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Connecticut and Florida Join the Fray, Enact Commercial Finance Disclosure Laws

By Francis L. Doorley, Krista Cooley, Daniel Pearson, Steven M. Kaplan, Eric T. Mitzenmacher & Jeffrey P. Taft on July 31, 2023
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Following closely on the heels of a Georgia law enacted in May, Connecticut and Florida have become the latest states to enact laws requiring providers of small business financing to provide disclosures to recipients—and in Connecticut’s case, to require certain commercial finance providers to register with the state. We examine the unique and interesting provisions in these laws, and what the new laws might signal for the regulatory landscape in coming years, in Mayer Brown’s Legal Update.

Photo of Francis L. Doorley Francis L. Doorley

Frank Doorley is a partner in Mayer Brown’s Washington DC office and a member of the Financial Services Regulatory & Enforcement group. He handles a broad range of federal and state regulatory compliance matters, primarily for consumer financial product and service providers.  Frank…

Frank Doorley is a partner in Mayer Brown’s Washington DC office and a member of the Financial Services Regulatory & Enforcement group. He handles a broad range of federal and state regulatory compliance matters, primarily for consumer financial product and service providers.  Frank has significant experience advising lenders, consumer finance providers, and investors on compliance obligations under federal and state law. His experience covers a range of products and program structures, including Fintech and marketplace lending programs, retail and home improvement financing, general-purpose unsecured credit, and small business lending and alternative financing. He regularly provides guidance on federal consumer financial laws such as the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA) and the CFPB Mortgage Servicing Rules, Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Servicemembers Civil Relief Act (SCRA) and prohibitions on unfair, deceptive, and abusive acts and practices (UDAAP).

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Photo of Steven M. Kaplan Steven M. Kaplan

Steven Kaplan is a partner in Mayer Brown’s Washington DC office and a member of the Consumer Financial Services group. He concentrates his practice on matters related to consumer financial products and represents clients in federal and state supervisory matters, investigations and enforcement…

Steven Kaplan is a partner in Mayer Brown’s Washington DC office and a member of the Consumer Financial Services group. He concentrates his practice on matters related to consumer financial products and represents clients in federal and state supervisory matters, investigations and enforcement proceedings. He also advises clients on compliance with federal and state laws governing licensing and practices of financial institutions, mortgage lenders, consumer finance companies, loan servicers, prepaid card issuers, payment system providers and secondary market participants. Steven acts as regulatory counsel in connection with investments or acquisitions related to consumer loans and other consumer financial products and performing regulatory compliance due diligence. Additionally, Steven assists with structuring operations and developing compliance management systems and due diligence programs and with litigation involving regulatory compliance matters.

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Photo of Jeffrey P. Taft Jeffrey P. Taft

Jeffrey Taft is a partner in the Firm’s Financial Services Regulatory & Enforcement group and the Cybersecurity and Data Privacy practice. His practice focuses primarily on bank regulation, bank receivership and insolvency issues, payment systems, consumer financial services and cybersecurity/privacy issues. He has…

Jeffrey Taft is a partner in the Firm’s Financial Services Regulatory & Enforcement group and the Cybersecurity and Data Privacy practice. His practice focuses primarily on bank regulation, bank receivership and insolvency issues, payment systems, consumer financial services and cybersecurity/privacy issues. He has extensive experience counseling financial institutions, merchants, technology companies and other entities on various federal and state banking and consumer credit issues, including compliance with the Bank Holding Company Act, National Bank Act, International Banking Act, Consumer Financial Protection Act, Truth-in-Lending Act, the Fair Credit Reporting Act, the Electronic Fund Transfer Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act, state unfair or deceptive acts or practices statutes, CFPB’s UDAAP authority and the development and implementation of privacy, cybersecurity and information security programs under the Gramm-Leach Bliley Act, the NYDFS cybersecurity regulation and industry standards, such as PCI DSS and NIST.

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  • Posted in:
    Financial
  • Blog:
    Consumer Financial Services Review
  • Organization:
    Mayer Brown
  • Article: View Original Source

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