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CounselorLibrary

CounselorLibrary.com, LLC, an affiliate of the law firm of Hudson Cook, LLP, is the leading compliance resource for the consumer financial services and privacy industries, providing comprehensive coverage and analysis of federal and state laws, regulations, and litigation. Select a category below, or view all products.

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(9 days ago) Online legal tools for finance compliance professionals, covering consumer credit finance and privacy, state and federal laws, legislation, regulations, and litigation.

Category:  Laws,  Finance Go Now

CounselorLibrary Consumer Credit Compliance Products

(8 days ago) CounselorLibrary.com, LLC, an affiliate of the law firm of Hudson Cook, LLP, is the leading compliance resource for the consumer financial services and privacy industries, providing comprehensive coverage and analysis of federal and state …

Category:  Laws Go Now

CounselorLibrary

(2 days ago) CounselorLibrary.com, LLC, an affiliate of the law firm of Hudson Cook, LLP, is the leading compliance resource for the consumer financial services and privacy industries, providing comprehensive coverage and analysis of federal and state laws, regulations, and litigation.

Category:  Laws Go Now

CounselorLibrary

(7 days ago) Sometimes compliance with one consumer protection law might cause you to unwittingly violate another consumer protection law. The information-sharing provisions of the federal Fair Debt Collection Practices Act and the federal Gramm-Leach-Bliley Act illustrate how you might run into trouble, even if you plan to comply with both laws.

Category:  Laws Go Now

CounselorLibrary

(7 days ago) Arkansas has case law on the books effectively requiring a “strict compliance” letter, but the highest appellate court in Arkansas held last year that certain other contract terms make the creditor’s “waiver” ineffective so that the creditor may repossess without notice even if the creditor accepted late payments in the past. In Mose v.

Category:  Laws Go Now

CounselorLibrary

(7 days ago) *This survey of state law changes should not be viewed as a comprehensive list. Please see the state sections of HouseLaw for additional legislation. Daniel J. Laudicina is a partner in the Hanover, Maryland office of Hudson Cook, LLP. Dan can be reached at 410-865-5435 or by email at [email protected]

Category:  Laws Go Now

CounselorLibrary

(7 days ago) In response to the question certified by the Second Circuit, the New York Court of Appeals has opined that the Judiciary Law prohibiting champerty – the purchase of a claim for the purpose of allowing the purchaser to commence an action or proceeding – “does not apply when the purpose of the assignment is the collection of a legitimate

Category:  Laws Go Now

CounselorLibrary

(7 days ago) The law does not provide any deferral protection for unsecured debt other than credit card debt. Another provision of the amendments effective January 1, 2011, extends these protections to the spouse or legal dependent of a reservist or member of the National Guard called to active duty. Due to the nature of community debt in California, this

Category:  Laws Go Now

CounselorLibrary

(7 days ago) The model state law similarly requires state-licensing of loan processors and underwriters only when they are employed as independent contractors. The licensing requirement, of course, means that independent contractors performing loan processing or underwriting functions must undergo the same background checks, undertake the same rigorous pre

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(7 days ago) When the law treats the dealer and assignee differently, we refer to the parties as "dealer" and "holder." The Collection responses assume the creditor is collecting the debt in its own name and that it originated or acquired the debt before default. The Collection responses do not address third-party collection or debt buyers.

Category:  Laws Go Now

CounselorLibrary

(8 days ago) State law governing GAP, credit insurance and vehicle service contracts in many states provides that consumers are entitled to a full refund of the purchase price or insurance premium if the consumer cancels during an initial "free look period." Significantly, while state law governing "free look period" requirements expressly contemplates

Category:  Laws Go Now

Consumer Credit Compliance

(6 days ago) Unlike other database products, when an issue is not addressed by state law, the StateLaw Databases provide a "reasoned" answer. You can produce 51-jurisdiction reports on topics like finance charge rates, late charges, grace periods, GAP, other fees and charges, licensing - more than 100 topics per product - in a couple of minutes.

Category:  Finance Go Now

CounselorLibrary Consumer Credit Compliance Products

(7 days ago) When the law treats the original lessor and assignee differently, we refer to the parties as "lessor" and "holder." Questions in the following categories are addressed: For a personal guided tour and free trial, please contact Michael Willer at 614-855-0505, or by email.

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(7 days ago) In Auto Dealer, the term "creditor" applies to the dealer and to any subsequent assignee of a retail installment sale contract. When the law treats the dealer and assignee differently, we refer to the parties as "dealer" and "holder." Questions in the following categories are addressed:

Category:  Laws Go Now

CounselorLibrary

(7 days ago) In the rest of New York, that should continue to be the law, at least for now. But, to be safe, sellers and sales finance companies should avoid using the terms "interest" and "loan" in connection with retail installment sales contracts. Geoffrey C. Rogers is a partner in the New York office of Hudson Cook, LLP.

