Troutman Sanders

MARCH 8, 2023

As reported here , on September 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act. Pacific Time on the due date shall be credited as of that date and count as an on-time payment.

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Student loans Student Loans Loans Education 52

Better Credit Blog

MAY 17, 2022

One of the benefits of auto loans – which can actually be a problem – is that they’re so easy to get. Most auto loans are straightforward. But there are various types of auto loans that contain different provisions. If you don’t know what they are, you could pay too much for your loan. Auto Loans Can Be “Good Debt”.

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Loans Credit Unions Credit Unions Auto Insurance 83

Better Credit Blog

DECEMBER 17, 2021

If you’ve been considering buying a new car, but you’ve hesitated because you worry it will be expensive or the process of securing a loan will be too difficult, take heart. There are several steps you can take to get the best possible deal and make getting a loan, and eventually a car, a smoother process. Do Your Research.

Loans 71

Loans Credit Unions Credit Unions Lender 71

Troutman Sanders

MARCH 31, 2023

With this bill, Connecticut hopes to join several other states that have set strict rate caps on consumer loans, including Illinois, New Mexico, Colorado and California, and those that expressly provide for a predominant economic interest test for true lender purposes. Requires additional persons to obtain small loan licenses.

Banks 98

Banks Retail Loans Lender 98

Troutman Sanders

SEPTEMBER 12, 2022

On August 30, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act. In the last five years, education financing products, such as income share agreements and installment contracts, have emerged.

Student loans 52

Student loans Student Loans Loans Credit Unions 52

Account Recovery

AUGUST 21, 2020

The Court of Appeals for the Fourth Circuit has overturned a lower court’s dismissal of a lawsuit in which the seller of a portfolio of loans sued the buyer for allegedly violating the terms of their agreement when the buyer turned around and re-sold the loans to someone else, determining that a federally chartered credit … The post Appeals (..)

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Debt Buying Loans 147

Troutman Sanders

FEBRUARY 25, 2022

Specialized Loan Servicing LLC , holding that defendant Specialized Loan Servicing LLC (Specialized Loan) properly reported plaintiff Eric Mitchell’s (Mitchell) loan status by using a designation indicating “no payment history available this month.” Mitchell also claimed the reporting was a breach of contract.

Judgment 52

Judgment Loans Financial Institution Consumer Credit 52

Public Citizen

FEBRUARY 16, 2021

Engel have written Student Loan Reform: Rights Under the Law, Incentives Under Contract, and Mission Failure Under ED, Harvard Journal on Legislation, Forthcoming. Here's the abstract:  The federal student loan program is a disaster. The function of the SBPA would be to serve student loan borrowers.

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Student loans Student Loans Loans Creditor's Rights 67

Jimerson Firm

JANUARY 19, 2021

In traditional lending and loan servicing, it is commonplace for loans to be assumed, assigned, or sold. Assumption of SBA Loan. A borrower may request for another person to assume the borrower’s legal obligations and benefits under the SBA loan documents. Must have the ability to repay the SBA loan in full.

Loans 98

Loans Collateral Lender Financial services 98

Troutman Sanders

APRIL 17, 2023

District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like the interest rate or fees). Health Career Institute, LLC, et al.

Student loans 94

Student loans Student Loans Repossession Loans 94

Troutman Sanders

DECEMBER 28, 2023

McDuffie introduced B 25-0609 , entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). export” their home state’s interest-rate authority).

Lender 64

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Collection Industry News

SEPTEMBER 19, 2022

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws. revising certain existing regulations to remove requirements deemed unnecessary to reduce regulatory burden on student loan servicers.

Student loans 40

Student loans Student Loans Loans Education 40

Jimerson Firm

JANUARY 23, 2023

Imagine making a loan to a business for its use as start-up capital. Loan documents are drafted, and to secure payment, you retain an option to purchase equity in the company. The interest rate on the money lent is above market rate, but it doesn’t rise to the level of loan sharking. What is a usurious loan? 687.071(1).

