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Industry News:

·    Home is where you make it, but where do loans live? Circuit must decide as Colorado fights for in-state rate caps

·    The moral outrage about payday lending in Alabama

·    Arkansas Becomes Latest State to Regulate Earned Wage Access

·    As Trump Administration rolls back CFPB’s work, New York wants to fill the void

·    CFPB Study Details the Rapid Growth of “Buy Now, Pay Later” Lending

·    Affirm, other BNPL players ratchet up credit bureau reporting

·    Reporting BNPL Performance to Bureaus May Broaden Pool of Credit-Worthy Consumers

·    What Buy Now, Pay Later Looks Like Without the CFPB

·    Poll: Does ‘buy now, pay later’ for food delivery reflect a larger economic problem?

·    DoorDash, Klarna sign deal for deferred, installment food delivery payments

·    How Pay Later Options Are Redefining Consumer Spending - an Expert Look at What’s Next

·    Judge grants CFPB 30 days to settle lawsuit over credit card late fee rule

Legislative News:

·    As the Trump administration loosens AI rules, states look to regulate the technology

·    Youngkin AI veto signals growing anti-regulation push

·    [Maryland] Budget agreement could generate more than $1 billion in new revenue

·    [New Mexico] Lawmakers in both chambers adopt tax compromise in session’s final hours

·    More states requiring paid medical or sick leave

·    DOGE efforts look different in the states

·    Debate on adjusted anti-DEI bill expected on the SC House floor. Here’s how it’s changed

·    Shapiro highlights ChatGPT pilot project success

·    Corporate capital Delaware is changing its law in fight pitting corporate insiders vs. investors

·    Another $524M for North Carolina Helene recovery OK’d by legislators

·    Dem AGs urge judge to enforce ruling blocking FEMA grant freeze

·    Lawmakers advance bill to tax ‘nicotine-like’ products in Nebraska, such as ‘Zyn’ pouches

·    ‘Magic money’: Arizona Republicans advance bills to legitimize cryptocurrency

Election News:

·    John Rose makes it official: He’s running to become Tennessee’s 51st governor

·    Democrats keep control of Pennsylvania House with election win; GOP Senate district sees close race

·    Utah Gov. Cox signs away the state’s popular universal vote-by-mail election system, requiring opting in

·    Kansas has among the shortest windows for voting by mail in the US. It will get shorter next year

·    Analysis: Special election results a warning for GOP

·    Assembly candidacies, contested primaries surge

·    Musk contributes $2M to state GOP

California – S.B. 505 – Money Transmission Act: stored value platforms: fraudulently induced transfers Money Transmission Act: stored value platforms: fraudulently induced transfers 

·    Author: Sen. Laura Richardson (D) 

·    Last timeline action: Amended and re-referred to Assembly Committee on Business and Finance; second reading (03/24/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Mandates digital wallet providers implement specific security measures including two-factor authentication for all transactions, avenues for users to report fraudulent activities, prompt notice to users of any suspicious or unauthorized activities, and annual audits of security features; effective January 1, 2026.  

Connecticut – S.B. 1257 – An Act Concerning Consumer Credit and Commercial Financing 

·    Author: Joint Committee on Banking 

·    Last timeline action: Reported Out of Legislative Commissioners' Office; tabled for Senate calendar (03/24/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Prohibits commercial financing contracts that waives a recipient's right to notice or judicial hearing in connection with prejudgment remedies; effective October 1, 2025. 

Connecticut – S.B. 1338 – An Act Concerning Minors' Money Sharing Application Accounts 

·    Author: Joint Committee on Banking 

·    Last timeline action: Reported Out of Legislative Commissioners' Office; tabled for Senate calendar (03/24/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Mandates a money-sharing application must delete a minor's account within fifteen business days upon receiving a request from the minor or their parent or legal guardian; requires that, upon request, they provide all data associated with the account; effective October 1, 2025.  

Maine – L.D. 1286 (S.P. 515) – Resolve, to Establish the Commission to Study Fostering a Positive Economic Environment for Blockchain Technology and Cryptocurrency 

·    Author: Sen. Dick Bradstreet (R) 

·    Last timeline action: Referred to Joint Committee on Health Coverage, Insurance and Financial Services (03/25/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Establishes a commission to study and promote blockchain technology; mandates that a report on the status of such technology and any legislative recommendations by December 3, 2025. 

Minnesota – H.F. 2874 – Earned wage access services regulated 

·    Author: Rep. Ron Kresha (R) 

·    Last timeline action: Referred to House Committee on Commerce, Finance, and Policy (03/26/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Mandates that a person in the business of providing earned wage access services to consumers must be licensed, develop policies and procedures to address consumer complaints, offer at least on no cost option, and provide clear disclosures prior to an agreement with the consumer; prohibits providers from imposing a fee greater than $7, sharing a fee with an employer, charge a late fee, compel payment, or deceive a consumer about the voluntary nature of tips; excepts banks and credit unions; effective August 1, 2025 with a grace period for grandfathered operators. 

Nevada – A.B. 500 – AN ACT relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of payments banks; setting forth various procedures and requirements for the organization and licensure of payments banks; setting forth the powers and duties of the Commissioner with respect to payments banks; imposing various requirements and restrictions concerning the operation of payments banks; establishing certain prohibited acts relating to payments banks; revising certain provisions relating to financial institutions; providing penalties; and providing other matters properly relating thereto 

·    Author: Speaker Steve Yeager (D) 

·    Last timeline action: Referred to Assembly Committee on Commerce and Labor (03/24/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Establishes the licensing and regulation of payments banks under the Commissioner of Financial Institutions; such banks are authorized to engage in money transmission and maintain deposit accounts but are prohibited from making loans; effective October 1, 2025. 

