Today's Trends in Credit Regulation

Welcome to Hudson Cook Insights - 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.

February 2019

Compliance Hurdles with Proposed Anti-Discrimination Legislation

By Catherine M. Brennan

Democratic House Speaker Nancy Pelosi has taken up the mantle of the Equality Act, a law that would ban discrimination based on sexual orientation and gender identity in a broad swath of federal anti-discrimination laws. Although the bill has failed to pass for years, Speaker Pelosi has indicated that it is a priority to pass in 2019. Virtually every major business and corporation in the United States, including major financial institutions like Ally Financial, Bank of America, Capital One, Synchrony Financial, and Zillow, has either signed on to support the legislation[1] or has adopted internal policies that ban discrimination based on these characteristics (or both).[2] article continued

New York Licensed Lender Annual Fee Authority to Sunset. Or Will It?

By Tom Quinn

The New York Licensed Lender Act (the "Act"), which is nestled within the Empire State's Banking Laws, requires the licensure of nonbank lenders that extend consumer-purpose credit in amounts of $25,000 or less (or for business or commercial purposes in amounts of $50,000 or less) at a rate in excess of New York's civil usury limit. Like several other state lending laws in New York, the Act is a "no other charge" law, meaning that only those fees expressly authorized by the Act are permitted. article continued

Do You Think You Understand a Statute of Limitations? Think Again!

By Eric D. Mulligan

Statutes of limitations are devious creatures. You may look at one and remember "six months" or "two years," but the amount of time is not the only important part. Equally important is when the time starts running. "Within two years after the maturity of the debt" is very different from "within two years after the most recent payment." These statutes are often ambiguous, leaving courts to fill in the blanks, as one mortgage holder recently learned first-hand in Indiana. article continued

Arbitration Clause in Vehicle Retail Installment Contract Applies to Buyers' Defamation Claim Against Salesperson

By Latif Zaman

The enforceability and scope of consumer arbitration clauses are hot-button legal issues. In a recent case, a Florida appellate court addressed the scope of claims covered by an arbitration clause in a retail installment contract between a dealership and Florida buyers and held that the clause applied to a defamation claim the buyers filed against one of the dealership's salespeople. Sounds unusual, huh? Read on. Olga and Stanislav Kulinsky bought a vehicle from Countyline Auto Center, Inc., pursuant to a retail installment contract. Countyline later mistakenly repossessed the car. article continued

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