Loans 52

Loans Lender Banks Trade 52

Troutman Sanders

FEBRUARY 23, 2024

In representing fintech companies and other lenders, we increasingly confront claims against debt buyers or entities with bank partner relationships brought under Pennsylvania’s Consumer Discount Company Act (CDCA) and the Loan Interest and Protection Law (LIPL). This section does not apply if no fee is received for the reference.

Debt collector 52

Debt collector Lender Loans Banks 52

Troutman Sanders

MARCH 6, 2024

House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly stating that EWA services offered under the new chapter are not loans or other form of credit or debt, and voluntary tips or gratuities are not interest or finance charges. Accepting payment from a consumer via credit card.

Credit Unions 52

Credit Unions Credit Unions Banks Debt collector 52

Troutman Sanders

MARCH 24, 2023

As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state. As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state.

Personal loans 52

Personal loans Loans Government Trade 52

Credit Corp

MARCH 21, 2023

Currently, individuals with outstanding student loan debt owe as much as $100,000 or more, with more than 40% owing between $20,000 and $99,999. If you’re struggling with student loan debt, you certainly aren’t alone. Understanding your loan is an important first step in creating a viable plan to pay it back.

Student loans 92

Student loans Student Loans Loans Lender 92

Credit Corp

MAY 9, 2023

Effect of Statute of Limitations on Your Credit Report What Is the Statute of Limitations on Collections by State? These statutes vary by state, type of debt and terms of the contract, if there is one. It’s important to understand that the statute of limitations doesn’t affect how long a debt can remain on your credit report.

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Collections Debt collector Creditors Student loans 97

Credit Corp

JANUARY 24, 2024

The credit approval process varies based on the type of credit you seek. Credit cards can take several days, loans can range from days to weeks, and mortgages can take weeks to a month. Lenders consider multiple factors when you apply for loans and credit cards , including your credit score and current finances.

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Lender Creditworthiness Loans Collateral 59

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Troutman Sanders

MARCH 18, 2024

HB 574 expressly exempts EWA offered by licensees under the new law from the licensed loan company provisions in Wis. Disclose, both in the contract and immediately before each transaction, that tips and gratuities are voluntary and that the offering of EWA services is not contingent on a tip.

Credit Unions 52

Credit Unions Credit Unions Banks Debt collector 52

ABI

JANUARY 19, 2024

1] The safe harbor rule set out in Section 546(e) of Title 11 of the United States Code (the “Bankruptcy Code”) provides, in part, that a trustee may not avoid a transfer made before the commencement of the case in connection with a securities contract, as defined in Section 741(7), made by, to, or for the benefit of a financial institution. [2]

Bankruptcy 40

Bankruptcy Financial Institution Loans Banks 40

Credit Corp

DECEMBER 1, 2020

The following is a guest post from Dr. David L Tuyo II, president and CEO of University Credit Union. What many people don’t realize is that now is the time to take advantage of low-interest loans. If you are not familiar with refinancing, it is essentially the process of replacing an existing mortgage with a new loan.

Loans 69

Loans Credit Unions Credit Unions Financial Institution 69

Troutman Sanders

FEBRUARY 1, 2024

Arizona’s proposed bill makes clear that EWA services are not considered to be loans or money transmissions, and voluntary tips or gratuities are not finance charges. Disclose, both in the contract and immediately before each transaction, that tips and gratuities are voluntary and that the offering of EWA services is not contingent on a tip.

Debt collector 84

Debt collector Debt Financing Collection Agencies Collections Agency 84

Credit Corp

MAY 16, 2023

These offers are a fairly new type of loan becoming increasingly popular across online retailers known as Buy Now, Pay Later. Similar to a loan, these services are paying for your purchase up front alongside your initial payment to the service. Be sure to check all terms and conditions before signing up for any loan agreement.