Category:  Finance Go Now

Consumer Credit Compliance

(5 days ago) CARLAW F&I Legal Desk Book: 363 Things to Know About Auto Dealer Finance provides a compliance roadmap for "green pea" and seasoned compliance officers alike. Each chapter addresses a topic of crucial interest to dealerships. The topics cover the compliance waterfront, and include: The Truth in Lending Act and Regulation Z.

Category:  Finance Go Now

CounselorLibrary

(7 days ago) Nicole F. Munro is a partner in the Maryland office of Hudson Cook, LLP. Nikki can be reached at 410-865-5430 or by email at [email protected] Shawnielle D. Predeoux is a law clerk in the Maryland office of Hudson Cook, LLP. Shawnielle can be reached at 410-865-5425 or by email at [email protected]

Category:  Laws Go Now

Consumer Credit Compliance

(7 days ago) InstallmentLaw™ is a monthly, multi-faceted legal reporting service for legal compliance professionals and law firms in the consumer unsecured and personal property-secured lending industry interested in installment lending, student lending, payday lending, title lending, pawn transactions, rent-to-own transactions, prepaid cards, and open-end lines of credit, including …

Category:  Laws Go Now

CounselorLibrary

(8 days ago) The law firm sent Kaiser a letter demanding payment that referenced the possibility of a lawsuit if he failed to pay. When Kaiser did not pay in response to the letter, the law firm sued in Oregon state court on behalf of the creditor. The date of the lawsuit was more than four years but less than six years after Kaiser's default.

Category:  Laws Go Now

Conference Details

(8 days ago) Conference Details. Join us on May 18-19, 2021 at the virtual Financial Services Conference. Join us for two fast-paced days of engaging programming addressing important topics affecting the consumer, commercial, and alternative finance industry. Register your compliance officers, legal counsel, CEO, president, corporate officers, board members

Category:  Finance Go Now

Consumer Credit Compliance

(5 days ago) 70K+ State Law Answers. 2K+ Pending Actions Tracked. Products > Legal Reporters . Legal Reporters Current federal and state legislative, regulatory, and litigation developments. Our legal reporters provide comprehensive tracking of federal and state laws, regulations, litigation, and other industry items of interest. Our editors identify and

Category:  Laws Go Now

Consumer Credit Compliance

(4 days ago) by Thomas B. Hudson. Tom Hudson's lively legal wit and wisdom in CARLAW will not only entertain, but will also inform dealers and laymen alike. Both groups can benefit from this wide-ranging collection of stories illustrating the perils of automobile litigation and the ways to avoid it. With topics like, "A Bad Day in Dealerville", "Terrorism

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(6 days ago) Installment Licensed Lender covers laws that apply to the following types of consumer-purpose loans, in any amount: unsecured. secured by motor vehicles or other consumer goods. open-end lines of credit. closed-end loans. The product addresses issues in a question/answer format, and includes questions on licensing, fee and payment limitations

Category:  Laws Go Now

CounselorLibrary

(7 days ago) In 2008, the American Law Institute (ALI) and the Uniform Law Commission (ULC) (also known as the National Conference of Commissioners on Uniform State Laws, or NCCUSL) formed a Uniform Commercial Code (UCC) Article 9 Joint Review Committee (Committee) to make limited revisions to the 1999 version of UCC Article 9 (Secured Transactions).

Category:  Laws Go Now

CounselorLibrary

(7 days ago) Section 1402 of the Dodd-Frank Act imposes certain standards of care on “mortgage originators,” including a requirement that mortgage originators be qualified and “when required, registered and licensed” as mortgage loan originators in accordance …

Category:  Laws Go Now

CounselorLibrary

(4 days ago) Even if this is old hat for your operation, a little fine tuning can go a long way in helping to reduce liability from regulators and plaintiffs' attorneys who continue to be keyed into this issue. Catharine Andricos is a partner in the Washington, D.C., office of Hudson Cook, LLP. Catharine can be reached at 202-327-9706 or by email at

Category:  Laws Go Now

CounselorLibrary

(7 days ago) Tribal lenders take the position that the loans are lawfully entered into on tribal land in accordance with tribal law, and that borrowers electronically agree that tribal law governs the loan transaction. State Attorneys General in California, Colorado, and elsewhere have contended that these transactions violate state law.

