Today's Trends in Credit Regulation

Welcome to Hudson Cook Insights (formerly Basis Points) - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.

May 2017
By Latif Zaman

The New York Court of Appeals, the highest court in the state, recently answered three questions certified by the United States Court of Appeals for the Second Circuit regarding the scope of liability under a New York antidiscrimination statute, N.Y. Exec. Law § 296(15) of the New York State Human Rights Law ("NYSHRL"). See Griffin v. Sirva, Inc., _____ N.E.3d _____, 2017 WL 1712423 (2017). The scope of N.Y. Exec. Law § 296(15) is relevant not only to direct employers, but also to out of state companies employing contractors within the state of New York, and others doing business with those employers, such as background screening companies and credit reporting agencies, which could be subject to aiding and abetting liability.[more»]

By Eric Mulligan

On May 9, most laws from the 2017 Utah legislative session took effect. Several of these laws are relevant to the consumer financial services industry. Here's a rundown of some important changes: Mortgage Lending: House Bill 196 amends the Utah Residential Mortgage Practices and Licensing Act, Utah Code Ann. §§ 61-2c-101 et seq.[more»]

By Catharine S. Andricos

As a compliance attorney, I often advise clients about the need to limit their advertising claims and contractual promises. In a world where such limitations must be clear and conspicuous, it can be tricky to draft effective disclaimers. However, when it comes to disclaiming implied warranties, state law (in most states) simplifies things by providing that a dealer can disclaim the implied warranties of merchantability and fitness for a particular purpose by using the words "as is," "with all faults," or other language that, in common understanding, calls the buyer's attention to the exclusion of warranties and makes plain that there is no implied warranty. Even when a dealer uses these words, however, there are times when an implied warranty disclaimer may not be effective.[more»]

By Anastasia V. Caton

On April 18, 2017, the U.S. Supreme Court heard oral argument in the case of Henson v. Santander Consumer USA, Inc. The issue in the case was whether a company that regularly buys debt and then collects on that debt is a "debt collector" subject to the Fair Debt Collection Practices Act. It is clear under the language of the FDCPA that a third-party debt collector - someone who collects on behalf of another person and begins collecting once the account has already gone into default - is a "debt collector" subject to the FDCPA.[more»]

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InstallmentLaw
A monthly, multi-faceted legal reporting service for legal compliance professionals and law firms in the consumer unsecured and personal property-secured lending industry interested in installment lending, student lending, payday lending, title lending, pawn transactions, prepaid cards, and open-end lines of credit, including credit cards.

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