The pace of legislative activity from this year’s current session can make it hard to stay abreast of new laws. The Consumer Finance ABStract’s “Consumer Finance State Roundup” is intended to provide a brief overview of recently enacted measures of potential interest. For this first installation, we are including additional measures enacted during the current […]
State Law
CFPB Issues Preemption Determination that State Commercial Financing Disclosure Laws Are Not Preempted By TILA
A&B Abstract: The Consumer Financial Protection Bureau (CFPB) recently announced that it issued a final preemption determination concluding that certain state disclosure laws applicable to commercial financing transactions in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act (TILA). As covered in a previous post, we note that […]
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 […]
States Continue Trend Supporting Remote Work for MLOs and Mortgage Company Employees
A&B ABstract: Effective July 1, Montana will become the latest jurisdiction to codify authorization for mortgage loan originators and mortgage company employees to engage in remote work. That legislation follows a general trend over the past year – and, more so, since the early days of the COVID-19 pandemic – to allow remote operations. No […]
Merrily the State CRAs Roll Along
A&B ABstract: While we wait on the final interagency rule from the Federal Reserve, OCC, and FDIC, Illinois and New York are continuing along with their state Community Reinvestment Acts (CRA). Illinois CRA Developments Illinois announced that it would hold public hearings, two on March 2, 2023 and a third on March 8, 2023, to […]