A&B Abstract: On May 4, 2023, Governor Holcomb signed SEA 458, the Model Money Transmission Modernization Act (the “MTMA”), into law in Indiana. The MTMA repeals and replaces Indiana’s existing law on money transmitters and, in doing so, expands the definition of money transmission to include business purposes. The new law took effect on January […]
OCC Issues Guidance on “Buy Now, Pay Later” Lending
A&B Abstract: On December 6, 2023, the Office of the Comptroller of the Currency (OCC) issued a bulletin aimed at providing guidance to national banks and federal savings associations (“Financial Institutions”) involved in “buy now, pay later” (BNPL) lending. The advisory emphasizes the need for these Financial Institutions to carefully manage risks associated with BNPL, […]
Georgia, Florida, Connecticut Enact Commercial Financial Disclosure Laws
A&B Abstract: Georgia, Florida, and Connecticut are among a growing list of states, including California, New York, Utah, and Virginia, that have enacted laws requiring consumer-style disclosures for commercial financing transactions. These laws are part of a burgeoning trend by state legislatures to impose burdensome disclosures, like those required by the federal Truth in Lending Act […]
New York’s Commercial Finance Disclosure Law Set to Take Effect August 1, 2023
A&B Abstract: New York is one of the first states that enacted laws requiring consumer-style disclosures for commercial financing transactions (the “New York Law”). Previously, the New York Department of Financial Services (“NYDFS”) issued guidance stating that compliance with the requirements would be delayed until it issued final implementing regulations. Those final regulations were published […]
California DFPI Digital Asset Lending Regulatory Year in Review
A&B ABstract: In December of 2022 California released an interagency progress report (“Report”) analyzing the current regulatory status of Web3, Crypto Assets, and Blockchain. The report was prepared pursuant to Executive Order N-9-22 (the “Order”) issued by California Governor Gavin Newsome on May 4, 2022, which declared California’s intent to regulate blockchain, including crypto assets […]