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NEWS

Industry News:

• [Alaska] Bill would limit consumer lending
• Utah and Arkansas Enact Earned Wage Access Regulations
• Do growing fintechs need more federal regulation?
• Earned wage access fintech DailyPay sues NY AG: Rain raises $75 million
• CFPB Plans Limited Enforcement of Payday Lending Rule
• Trump Administration to Appeal Judge’s Preliminary Order to Keep CFPB Intact
• A deep dive into Judge Jackson’s preliminary injunction order against CFPB Acting Director Vought
• CFPB will not prioritize enforcement or supervision actions regarding new rule
• BNPL headed for credit reports
• Paycheck-to-Paycheck High Earners Could Seek Relief in Credit Card Installments

Legislative News:

• Maryland lawmakers end session in a tough budget year, worries about federal cuts
• Mississippi Legislature approves DEI ban after heated debate
• No state has axed its income tax on wages in 45 years. Now 2 Southern states are on a path to do so
• Missouri Senate approves ending capital gains tax, but critics raise budget concerns
• [Nevada] Lawmaker seeks to establish guardrails, ‘some accountability’ around artificial intelligence
• Deepfake legislation gains momentum as lawmakers seek to curb AI misuse
• States debate billions in stadium spending

Election News:

• Democrats look to ride anti-Musk sentiment to victory in Virginia next
• Nebraska will continue to split electoral votes in presidential elections
• New Mexico opens major-party primary elections to growing ranks of unaffiliated voters

LEGISLATION

Introduced Legislation: 

Louisiana – H.B. 418 – FINANCIAL INSTITUTIONS: Provides with respect to transactions of financial institutions 

·   Author: Rep. Roger Wilder (R) 

·   Last timeline action: Referred to House Committee on Commerce (04/04/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Seeks to prevent discrimination by financial institutions in

Louisiana, providing definitions, prohibitions, and civil remedies for violations, while ensuring protections for individuals' rights to religious exercise, speech, and association; effective August 1, 2025. 

Louisiana – H.B. 368 – CONSUMERS: Provides relative to earned wage access services 

·   Author: Rep. Vincent "Vinney" St. Blanc (R) 

·   Last timeline action: Referred to House Committee on Commerce (04/03/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Establishes regulations for providers of earned wage access services, focusing on consumer rights, fee transparency, and prohibiting aggressive collection practices; effective August 1, 2025. 

Minnesota – S.F. 3348 – Certain regulations on lenders to cannabis businesses establishment provision 

·   Author: Sen. Doron Clark (D) 

·   Last timeline action: Referred to Senate Committee on Commerce and Consumer Protection (04/09/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Establishes fair lending requirements for lenders providing loans to cannabis businesses; mandates that lenders provide borrowers with a detailed list of loan disclosures at least five days before executing a loan contract, including interest rates, finance charges, payment schedules, and total payment amounts; prohibits false or misleading advertisements related to loan terms and conditions; effective August 1, 2025. Mirrors HF 2987. 

Hearings: 

Oklahoma – S.B. 351 – Credit sales; requiring certain actions from sellers when imposing a surcharge on certain transactions. Effective date 

·   Hearing: April 8 at 10:30 AM CT in House Committee on Business 

·   Bill text 

·   Bill website 

Missouri – S.B. 779 – Creates new provisions governing virtual currency 

·   Hearing: April 8 at 11:00 AM CT in Senate Committee on Insurance and Banking 

·   Bill text 

·   Bill website 

Alabama – H.B. 297 – International wire transfers; fee imposed on transfers; fee proceeds distributed to counties for specified purposes; income tax credit for paid wire transfer fees authorized 

·   Hearing: April 9 at 8:00 AM CT in House Committee on Financial Services 

·   Bill text 

·   Bill website 

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

·   Hearing: April 9 at 10:00 AM ET in Joint Committee on Health Coverage, Insurance, and Financial Services 

·   Bill text 

·   Bill website 

Indiana – H.B. 1125 – Earned wage access services 

·   Hearing: April 9 at 9:30 AM ET in Senate Committee on Insurance and Financial Institutions 

·   Bill text 

·   Bill website 

California – A.B. 236 – Digital financial asset businesses: regulatory fees 

·   Hearing: April 9 at 9:00 AM PT in Assembly Committee on Appropriations 

·   Bill text 

·   Bill website 

Illinois – S.B. 1797 – Digital Assets & Cons Prot Act 

·   Hearing: April 9 at 3:00 PM CT in Senate Committee on Executive 

·   Bill text 

·   Bill website 

Illinois – S.B. 2319 – Virtual Currency Consum Prot 

·   Hearing: April 9 at 3:00 PM CT in Senate Committee on Executive 

·   Bill text 

·   Bill website 

Texas – S.B. 512 – Relating to prohibiting the imposition of a monetary fine or penalty for a violation of a money services business's terms of service agreement; providing a civil penalty 

·   Hearing: April 10 at 8:00 AM CT in Senate Committee on Business and Commerce 

·   Bill text 

·   Bill website 

New Jersey – A. 5384 – Establishes "Virtual Currency Kiosk Consumer Protection Act." 

·   Hearing: April 10 at 2:00 PM ET in Assembly Committee on Regulated Professions 

·   Bill text 

·   Bill website 

Alaska – S.B. 86 – MONEY TRANSMISSION; VIRTUAL CURRENCY 

·   Hearing: April 11 at 9:00 AM AKT in Senate Committee on Finance 

·   Bill text 

·   Bill website 

Massachusetts – H. 1119 – An Act Relative To Financial Technology Services 

·   Hearing: April 15 at 10:00 AM ET in Joint Committee on Financial Services 

·   Bill text 

·   Bill website 

Massachusetts – S. 725 – An Act Relative To Financial Technology Services 

·   Hearing: April 15 at 10:00 AM ET in Joint Committee on Financial Services 

·   Bill text 

·   Bill website 

Maine – L.D. 1205 (S.P. 494) – An Act to Set Limits on Virtual Currency Kiosks 

·   Hearing: April 17 at 1:00 PM ET in Joint Committee on Health Coverage, Insurance, and Financial Services 

·   Bill text 

·   Bill website 

Maine – L.D. 1339 (S.P. 553) – An Act to Regulate Virtual Currency Kiosks 

·   Hearing: April 17 at 1:00 PM ET in Joint Committee on Health Coverage, Insurance, and Financial Services 

·   Bill text 

·   Bill website 

LEGISLATIVE SESSION DATES

38 States in Session:

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

Upcoming 2025 Session Start Dates:

·   April 14 - Louisiana

Upcoming 2025 Session Adjournments:

·   April 12 - West Virginia

·   April 16 - Arkansas

·   April 24 - Indiana

·   April 25 - Tennessee

·   April 26 - Arizona

·   April 27 - Washington

Past 2025 Session Adjournments:

Georgia, Kentucky, Idaho, Kansas, Maryland, Mississippi, New Mexico, South Dakota, Utah, Virginia, and Wyoming

Upcoming 2025 Introduction Deadlines:

·   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, and Wyoming

Upcoming 2025 Crossover Deadlines:

·   April 11 - Illinois

·   May 16 - Texas

Past 2025 Crossover Deadlines:

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