday loan rule released yesterday, the CFPB has issued (1) a “Request for Information on Payday Loans, Vehicle Title Loans, Installment Loans, and Open-End Lines of Credit,” and (2) a report...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

Tennessee Supreme Court Holds That State Unconscionability Law Does Not Implicate Concepcion And Is Not Preempted By FAA

The Supreme Court of Tennessee reversed the lower courts’ rulings that a non-mutual arbitration provision in an installment contract on the sale of a manufactured home was unconscionable and unenforceable. In doing so,...more

Transferring the Family Business Timing is Everything

One of the most important factors to consider in any business succession plan is the timing of the transition of ownership. Whether a sale or a gift (or combination of the two), no transition should occur before the next...more

No Section 121 Gain Exclusion When Seller of Residence Obtains it Back in Foreclosure

Marvin sold his principal residence for $1.4 million on an installment basis. He reported current gain of $657,796, and excluded $500,000 of that gain from income under Code Section 121 as a sale of a principal residence. The...more

Report from SBREFA Panel on Payday, Title and Installment Loans

Wednesday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans. The meeting was held in the Treasury Building’s...more

5th Circuit Affirms Look Through of Partnerships for Installment Sale Limitation

In Mingo v. Comm’r the 5th Circuit upheld a Tax Court decision and denied installment sale treatment to the extent the partnership interest sold related to underlying unrealized receivables. The taxpayer sold its interest in...more

House Financial Services Committee Chairman to CFPB on Indirect Auto Investigations: Slow Down. Pull Over. And Show Us Some ID.

Since last March, when the CFPB issued Bulletin No. 2013-02, its highly controversial release warning banks and finance companies that purchase motor vehicle installment sales contracts that, under existing law, any dealer...more

Pa. Amendments to Installment Sales Statutes Require Attention

Changes to two Pennsylvania statutes governing installment sales will take effect on November 27, 2014, as a result of House Bill 1128, signed into law by Governor Corbett as Act No. 2013-98 (Act 98). Act 98 repeals the...more

Wealth Management Update - June 2013

The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4% but remains the same as May's rate of 1.2%. The applicable federal...more

Installment Fees May Still be Considered Premium for Tax Purposes Despite Recent California Appellate Decision

A recent California appellate decision (In Re Insurance Installment Fee Cases, 211 Cal. App. 4th 1395) held that an installment fee – i.e, a fee charged to a policyholder who pays premium in installments under a payment plan...more

Locking in 2012’s Long-Term Capital Gains Tax Rate

Did you sell your business in 2012 and defer any of the purchase price? This could be the case if you financed part of the purchase price (i.e., you took back the buyer’s note), or there was an earnout whereby you receive...more

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