NY Prohibits Debt Collection Through Social Media
New York recently passed an amendment to its general business law prohibiting creditors from using social media platforms to collect on a debtor. The amendment... Read More
State Regulatory Developments
Illinois Amends Community Reinvestment Act Fees, Implementation Period
The Illinois Department of Financial and Professional Regulation (IDFPR) recently amended its examination fees for the state’s community reinvestment act (CRA). The amendment requires covered... Read More
MA Amends Law Regarding Certain Shared Appreciation Mortgages
Massachusetts recently amended its law to, among other things, include provisions specific to shared appreciation mortgages made by certain nonprofit entities. The new provisions state... Read More
MD Implements New Regulations for Shared Appreciation Agreements
New regulations under the Maryland Mortgage Lender Law have become effective governing Shared Appreciation Agreements (SAAs) in Maryland. Key changes introduced by the new regulations... Read More
Texas Adopts New Rules Governing Mortgage Companies and MLOs
The Texas Department of Savings and Mortgage Lending (SML) recently adopted new comprehensive rules governing mortgage loan companies, mortgage bankers, individual residential mortgage loan originators,... Read More
CA DFPI Revokes CFL License of Crypto Lender
The California Department of Financial Protection and Innovation (DFPI) recently announced a settlement agreement with a crypto lender that, among other things, revoked the company’s... Read More
CA Enacts Laws Affecting NSF Fees Charged by Banks, Credit Unions
California recently enacted a law that prohibits banks and credit unions subject to the examination authority of the Commissioner of Financial Protection and Innovation from... Read More
Tennessee Increases License Fees for Non-Depositories
The Tennessee Department of Financial Institutions recently announced its 2024-2025 non-depository financial institution annual supervision fees, which are paid at either application or renewal of... Read More
CA DFPI Brings Enforcement Actions Against Student Loan Debt Relief Companies
The California Department of Financial Protection and Innovation (DFPI) recently announced that it has taken action against three student loan debt relief companies for (i)... Read More
NY DFS Issues Guidance on Strategies to Combat AI Risks
The New York Department of Financial Services (DFS) recently issued guidance on cybersecurity risks arising from artificial intelligence (AI) and provided strategies to combat related... Read More
CA Expands Debt Collection Law to Include Certain Commercial Debts
California has amended its Rosenthal Fair Debt Collection Practices Act so that many of the Act’s provisions governing debt collection procedures now cover certain commercial... Read More
CA Enacts Law Requiring Lenders to Allow Certain Mortgage Assumptions
California recently enacted a law that will require conventional mortgage loans secured by dwellings with multiple borrowers to include provisions allowing existing borrowers to assume... Read More
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