Ohio – H.B. 195 – Revise the Ohio Uniform Commercial Code 

·    Author: Rep. Dani Isaacsohn (D) 

·    Last timeline action: Introduced (03/24/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Amends the Ohio Uniform Commercial Code to incorporate rules for electronic records and digital assets, defining new terms and establishing guidelines for their control, transfer, and security interests, while providing transitional provisions for pre-existing transactions; effective 91 days following filing for final enrollment. 

Vermont – S. 129 – An act relating to the regulation of virtual-currency kiosk operators 

·    Author: Sen. Ann Cummings (D) 

·    Last timeline action: Referred to Senate Committee on Finance (03/20/2025) 

·    Bill text 

·    Bill website 

·    Bill summary: Proposes regulatory amendments for virtual-currency kiosk operators in Vermont, including transaction limits, fee caps, consumer protection measures, and compliance requirements; effective July 1, 2025. 

Hearings: 

New Hampshire – H.B. 639 – Relative to the Use of and Disputes Over Blockchain and Digital Currencies 

·    Hearing: March 24 at 10:00 AM ET in House Commitee on Finance 

·    Hearing: April 1 at 10:00 AM ET in House Commitee on Finance 

·    Bill text 

·    Bill website 

Nevada – A.B. 430 – AN ACT relating to money transmission; exempting a person engaged solely in the provision of payroll processing services from provisions governing the licensure and regulation of persons engaged in money transmission; repealing provisions imposing certain duties on persons engaged in the provision of payroll processing services; and providing other matters properly relating thereto 

·    Hearing: March 24 at 1:30 PM PT in Assembly Committee on Commerce and Labor 

·    Bill text 

·    Bill website 

Arizona – H.B 2906 – financial technology; digital assets program 

·    Hearing: March 24 at 1:00 PM MT in Senate Committee on Rules 

·    Bill text 

·    Bill website 

Ohio – H.B. 152 – Regulate the provision of earned wage access services 

·    Hearing: March 26 at 11:00 AM ET in House Committee on Commerce and Labor 

·    Bill text 

·    Bill website 

Maryland – S.B. 305 – Financial Institutions and Activities - Virtual Currency Kiosks - Registration and Regulation 

·    Hearing: March 27 at 1:00 PM ET in House Committee on Economic Matters 

·    Bill text 

·    Bill website 

Rhode Island – H.B. 5121 – An Act Relating To Financial Institutions -- Currency Transmissions (Establishes Regulation By Dbr Over The Practices And Procedures Of Virtual Currency Kiosk Operators To Prevent Fraud Related To The Use Of Virtual Currency Kiosks, By Establishing Daily Transaction Limits And The Regulating Of Fees.) 

·    Hearing: March 27 at 5:00 PM ET in House Committee on Innovation, Internet, and Technology 

·    Bill text 

·    Bill website 

Maine L.D. 1110 (H.P. 729) – An Act to Require Remittance Fees for Money Transmissions 

·    Hearing: April 1 at 1:00 PM ET in Joint Committee on Health Coverage, Insurance and Financial Institutions 

·    Bill text 

·    Bill website 

Maine L.D. 1197 (S.P. 486) – An Act to Update the Maine Money Transmission Modernization Act by Removing Provisions of Law Regarding Unhosted Wallets 

·    Hearing: April 1 at 1:00 PM ET in Joint Committee on Health Coverage, Insurance and Financial Institutions 

·    Bill text 

·    Bill website 

Washington – S.B. 5328 – Revised for 1st Substitute: Concerning the Regulation of Earned Wage Access Services. Original: Establishing a New Chapter for the Licensing and Regulation of Businesses Providing Earned Wage Access Services 

·    Hearing: April 2 at 10:30 AM PT in House Committee on Consumer Protection and Business 

·    Bill text 

·    Bill website 

Alabama – S.B. 228 – Financial Institutions and Insurers; using social credit score to discriminate prohibited; violations of insurers an unfair trade practice; fines, penalties and remedies authorized 

·    Hearing: April 2 at 1:00 PM CT in Senate Committee on Banking and Insurance 

·    Bill text 

·    Bill website 

44 States in Session:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia, and Wisconsin

Upcoming 2025 Session Start Dates:

·    April 14 - Louisiana

Upcoming 2025 Session Adjournments:

·    March 28 - Kentucky

·    March 31 - South Dakota

·    April 4 - Georgia

·    April 6 - Mississippi

·    April 7 - Maryland

·    April 12 - Kansas and West Virginia

·    April 16 - Arkansas

·    April 24 - Indiana

·    April 25 - Tennessee

·    April 26 - Arizona

·    April 27 - Washington

Past 2025 Session Adjournments:

·    Idaho, New Mexico, Utah, Virginia, and Wyoming

Upcoming 2025 Introduction Deadlines:

·    March 24 - West Virginia (Senate)

·    April 15 - Montana (Study Resolutions)

·    April 23 - Louisiana

Past 2025 Introduction Deadlines:

Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Mississippi, Montana (General and Appropriations), New Mexico, North Dakota, South Dakota, Texas, Vermont, West Virginia (House), and Wyoming

Upcoming 2025 Crossover Deadlines:

·    March 24 - Montana Revenue Bills

·    April 2 - West Virginia

·    April 3 - Montana Appropriations Bills

·    April 11 - Illinois

·    May 16 - Texas

Past 2025 Crossover Deadlines:

Alaska, Colorado, Hawaii, Maryland, Mississippi, Montana, North Dakota, South Dakota, Utah, and Wyoming