Legal Seminar, Denver, CO

Nebraska (L.B. 194) Makes substantial amendments to the Delayed Deposit Services Licensing Act including extending the limit on length of loans and how payments are applied, with payment amounts tied to the ability of the borrower to repay. The law also provides specific disclosure language, caps allowable fees, and amends the state’s installment loan act to provide that the minimum loan term is 6 months. [Effective July 18, 2018] Oklahoma (S.B. 1151) Authorizes the charging of convenience fees for certain electronic payments for consumer loans. [Effective November 1, 2018] Tennessee (Ch. 600) For loans made by industrial loan and thrifts, changes references from “the total amount of the loan” to the “amount financed” with regard to the interest rate restrictions. Defines “the amount financed” as the amount financed as disclosed under the federal TILA and Reg Z. [Effective March 23, 2018] Maryland (Ch. 480) Revises the current requirement that consumer credit reporting agencies obtain a registration from the Commissioner of Financial Regulation by, among other things, requiring a surety bond and transferring the registration process to NMLS. The new law also increases the supervisory and examination powers of the Commissioner. [Effective October 1, 2018] New York (23 NYCRR 201) The Superintendent of Banks has issued a new regulation “ Registration Requirements & Prohibited Practices for Credit Reporting Agencies .” • Registration with the Superintendent is required by every consumer credit reporting agency that, within the previous 12-month period, has assembled, evaluated, or maintained a consumer credit report on 1,000 or more New York consumers o Registrations must be submitted before September 15, 2018 for any agency required to register at any time between June 1 st and September 1 st of 2018 o Registrations must be renewed annually by February 1 st of each successive year. o The Superintendent may refuse to renew a registration if, after notice and hearing, it is determined that the registrant or any principal of the registrant, is not trustworthy and competent to act as a consumer credit reporting agency, there is cause for revocation or suspension, or the registrant has failed to comply with any minimum standard • Registrants are subject to examination as often as deemed necessary by the Superintendent • Annual reports will be required, and the Superintendent may require additional quarterly or other statements • Registrants will be deemed covered entities under the state’s Cybersecurity rules • The rule contains a list of prohibited practices for registrants and activities and practices that may result in revocation or suspension of a registration. Consumer Credit Reporting Enactments:

Credit Report Security Freezes

In the wake of recent data breaches, at least one-half of the states introduced bills addressing the