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
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
The California Office of Administrative Law (OAL) has approved the California Department of Financial Protection and Innovation's (DFPI) final regulations, which require providers of commercial financing, including nonbank...more
Spurred in part by the pandemic, regulators and legislators have been increasingly focused on the accessibility and transparency of loans to small-to-medium businesses. On the federal level, the CFPB is considering a rule...more
We wanted to apprise you of a significant development impacting the commercial non-real estate secured lending arena which until recently has been lightly regulated by the states. On March 24, 2022, Utah Governor Spence Cox...more
Last month, we reported on Maryland Senate Bill 825 and its companion House Bill 1211. The Senate Committee on Finance recently proposed material changes to Senate Bill 825, and the bill passed the Senate as modified. House...more
Lenders often finance items that are installed in and/or affixed to their customers’ other leased or financed assets. When these items, known as “accessions,” are part of the transaction, they are usually “perfected” by the...more
Recently, two federal courts issued decisions defining the detail needed in collateral descriptions in financing statements. This is significant because if the collateral description is not sufficient then the financing...more
The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more