STATE ANTI-EVASION PROPOSALS MULTIPLY

Add Connecticut, Minnesota and South Carolina to your scorecard of states proposing broad anti-evasion provisions for licensing statutes. See Connecticut SB 1033: SB1033 | Connecticut 2023 | AN ACT CONCERNING VARIOUS REVISIONS TO THE BANKING STATUTES. | TrackBill; Minnesota SF 1635: S1635-1 (mn.gov); South Carolina S 518: Bill Text: SC S0518 | 2023-2024 | 125th General Assembly | Introduced | LegiScan. These states follow Illinois, Hawaii, New Mexico and Maine, which have already adopted versions of such provisions. See, e.g., our Alert of July 20, 2021. These broad provisions are typically targeted at disfavored “bank partnership”, fintech and other lending programs. Read More