News & Analysis as of

Department of Financial Protection and Innovation (DFPI) Annual Percentage Rate (APR)

Hudson Cook, LLP

California DFPI Issues Final Rules on Commercial Financing UDAAP and Annual APR Reporting

Hudson Cook, LLP on

The California Department of Financial Protection and Innovation became the nation's first regulator with authority to police "abusive" acts and practices in commercial financing when it recently adopted final regulations to...more

Ballard Spahr LLP

Minnesota Omnibus Bill includes consumer loan law amendments for all-in APR cap and anti-evasion, new money transmitter laws, and...

Ballard Spahr LLP on

Minnesota recently enacted the Commerce Omnibus Finance Bill, which includes amendments to several provisions of Minnesota law related to consumer loans and financial institutions....more

Paul Hastings LLP

Finance Providers Need to Be Aware of New Commercial Finance Disclosure Laws

Paul Hastings LLP on

While consumer lenders have long been attuned to disclosure requirements under the Truth in Lending Act, many commercial financiers are or soon will be subject to similar state-level obligations. On June 23, 2023, Florida...more

McGlinchey Stafford

California DFPI Proposes Second Modification to Student Loan Servicing Regulations

McGlinchey Stafford on

On March 6, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a notice of second modifications to proposed regulations under the Student Loan Servicing Act (Act) (Amendment). Previously, in...more

Morrison & Foerster LLP

Square Peg, Round Hole: MCA Disclosures Under the California Commercial Financing Disclosure Regulations

In the third in our series on the California Commercial Financing Disclosure Regulations, we focus on the disclosure requirements for merchant cash advances (MCAs)....more

Morrison & Foerster LLP

Look Inside: California Commercial Financing Disclosure Regulations

On June 9, 2022, the California Office of Administrative Law approved the Department of Financial Protection and Innovation’s final regulations implementing California’s first-of-its-kind commercial financing disclosure law....more

Goodwin

California Finalizes Commercial Financing Disclosure Regulations

Goodwin on

On June 9, 2022, the California Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations requiring providers of commercial financing, including...more

Bradley Arant Boult Cummings LLP

New York Enacts Small Business Truth in Lending Disclosure Requirement Affecting Small Business Loans, MCAs, and Other Forms of...

A new year brings new compliance requirements for non-banks and fintechs conducting business in New York, including Merchant Cash Advance (MCA) companies. On December 23, 2020, New York Gov. Andrew Cuomo signed SB5470...more

Buchalter

CA DFPI One Step Closer to Finalizing CFL Commercial Loan Disclosure Regulations

Buchalter on

The California Department of Financial Protection and Innovation (fka Department of Business Oversight) is one step closer to issuing final regulations that would impose new early disclosure requirements on covered commercial...more

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