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Retail Loans Education Lender 98

Collection Industry News

OCTOBER 22, 2023

Amberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. She was done with her debt, or so she thought. exceeds $1.7

Student loans 40

Student loans Student Loans Loans Education 40

Credit Corp

JANUARY 11, 2024

Request a loan deferment If your financial difficulties are temporary, you may be able to request a pause on your car loan payments. If you’re interested in requesting a loan deferment, it’s crucial that you contact your lender as quickly as possible and before you miss a payment. Your original 60-month auto loan came with a 5.5%

Repossession 52

Repossession Lender Loans Bankruptcy 52

ABI

JANUARY 12, 2022

In In re Shoot the Moon, LLC , the United States Bankruptcy Court for the District of Montana held that a transaction between a restaurant business and a lender was a loan with a security interest in receivables as opposed to a sale with an ownership interest in receivables. [i] 8) the language of the agreement and the conduct of the parties.

Loans 40

Loans Bankruptcy Creditors Debtor 40

Troutman Sanders

MARCH 1, 2023

The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract. Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § In Velazquez v. FMZ Industries, Inc.

Foreclosure 52

Foreclosure Credit Card Debt Lender Financial Institution 52

Troutman Sanders

JULY 27, 2023

With renewable energy being a hot topic now, solar providers have multiple payment options to facilitate solar projects, including loans, retail installment contracts, leases, power purchase agreements, and tax credits. Transcript Payments and the Solar Industry (PDF)

Retail 52

Retail Loans 52

Collection Industry News

JUNE 20, 2022

The Department of Education is preparing a major overhaul for the current student loan servicing systems. ( iStock ). The Department of Education recently announced that it will overhaul its current federal student loan servicing systems, giving more power to borrowers to easily manage their student loans.

Student loans 40

Student loans Student Loans Education Loans 40

Collection Industry News

JULY 12, 2022

Discussion about whether President Biden will forgive $10,000 in student loans for all borrowers dominates headlines. But behind the scenes, Biden’s Department of Education has canceled tens of billions of dollars by turbocharging existing loan forgiveness programs. Source: site. Key components of the proposed regulations.

Student loans 40

Student loans Student Loans Education Loans 40

FFGN COLLECT NY

FEBRUARY 16, 2023

That money is often repaid with a percentage of the business’ credit card sales, what’s known as the hold-back percentage. These types of agreements are generally short-term contracts. The government does not regulate merchant cash advances because the government doesn’t consider MCAs loans.

Judgment 52

Judgment Collateral Government Loans 52

Troutman Sanders

FEBRUARY 3, 2023

The Middle District of Florida rounded out 2022 by ruling in conformance with Eleventh Circuit precedent that plaintiffs must have a factual, rather than legal, dispute to bring suit against a credit furnisher under §1681s-2b of the Fair Credit Reporting Act (FCRA). In Belair v. Holiday Inn Club Vacations Inc. ,

Loans 52

Loans Bankruptcy Trade Judgment 52

Troutman Sanders

SEPTEMBER 15, 2023

The Bureau asserts that these fees can create a high cost of credit. As a basis for its report, the CFPB stated it reviewed nearly 450 college websites to gather publicly available data on tuition payment plans and related contracts. Key findings of the report include: The CFPB observed varied and sometimes inconsistent disclosures.

Student loans 52

Student loans Student Loans Legal Rights Education 52

Sawin & Shea

DECEMBER 13, 2022

Whether it’s a student loan , a small business loan, or even a car loan, many find themselves in a situation where keeping up with payments is difficult due to circumstances outside of their control. What Is a Mortgage Loan Modification? This is not available only to individuals who have completely defaulted on a loan.

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Lawyers Bankruptcy Loans Lender 105

Nexa Collect

DECEMBER 12, 2021

You can build DeFi applications on the Ethereum blockchain that run smart contracts when conditions are met. . Besides this, there is a significant type of DeFi application that is being used in Decentralized exchanges, e-wallets, stablecoins, NFTs, flash loans, etc. It evolved by combining decentralized tech and finance.

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Collateral Banks Financial services Financial Institution 130