News & Developments in Consumer Finance Law

Other News & Events

FinovateSpring 2010 - San Francisco

         
     Alicia Brown Oliver       Jason Mirmelstein          Justin B. Hosie

On Tuesday, May 11, 2010, Chambliss, Bahner & Stophel sponsored Finovate-Spring 2010 in San Francisco.  Alicia Oliver, Jason Mirmelstein and Justin Hosie attended the event, which showcased innovations in financial and banking technology from some of the most talented developers and entrepreneurs in the country.

We are looking forward to Finovate-Fall 2010 in New York City.  Please contact us if you would like to review some of the creative financial innovations in banking, financial institutions and payment systems showcased at the event.

Online Lenders Alliance Fall Conference - Chicago


H. Blake Sims

Consumer Finance Attorney Blake Sims will be presenting a workshop at this conference. This 3-day event attracts leaders in all areas of the lending industry, including executive-level decision makers, entrepreneurs, legal and legislative representatives, and those who fight to preserve consumer’s rights to specialty finance and short-term loan access.

The event will be held September 15-17th in Chicago, IL.



22nd FiSCA Annual Conference - Las Vegas 

 
Ronald D. Gorsline      Michael M. McSunas

Consumer Finance Attorney Ron Gorsline and Advertising Law Attorney Michael McSunas will be presenting two workshops at the FiSCA conference:

Federal Regulatory Update: From A to Z  Truth-In Lending, Arbitration, Privacy, Risk-Based Pricing, Red Flags, Bankruptcy, Open-End Credit & More   

Bringing Your Advertising and Marketing into the 21st Century - How to use Facebook, Twitter, Foursquare, Text Messaging and other new technologies to your advantage (and what you need to know so you don't break the law using them)

The conference will take place October 1-4, 2010 in Las Vegas.  Please visit our website at www.cbslawfirm.com/events for more information about this event.

FinovateFall 2010 - New York City

Members of our Consumer Financial Services Group will return to Manhattan for FinovateFall 2010. On October 4th and 5th, the event will showcase some of the biggest and most innovative new ideas in financial and banking technology from established leaders and start-up companies.

Wisconsin Legislature Changes its Consumer Loan Statute . . . and then the Governor Changes it Some More

Wisconsin's Legislature enacted House Bill 530 as 2009 Wisconsin Act 405, capping maximum loan amounts at $1,500 – or 35% of a customer's gross monthly income.  The legislation also only allows one loan rollover per customer.  These changes become effective January 1, 2011.

The new law restricts consumer lender locations and restricts title lending.  

In a partial veto, Governor Jim Doyle revised the Legislative definition of the term "payday loan,” imposing restrictions on payday loans longer than 90 days.    The Governor also prohibited post-maturity interest and mandated a payment plan option for each transaction.   Moreover, the Governor's veto seems to eliminate title lending, as a lending option in Wisconsin.

If you have any questions about this legislation or would like assistance in reviewing company procedures affected by the new rules, please do not hesitate to contact us.

Colorado Changes Deferred Deposit Lending Statute Reminders

The Colorado Legislature passed House Bill 10-1351, and it becomes effective on August 11, 2010.  Along with a variety of other changes, the permitted charges, minimum loan term, and prepayment provisions will all impact deferred deposit lending in Colorado.

The authorized interest rate provisions now authorize lenders to charge”45% per annum” as interest, for each loan.  The statute also authorizes a monthly maintenance fee for each outstanding loan, not to exceed $7.50 per $100 loan, up to $30 per month.   These charges are allowed in addition to the finance charge of 20% of the first $300 loaned, plus 7.5% of any amount loaned in excess of $300. 

The new minimum loan term will be six months from the loan transaction date.   Lenders will be required to accept prepayments and prohibited from charging prepayment penalties. 

Deferred deposit loans, practices and procedures related to Colorado   will require changes.  If you have any questions about this legislation or would like assistance in reviewing company procedures affected by the new rules, please do not hesitate to contact us.

Direct Dispute Furnishers Rule - Effective July 1, 2010

By:  Clint Heyworth

The Final FTC Furnishers Rule becomes effective on July 1, 2010.  The Furnishers Rule allows consumers to directly dispute the accuracy of credit report information, with the actual creditor.

Those who report information to credit reporting agencies will be required to maintain a Furnishers Rule Policy and typically investigate consumer disputes.  Please contact us for a copy of any of these rules or for assistance in drafting and implementing procedures to handle these new rules.