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State and Local Government Financial Institutions

Alston & Bird

Consumer Finance State Roundup

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The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from four states: Delaware:  Effective August 9, Senate Bill 245 amends mortgage foreclosure provisions of...more

Seyfarth Shaw LLP

The Week in Weed: September 2024

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. First, we have an update on the Missouri rules dealing with intoxicating hemp products. Then, we see the...more

Allen Matkins

A Critical Prepositional Phrase Is Missing From This California Statute

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It is a peculiar hubris of California's legislators that they often presume to extend the application of the state's laws beyond its legal borders.  Corporations Code Section 2115, for example, presumes to apply multiple...more

Sheppard Mullin Richter & Hampton LLP

Kansas Enacts Earned Wages Access Law

On April 19, less than a month after Wisconsin’s enacted legislation, Kansas has followed suited by enacting comprehensive earned wages access legislation. Kansas’ law is set to take effect immediately upon publication....more

Sheppard Mullin Richter & Hampton LLP

Kansas Introduces New Commercial Financing Disclosure Law

On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders. The law’s requirements apply to “providers” which are defined as persons who...more

Payactiv

Democrat Governor Tony Evers Signs Third Earned Wage Access Bill

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On March 21, Wisconsin Democrat Governor Tony Evers signed into law the country’s third earned wage access (EWA) bill, which recognizes EWA as a new and innovative financial service by creating a distinct license and...more

Lewis Roca

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

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In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Orrick, Herrington & Sutcliffe LLP

Utah amends its Consumer Sales Practices Act

On March 13, the Governor of Utah signed HB 443 (the “Act”), also known as the Utah Consumer Sales Practices Act Amendments, into law. The Act will amend class action lawsuits and will clarify provisions related to “targeted...more

Troutman Pepper

Proposed Legislation in Louisiana Aims to Regulate Commercial Financing Transactions

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On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial...more

Ballard Spahr LLP

Class Actions Are Testing the Limits of California Consumers’ “Right to Gripe”

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On September 9, 2014, then-Governor Jerry Brown of California signed into law Assembly Bill No. 2365. The law, which went into effect in January of 2015, prohibits contracts for the sale or lease of consumer goods from...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Ballard Spahr LLP

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Ballard Spahr LLP on

The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Sheppard Mullin Richter & Hampton LLP

State Comprehensive Privacy Laws – Beaver State Makes a Dozen

Oregon’s governor has now signed into law the state’s comprehensive privacy law. Meaning, there are now 12 states with these laws, six of which were passed just this year (others passed in 2023 were Iowa, Indiana, Tennessee,...more

Perkins Coie

Mapping Future Enforcement in US Gaming Law Based on Recent UK Enforcement

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Regulated gaming is booming in the United States. This is particularly true of newer forms of gambling, such as skill games, fantasy sports, and social casino games played on the internet and mobile applications. In fact,...more

Sheppard Mullin Richter & Hampton LLP

Michigan Supreme Court Limits Applicability of Usury Savings Clauses

On June 23, in Soaring Pine v. Park St Grp, the Michigan Supreme Court held that under certain circumstances, a lender cannot avoid liability for charging illegally high interest rates by including a usury savings clause in...more

Shutts & Bowen LLP

HB-3: An Overview of ESG Factors Relating to Public Funds Investment and Financial Industry Impacts

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On May 2, 2023, Florida Governor Ron DeSantis signed into law HB 3, also known as “An Act Relating to Government and Corporate Activism (the “Act”). The Act amends Florida Statute provisions relating to (i) deposits and...more

Pillsbury Winthrop Shaw Pittman LLP

Florida’s Response to ESG Investing

Governor DeSantis has signed a law prohibiting reliance on environmental, social and governance (ESG) for Florida’s funds. Banks and financial institutions could face administrative sanctions if found to discriminate...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights - V 4, Issue 1, January 2023

Big Boosts to Cybersecurity and Tech Funding in $1.7T Omnibus Bill Signed by Biden - “The bipartisan fiscal 2023 omnibus spending agreement includes $2.9 billion for the Cybersecurity and Infrastructure Security Agency, a...more

J.S. Held

Crosscurrents: J.S. Held’s Environmental, Social & Governance Observations (ESG Issues at the State Level)

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Right now, one big question for companies is, “How do you balance the demands of investors and consumers against the political backdrop both nationally and at the state level?”...more

Sheppard Mullin Richter & Hampton LLP

New York Publishes Proposed Rules on Commercial Financing Disclosures

On September 14, the New York Department of Financial Services (NYDFS) published a notice of proposed rules under New York’s Commercial Financing Disclosure Law (CFDL)...more

Perkins Coie

Where Is the SAFE Banking Act?

Perkins Coie on

As Congress continues to debate the SAFE Banking Act, cannabis business and financial institutions should pay close attention to the bill’s potential to transform the accessibility of banking and payment processing solutions...more

Allen Matkins

Are Applications Submitted To The DFPI Subject To Inspection Under The California Public Records Act?

Allen Matkins on

California's Public Records Act, Cal. Gov't Code § 6250 et seq., provides for public access to California state and local government records.  The PRA defines "public records" broadly to include "any writing containing...more

Bradley Arant Boult Cummings LLP

New Mexico Governor Signs Bill to Impose 36% Rate Cap and Tough Anti-Evasion Provisions

Beginning next year, New Mexico will join a handful of other states (including, among others, California, Illinois, and Colorado) setting stringent interest rate caps on consumer loans. House Bill 132, which Gov. Michelle...more

Bradley Arant Boult Cummings LLP

CannaBanking in Alabama: Will Financial Institutions See Green?

Medical cannabis is on the way in Alabama. What does that mean for Alabama banks? The implications of this development are enormous for the financial services industry in Alabama, as each institution will soon have to...more

Buchalter

OCC and FDIC “Valid When Made” Rule Reaffirmed: Interest Rate Limitations, or Lack Thereof, on Loans Made By National and State...

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Under the long-recognized valid when made doctrine, if a loan was not subject to a state usury law when it was made, it does not subsequently become even if it is subsequently sold or assigned to another party. The doctrine...more

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