Last year, California passed the California Consumer Financial Protection Law (“CCFPL”), which renamed the Department of Business Oversight as the Department of Financial Protection and Innovation (“DFPI”) and expanded the authority of the department, including increased regulatory authority related to certain financial products. Under that widened purview, the DFPI has now proposed regulations requiring registration […]
State Law
Application Deadline Looms Under California Debt Collection Licensing Act
On September 25, 2020, California Governor Gavin Newsom approved Senate Bill 908 – enacting the Debt Collection Licensing Act (DCLA). The DCLA, which takes effect January 1, 2022, requires a person or entity engaging in the business of debt collection in California to be licensed and provides for regulatory oversight of debt collectors by the […]
California, New York Create Disclosure Requirements for Commercial Financing Transactions
A&B ABstract: As a general matter, state regulation of commercial lending is relatively light, and few states impose licensing requirement on commercial loan origination. In two noteworthy state developments, however, California and New York will require loan “providers” to furnish certain consumer-like disclosures to prior to the consummation of commercial financing transactions. The California requirements […]
Colorado Privacy Act Becomes Third Comprehensive State Privacy Act in the United States
The Colorado Privacy Act (CPA) became law when Governor Jared Polis signed the bill on July 7, 2021. The CPA is the third general state privacy law in the United States, following the Virginia Consumer Data Protection Act (CDPA) and the California Consumer Privacy Act (CCPA), as amended by the California Privacy Rights Act (CPRA). Although the CPA does not provide […]
Colorado Becomes the Third State to Adopt a General Privacy Law
On July 7, Colorado became the third state behind California and Virginia to adopt a comprehensive privacy law when Governor Jared Polis signed the Colorado Privacy Act into law. The CPA contains many similarities to the Virginia Consumer Data Protection Act (VCDPA) and the California Consumer Privacy Act, as amended by the California Privacy Rights Act (CPRA). But there are […]