In a recent decision from the Eastern District of Virginia, the court dismissed Fair Credit Reporting Act (FCRA) claims brought by a consumer who never received the vehicle he attempted to purchase with an auto loan. Despite acknowledging the underlying fraud in the transaction, the court held that the dispute over whether the consumer still
On May 2, JAMS announced its new Mass Arbitration Procedures and Guidelines and Mass Arbitration Procedures Fee Schedule (together, the Procedures), with the express goal to “facilitate the fair, expeditious and efficient resolution of Mass Arbitrations” and implicit intent to reduce the administrative burden and onerous fees of mass arbitrations, as well as the delay and potential unfairness to the parties. While effective immediately, the Procedures only apply if the parties have agreed to their application in a pre- or post-dispute written agreement. This limitation significantly decreases the effectiveness of the Procedures as a tool for hedging risks and limiting the high costs of mass arbitration.
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2023. Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 140 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2023, but also what to expect — and how to prepare — for the months ahead.
In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt. Now, Washington’s high court has rendered its decisions on the topic, joining the handful of states to address this trending issue.
Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.
On April 24, the Colorado Supreme Court issued a highly anticipated decision, available here. The state supreme court reviewed the court of appeals’
The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract.
Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § 12-548. A lender must enforce the debt through foreclosure
The district court for the Northern District of California recently granted a motion to deny class certification in an action brought under the Telephone Consumer Protection Act (TCPA) based on the plaintiff’s inability to vigorously represent the class.
In Trim v. Mayvenn, Inc., the named plaintiff alleged that, although she registered her cell phone
The Arizona Supreme Court just issued a significant and favorable foreclosure statute of limitations decision in Bridges v. Nationstar Mortgage LLC, — P.3d —, 2022 WL 3905320. It held that recording a notice of trustee’s sale does not evidence a debt’s acceleration. The opinion is significant because borrowers in Arizona routinely argue that recording