New State Commercial Finance Disclosure Laws: Common Themes, Key Differences, Compliance Strategies, Risk Mitigation
Required Documentation and Timing of Disclosures; Applicable Lenders and Types of Financing
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will provide a survey and comparison of state commercial finance disclosure requirements. The panel will review the similarities and differences of current state disclosure laws, highlight laws with high risk areas of enforcement, recommend strategies for revising loan documents and closing procedures to comply with these evolving state laws, and outline the applicability of these new laws to commercial finance companies nationwide.
Outline
- Overview: how commercial finance disclosure laws are developing on the state level
- Applicability of state commercial finance disclosure laws: types of lenders and transactions covered
- CFPB's position on whether the Truth in Lending Act preempts state disclosure laws
- Common themes in state disclosure requirements
- Comparing current state disclosure laws: similarities and differences
- High risk states and penalties for noncompliance
- Recommendations and strategies for revising documents, onboarding flows, and compliance practices to comply with the evolving patchwork of state laws
Benefits
The panel will discuss these and other key considerations:
- How are commercial finance disclosure laws developing on the state level?
- What types of commercial finance companies are exempt from the current state laws in place? Do the statutes apply to lenders located outside of states with disclosure laws?
- What are the particular disclosures required under the rules in each state, and when must they be made to the borrower?
- How should lenders adapt or revise their documents, onboarding flows, and compliance practices to comply with the evolving patchwork of state laws?
Faculty
Dustin C. Alonzo
Partner
Hinshaw & Culbertson
Mr. Alonzo is a corporate and financial services attorney. He works with clients at every stage of the corporate... | Read More
Mr. Alonzo is a corporate and financial services attorney. He works with clients at every stage of the corporate lifecycle and advises them daily on a wide range of issues and scenarios. Mr. Alonzo advises clients nationwide on compliance with state and federal laws governing a variety of consumer financial products, including automotive finance companies, FinTech companies and online lenders, mortgage lenders, trade associations, and banks. He also helps clients navigate mergers and acquisitions, private equity investments, real estate transactions, and a wide range of business-related disputes. Mr. Alonzo has significant experience handling state and federal regulatory examinations, as well as counseling businesses on matters involving the Truth in Lending Act, Fair Debt Collection Practices Act, and the Telephone Consumer Protection Act. He has also assisted FinTech companies—both start-ups and well-established organizations—across the country with developing new consumer financial products and services.
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Christopher K. Friedman
Partner
Husch Blackwell
Mr. Friedman is a nationally recognized thought leader in fintech, consumer finance, and alternative commercial... | Read More
Mr. Friedman is a nationally recognized thought leader in fintech, consumer finance, and alternative commercial finance, serving a go-to legal advisor for companies navigating the complexities of the financial services industry. His insights into the financial services industry and regulatory trends have been featured in Bloomberg, National Mortgage News, Dodd-Frank Update, RESPA News, and other leading publications. Mr. Friedman is a frequent speaker for the International Factoring Association, the Online Lender’s Alliance, the American Bar Association, and the Conference on Consumer Finance Law, among other trade groups. He represents a diverse range of clients, including fintech-based small business finance companies, commercial factors, reverse factors, supply chain finance companies, purchase-order finance companies, and embedded finance companies. Mr. Friedman also represents consumer fintech companies, buy-now-pay-later companies, bank and non-bank consumer lenders, and service providers.
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Caleb N. Rosenberg
Counsel
Troutman Pepper Locke
Mr. Rosenberg helps clients across the financial services industry navigate the complexities of a highly regulated... | Read More
Mr. Rosenberg helps clients across the financial services industry navigate the complexities of a highly regulated landscape. His work with fintech companies and state and national banks includes advising them on the regulatory risks posed by state and federal laws intended to protect consumers and small businesses in the credit and alternative finance products industry. He also advises industry trade groups on a variety of matters, including counseling on the impact of pending legislation and rules affecting the group’s members. Mr. Rosenberg drafts comment letters and also provides guidance issues that arise in their day-to-day operations. As a key resource across his clients’ needs, he assists with a variety of transactions, such as secured and unsecured loan agreements, retail installment sales contracts, credit card agreements, and alternative finance agreements. His finance experience also includes performing regulatory due diligence on fintech companies. Mr. Rosenberg provides practical advice on implementing policies and procedures necessary to comply with state and federal law. He assists clients in responding to regulatory inquiries, including those related to the application of state law to bank partnerships and alternative financing products.
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