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  • Florida Law Expands Regulation of Consumer Debt Collection

    On May 27, Florida Governor Charlie Crist approved SB 2086 , a bill that amends the current statute regulating Florida consumer debt collection agencies. Specifically, the new law will: Enable the Florida Office of Financial Regulation (OFR) to more thoroughly investigate collection agencies...

  • Colorado Creates Board of Mortgage Loan Originators to Regulate Mortgage Companies

    On May 26, Colorado Governor Bill Ritter, Jr. signed a bill ( H.B. 10-1141 ) that (i) creates a new state mortgage regulatory division, the Board of Mortgage Loan Originators, and (ii) establishes registration deadlines for mortgage loan originators and mortgage companies via the Nationwide...

  • Vermont Enacts Law Restricting Certain Practices of Credit Card Companies

    On May 21, the Vermont legislature enacted S. 138 , a bill limiting certain practices of “electronic payment systems” (a defined term that includes most credit card companies). Under the new law, electronic payment systems would be prohibited from (i) imposing penalties on merchants that offer...

  • Maryland Enacts Reverse Mortgage Loan Legislation

    On May 20, Maryland Governor Martin O’Malley signed into law S.B. 878 , a bill setting forth requirements applicable to reverse mortgage loan lenders and arrangers of financing. Among other things, the bill: Requires reverse mortgage loan lenders and arrangers of financing to comply with certain...

  • Minnesota Law Amends Requirements for Reverse Mortgages, Foreclosure Notices

    On May 19, Minnesota Governor Tim Pawlenty signed SF 2430 , a bill that amends reverse mortgage loan and foreclosure notice requirements. Regarding reverse mortgage loans, the law: Provides for a seven-day “cooling off” period subsequent to a borrower’s written acceptance of a reverse mortgage...

  • Colorado Governor Signs Bill on Refund Anticipation Loans

    On May 19, Colorado Governor Bill Ritter signed HB 10-1400 , a bill that creates protections for Colorado consumers seeking refund anticipation loans (RALs). RALs are loans made based on a borrower’s anticipated income tax refund. The bill establishes the Refund Anticipation Loan Act (RAL Act),...

  • Wisconsin Enacts Payday Lending Reform; Prohibits Motor Vehicle Title Loans

    On May 18, Wisconsin Governor Jim Doyle signed SB 530 , a bill that increases the regulation of payday loans and bans motor vehicle title loans. The law tightens existing payday loan restrictions by (i) capping maximum loan amounts, (ii) limiting rollover loans at one-per-customer, (iii)...

  • Minnesota Passes SAFE Act Legislation

    On May 14, Minnesota Governor Tim Pawlenty signed SF 2510 , an omnibus bill including provisions to effect the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The bill requires mortgage loan originators to (i) register with the Nationwide...

  • Ninth Circuit Rejects Use of California UCL to Interpret FTC Act

    On May 14, the U.S. Court of Appeals for the Ninth Circuit held that the California Unfair Competition Law (UCL) was not necessary to interpret a claim brought by the Federal Trade Commission (FTC) under the FTC Act. F.T.C. v. Neovi, Inc., No. 09-55093, 2010 WL 1930229 (9th Cir. May 14, 2010). In...

  • Virginia Federal Court Dismisses Note-Splitting Claims in Foreclosure Case

    On May 13, the U.S. District Court for the Eastern District of Virginia rejected “splitting the note” and “illegal gambling” claims regarding credit default swaps on, and the securitization of, a mortgage loan. Ruggia v. Wash. Mutual , No. 1:09-cv-1067, 2010 WL 1957218 (E.D. Va. May 13, 2010). In...