News & Analysis as of

Disclosure Requirements Truth in Lending Act (TILA) Small Business

Sheppard Mullin Richter & Hampton LLP

Federal Court Denies Request to Delay CFPB’s Small Business Lending Rule as Compliance Deadlines Approach

On November 15, the U.S. District Court for the Southern District of Texas overseeing the ongoing legal challenge to the CFPB’s Section 1071 small business lending rule, issued an order denying the plaintiff trade groups’...more

Ballard Spahr LLP

California federal district court grants summary judgment for DFPI in lawsuit challenging state’s regulations requiring...

Ballard Spahr LLP on

A California federal district court recently granted the motion for summary judgment filed by the California Department of Financial Protection and Innovation (DFPI) in the lawsuit filed by an advocacy organization seeking to...more

Womble Bond Dickinson

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

Womble Bond Dickinson on

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

Womble Bond Dickinson

Maryland Senate Passes Commercial Finance Disclosure Law: House will Now Consider Consumer Type Disclosures in Commercial Loans

Womble Bond Dickinson on

The Maryland Senate unanimously approved amended Senate Bill 496 last week – a measure proposed to curb perceived commercial lending abuses in Maryland by requiring additional financial disclosures when making loans to small...more

Troutman Pepper Locke

Illinois Legislature Introduces Bill to ‎‎Adopt TILA-Style ‎Commercial Lending Disclosures

Troutman Pepper Locke on

On February 10, 2023, the Illinois General Assembly introduced the “Small Business Truth in Lending Act”, which would require lenders to make TILA-like disclosures for small business commercial loans. If passed, Illinois...more

Moore & Van Allen PLLC

States Look to Impose Financing Disclosure Requirements on Commercial Loans and the CFPB Considers Potential TILA Preemption...

Moore & Van Allen PLLC on

In December 2021, the Bureau of Consumer Financial Protection (or the “CFPB”) issued a notice and request for comment (the “Notice”) on its intention to make a preemption determination regarding the Truth in Lending Act...more

Ballard Spahr LLP

Advocacy group files lawsuit challenging California regulations requiring consumer-like disclosures for commercial transactions

Ballard Spahr LLP on

On December 2, a non-profit advocacy organization filed a lawsuit in a California federal district court seeking to enjoin the California Department of Financial Protection and Innovation (DFPI) from enforcing the final...more

Hudson Cook, LLP

New York Passes Small Business Finance Disclosure Law

Hudson Cook, LLP on

On July 23, 2020, the New York legislature passed A10118A/S5470B requiring disclosures in various commercial financing transactions, including loans, merchant cash advances ("MCA"), and factoring transactions (the "Disclosure...more

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