News & Analysis as of

Truth in Lending Act (TILA) Proposed Legislation

Sheppard Mullin Richter & Hampton LLP

California Bill Proposes to License All Commercial Loan Brokers

California has recently proposed legislation that, if enacted, would impose a new licensing requirement for any person providing “commercial brokerage” services to a borrower in connection with a commercial loan of $5,000 or...more

Womble Bond Dickinson

Commercial Financing Disclosure Laws Proposed in U.S. Congress

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California, Connecticut, Florida, Georgia, New York, Virginia, and Utah have enacted laws requiring consumer-like disclosures in certain commercial loans. Some of these “Commercial Financing Disclosure Laws” require...more

Womble Bond Dickinson

Maryland House Economic Matters Committee Considers Senate-Passed Commercial Finance Disclosure Law: Consumer Type Disclosures in...

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We recently reported that the Maryland Senate unanimously approved amended Senate Bill 496 – a broad measure proposed to curb perceived commercial lending abuses in Maryland. The bill has moved on to the House of Delegates...more

Husch Blackwell LLP

Illinois Bill Seeks to Add Consumer-Type Disclosures and Broad Enforcement to Commercial Financing

Husch Blackwell LLP on

On February 16, 2023, the Illinois House introduced a bill titled the Small Business Truth in Lending Act. This proposed legislation, similar to statutes that have been enacted in other states, was written with the stated...more

Womble Bond Dickinson

Truth-in-Lending Type Disclosures in Commercial Loans Gain Steam Again in 2023 Legislative Sessions: Non-Bank Lenders Should Take...

Womble Bond Dickinson on

State legislative sessions are well underway in 2023, and many states already have introduced various forms of commercial financing disclosure legislation. These proposed laws (commercial financing disclosure laws or “CFDLs”)...more

Miles & Stockbridge P.C.

Maryland Joins Other States Proposing Commercial Finance Disclosure Laws: Truth-in-Lending Type Disclosures in Commercial Loans

Earlier this month, Maryland State Senator Benjamin K. Kramer introduced Senate Bill 825 titled “Consumer Credit - Commercial Financing Transactions.” Although not obvious from the bill’s title, it contains legislation...more

Spilman Thomas & Battle, PLLC

Watch List - Proposed Federal Prohibition Against Debt Collection In Times of Disaster/Emergency

While the COVID-19 pandemic has led to the adoption of certain piecemeal consumer protection policies and/or guidances by individual states and the federal government, there have yet to be any sweeping changes to existing...more

Bradley Arant Boult Cummings LLP

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

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

House Financial Services Committee passes bills to enhance sharing of information about bank vendors by regulators; create...

Ballard Spahr LLP on

This week, these three bills were passed by the House Financial Services Committee. The first two bills were passed by unanimous votes and the third bill was passed by a vote of 34-22....more

Ballard Spahr LLP

Senate Passes Banking Bill Providing Dodd-Frank Relief

Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Nutter McClennen & Fish LLP

Nutter Bank Report, November 2017

Bipartisan Regulatory Relief Bill for Smaller Financial Institutions Introduced in Senate Bipartisan legislation has been introduced in the U.S. Senate, aimed at reducing regulatory burden on community banks, providing new...more

Ballard Spahr LLP

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

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Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

Ballard Spahr LLP

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Ballard Spahr LLP

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

Ballard Spahr LLP on

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more

Manatt, Phelps & Phillips, LLP

House Passes Bills to Circumscribe CFPB Authority

Why it matters - Congress pushed back against multiple Consumer Financial Protection Bureau (CFPB) initiatives recently, passing legislation that would override the Bureau's policies with regard to auto lending and...more

Ballard Spahr LLP

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

Ballard Spahr LLP on

Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill titled “The Financial Regulatory Improvement Act of 2015” on May 12, 2015. The draft bill addresses various residential mortgage lending issues...more

Bradley Arant Boult Cummings LLP

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

Ballard Spahr LLP

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

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Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

Ballard Spahr LLP

Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule

Ballard Spahr LLP on

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

Ballard Spahr LLP

CFPB’s hand seen in student loan bill

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Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

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