Firm News

Effective July 1, 2021, the Wyoming Consumer Credit Code (WCCC) is amended to make a number of changes, including repealing the provisions regarding supervised loans and making the former supervised loans subject to the existing provisions relating to consumer loans, exempting supervised financial institutions from notification requirements, requiring registration for consumer Read More

On March 23, 2021, the Illinois Governor signed the Predatory Loan Prevention Act into law. The Act prohibits lenders from charging more than 36% APR on all consumer loans, including closed-end and open-end credit, retail installment sales contracts and motor vehicle retail installment sales contracts. Read More

On March 16, the Ohio governor signed into law Ohio S.B. No. 13, a bill shortening the statute of limitations for actions upon written contracts to six years after the cause of action accrues. The bill also establishes a statute of limitations of six years after the cause of action accrues on actions arising out of a consumer transaction incurred primarily for personal, family or household purposes Read More

On March 15, 2021, the California Office of Administrative Law approved the third and fourth sets of proposed modifications to the California Consumer Privacy Act (“CCPA”) Regulations. See our prior ALERTS dated Oct. 14, 2020 and Dec. 11, 2020 for full details of these proposed modifications. These newly approved regulations are effective immediately. Read More

The U.S. District Court for the District of Kansas recently held the Kansas surcharge statute (Section 16a-2-403) to be an unconstitutional restriction on a merchant’s freedom of speech. CardX, LLC v. Schmidt, No. 20-2274-JWB (D. Kan. Feb. 25, 2021). Read More

On March 2, 2021, the Utah House and Senate passed the Cybersecurity Affirmative Defense Act. The Act applies to “persons,” a term defined to include a financial institution organized, chartered or holding a license authorizing operation under the law of Utah, another state or another country. Read More

On March 2, 2021, the Virginia Governor signed the Consumer Data Protection Act, making Virginia the second state to pass a comprehensive consumer data privacy law. The Act passed during Virginia’s Special Legislative Session after both the House and Senate agreed to an amendment that creates a working group to review the provisions of the Act and issues related to its implementation. The working group is tasked with submitting findings, best practices and recommendations regarding the implementation of the Act no later than November 1, 2021. Read More

Both houses of the Ohio General Assembly have passed Ohio S.B. No. 13, a bill shortening the statute of limitations for actions upon written contracts to six years after the cause of action accrues. The bill also shortens the statute of limitations on oral contracts to four years after the cause of action accrues. Read More

On February 16, 2021, the New York Governor signed S.898, a bill that amends the New York commercial financing disclosure statute to expand the scope of the statute and delay the effective date. See our prior ALERT dated Dec. 29, 2020 for details about the commercial financing disclosure statute…Read More

The Consumer Financial Protection Bureau’s (“CFPB”) Acting Director Dave Uejio announced in a blog post that he has directed the Division of Research, Markets and Regulation (“RMR”) to end the CFPB’s “pause on quarterly Home Mortgage Disclosure Act (“HMDA”) reporting, CARD Act data collection and more that was ” implemented around the start of the COVID-19 pandemic…Read More