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.

August 2019

Regulation of Student Loan Servicers - Recent Enactments and a Look Ahead at Pending Legislation

By Ryan S. Stinneford and Thomas P. Quinn, Jr.

The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's Student Loan Servicers Law. In the July 2019 issue of Insights, we summarized other student loan servicer laws enacted this year in Colorado, Maine, Maryland, and Nevada. In this fourth and final installment of our series, we will summarize new student loan servicing legislation in New Jersey and Rhode Island and provide a brief snapshot of other student loan servicer legislation still pending. article continued

The Sun Also Rises on Annual Fees for New York Licensed Lenders

By Thomas P. Quinn, Jr.

In our February issue of Insights we highlighted the impending sunset of provisions in the New York Licensed Lender Act permitting the assessment of annual fees on open-end lines of credit. As referenced in that article, if New York did not act the ability of licensed lenders to assess that fee would cease on June 30th of this year. And cease it did - at least technically, for two days. article continued

Washington Regulator Interprets SCRA Scope Broadly

By Nicole F. Munro

The Servicemembers Civil Relief Act offers servicemembers financial protections, including the ability to have interest rates reduced to 6%, when a servicemember is called to active duty after entering into a credit transaction. The SCRA provides that non-mortgage installment credit with an interest rate greater than "6% per year incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember enters military service" may not bear interest greater than 6% during the period of military service. article continued

Is Your Website ADA Accessible?

By Erica A.N. Kramer and Ronald D. Gorsline

Last fall, Microsoft released its Xbox Adaptive Controller, which is made for those with limited mobility. As Microsoft artfully put it in a television commercial advertising the new product, "When everyone plays, we all win." Commercials like that one are welcome reminders that accessibility is important to consumers, and companies that make accessibility a priority win consumers' hearts - and their business. article continued

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