Category:  Laws Go Now

CounselorLibrary

(8 days ago) The biggest change from 10 years ago comes from the Supreme Court's decision in Seila Law. The Bureau was created to be an independent agency whose Director could only be fired for cause. As a result of Seila Law, the Director now serves at the pleasure of the President and can be fired at will. What Congress created as an independent agency is

Category:  Laws Go Now

CounselorLibrary

(7 days ago) Retail sellers should therefore pay careful attention to the federal and state law distinctions made between credit card surcharges, cash discounts, and mark-ups or lost discounts associated with retail installment credit sales. Elizabeth C. Yen is a partner in the Connecticut office of Hudson Cook, LLP. Elizabeth can be reached at 203-776-1911

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(6 days ago) The responses cover the following types of mortgage products: closed-end loans. open-end lines of credit ("HELOCs") first and junior lien loans. purchase money and non-purchase money loans. variable and fixed rate loans. Mortgage Servicing includes information about servicing issues related to high-cost loans, but is not a comprehensive

Category:  Laws Go Now

CounselorLibrary

(7 days ago) The California law, effective on January 1, 2013, was designed to provide new industry standards in response to several articles published in the Los Angeles Times alleging bad practices by buy-here, pay-here dealers. With respect to payment assurance technology, the bill prohibits a BHPH dealer from, after the sale of the vehicle, tracking the

Category:  Laws Go Now

CounselorLibrary

(8 days ago) On May 1, 2018, Oklahoma Governor Mary Fallin signed House Bill 3260 into law. Effective immediately, the new law expands the crime of stalking to include the act of "following," defined as the "tracking of the movement or location of an individual through the use of a Global Positioning System (GPS) device or other monitoring device … without the consent of the …

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(7 days ago) The following types of direct lending products are covered: unsecured. secured by motor vehicles or other consumer goods. open-end lines of credit. closed-end loans. The responses are based on the law applicable to a state-chartered FDIC-insured depository institution in each state. In addition, Installment Banks includes all potential federal

Category:  Bank Go Now

Sample Spot Delivery

(4 days ago) (see WARRANTY LAW, page 4) WARRANTY LAW from page 1 3 court in Arkansas determined that checking this box is not always enough to disclaim an express warranty. The case tells us something else: be careful what you say— or text—in a vehicle transaction because those words could come back to haunt you in 5.8 million ways.

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(6 days ago) In Goods and Services Indirect, the term “creditor” applies to the seller and to any subsequent assignee of a retail installment sale contract. When the law treats the seller and assignee differently, we refer to the parties as "seller" and "holder." Questions in …

Category:  Laws Go Now

Consumer Credit Compliance

(3 days ago) Online legal tools for finance compliance professionals, covering consumer credit finance and privacy, state and federal laws, legislation, regulations, and litigation.

Category:  Laws,  Finance Go Now

CounselorLibrary

(7 days ago) In opposing the state law-law claim for breach of fiduciary duty, M&T argued that the debtor-creditor relationship does not constitute a fiduciary relationship as a matter of law. The Parks disagreed and claimed that the bank owed them a fiduciary duty to disclose all terms of the first mortgage, to diligently review closing documents, and to

Category:  Bank Go Now

CounselorLibrary

(8 days ago) The debtors argued, among other things, that their transactions were invalid under Alabama law because TitleMax failed to take possession of endorsed certificates of title and keys to the vehicles in connection with the transactions, as they alleged was necessary under the Alabama Pawnshop Act for TitleMax to establish "possession" of the vehicles.

Category:  Laws Go Now

CounselorLibrary

(8 days ago) While some are more likely than others to pass such a law, the takeaway is more extensive, all-encompassing privacy and data security rights and requirements likely will soon be in place throughout much of the U.S. While the VCDPA applies to Virginia residents, it reaches beyond Virginia's physical and cyber borders.

Category:  Laws Go Now

CounselorLibrary

(8 days ago) The answer depends on the state and the type of voluntary protection product. In many states, particularly states that have recently enacted GAP legislation, state law clearly dictates which party (e.g., the holder, dealer, or product provider/administrator) must provide a refund and the events that trigger the refund obligation.

Category:  Laws Go Now

CounselorLibrary Consumer Credit Compliance Products

(7 days ago) CounselorLibrary offers comprehensive products and publications for compliance professionals, providing insight, analysis, and coverage of existing and proposed laws and regulations, court opinions, and other industry developments. For more information, please contact Michael Willer at 614-855-0505, or by email.

Category:  Laws Go Now

CounselorLibrary

(7 days ago) Texas creditors must be aware of these changes to ensure that they are using retail installment sale contracts and loan documents that comply with Texas law. Shawnielle Predeoux is an associate of Hudson Cook, LLP, in the firm's Hanover, Maryland office. Shawnielle can be reached at 410-865-5425 or by email at [email protected]

Category:  Laws Go Now

CounselorLibrary

(7 days ago) The Consumer Financial Protection Bureau (CFPB) issued a short (2-1/2 page) bulletin in April 2012, stating its position that entities under CFPB supervision must “oversee their business relationships with service providers in a manner that ensures compliance with Federal consumer financial law.”[1] This bulletin constitutes CFPB “guidance” and states the CFPB’s …

Category:  Business Go Now

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