Most consumers have signed up for subscriptions, automatic deliveries, or free trials that convert into a paid subscription. In this episode of The Crypto Exchange, Carlin McCrory welcomes colleagues Mark Furletti and Jill Dolan to discuss legal and regulatory developments related to autorenewals — the recurring payments for these subscriptions. Our panel examines state
On March 29, the New Mexico Financial Institutions Division of the Regulation and Licensing Department’s (NM FID) new rule on the New Mexico-Annual Percentage Rate (NM-APR) becomes effective. We previously blogged about New Mexico’s 36% APR cap on loans of $10,000 or less under the Small Loan Act (SLA) and Bank Installment Loan Act (BILA)
Most consumers have signed up for subscriptions, automatic deliveries, or free trials that convert into a paid subscription. In this episode of The Crypto Exchange, Carlin McCrory welcomes colleagues Mark Furletti and Jill Dolan to discuss legal and regulatory developments related to autorenewals — the recurring payments for these subscriptions. Our panel examines state
In February, Massachusetts Attorney General Joy Campbell announced a $6.5 million settlement with Safe Home Security, its CEO, and affiliated companies to resolve allegations that their practices violated state consumer protection laws by “trapping Massachusetts consumers in long-term auto renewal contracts” and engaging in illegal debt collection practices, among other activities.
According to the Consent
On March 2, Florida State Representative Doug Bankston introduced HB1353, the Florida Commercial Financing Disclosure Law, that would mandate covered commercial financing companies provide consumer-like disclosures for certain commercial financing transactions. The law would also define and prohibit specific acts by brokers of those transactions, including the collection of advance fees. New York, California, Utah
The Federal Trade Commission (FTC) announced that it is launching an inquiry into the small business credit reporting industry. Specifically, it is ordering five firms to provide detailed information about their products and processes.
According to the FTC, the impetus for this inquiry is that unlike consumer reports, which are governed by the Fair Credit
On March 8, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights report, focusing once again on fees assessed in relation to bank account deposits, auto loan servicing, mortgage loan servicing, payday lending, and student loan servicing. As the Supervisory Highlights reveal, the CFPB continues to scrutinize and challenge fees
Last year, Missouri State Senator Justin Brown (R) introduced a bill that would have imposed certain mandatory disclosure requirements for commercial financing transactions. Ultimately, the bill failed to advance. On December 1, 2022, Senator Brown reintroduced a similar bill, known as SB 187, which also requires registration of a commercial financing broker. The bill
On March 1, the Consumer Financial Protection Bureau (CFPB) issued an issue spotlight highlighting concerns about prepaid card programs for accessing public assistance benefits. In particular, the spotlight notes “specific recurring issues” related to cash assistance benefits including Social Security, Temporary Assistance for Needy Families (TANF), and unemployment benefits that are provided on prepaid cards.
As we reported here, late last year, the Consumer Financial Protection Bureau (CFPB) signaled that it planned to increase scrutiny of the Buy Now, Pay Later (BNPL) industry and issued its first report about BNPL. Yesterday, the CFPB issued a report exploring the financial profiles of BNPL borrowers. According to the CFPB, on average,