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Online State Bill Tracker & Government Relations News Updates

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Online State Bill Tracker

Bills to Note:

Florida – S.B. 1536 – Money Services Businesses

 Florida – S.B. 1880 – Offers and Sales of Securities

  • Filed (01/10/2022)
  • https://flsenate.gov/Session/Bill/2022/1880/BillText/Filed/PDF
  • Summary: Excluding certain securities offers and sales by specified persons from the exemption from specified registration requirements; revising requirements for securities offers and sales that are exempt transactions under specified laws; revising the information and documents that the Office of Financial Regulation may require for securities registration; revising circumstances under which the office may revoke or suspend securities registrations; deleting issuers of securities from the list of persons that may not offer for sale or sell securities without being registered; requiring finders to maintain certain books and records, etc.

 Georgia – H.B. 891 – Banking and finance; financial institutions; provide for numerous updates

  • House Hopper (01/12/2022)
  • https://www.legis.ga.gov/api/legislation/document/20212022/203301
  • Summary:A BILL to be entitled an Act to amend Chapter 1 of Title 7 of the O.C.G.A., relating to financial institutions, so as to provide for numerous updates; to amend Chapter 3 of Title 7 of the O.C.G.A., relating to installment loans, so as to include servicing of installment loans to the activity regulated under the chapter; to exempt from regulation certain government entities and certain retail and credit transactions; to change the per loan fee structure for such loans; to clarify that the department may issue cease and desist orders to persons that are not licensed; to amend Chapter 6A of Title 7 of the O.C.G.A., relating to the "Georgia Fair Lending Act," so as to update a citation to a federal regulation; to make conforming changes; to provide for definitions; to provide for related matters; to repeal conflicting laws; and for other purposes.

 Indiana – S.B. 352 – Supervised consumer loans

  • First Reading; Referred to Senate Committee on Insurance and Financial Institutions
  • http://iga.in.gov/legislative/2022/bills/senate/352#document-d0e8e433
  • Summary:Amends the Uniform Consumer Credit Code to provide that the authorized loan finance charge for a consumer loan, other than a supervised loan, that is entered into after June 30, 2022, may not exceed 36% (versus 25% for a consumer loan that is entered into before July 1, 2022) per year on the unpaid balances of the principal. Amends the definition of "supervised loan" to mean a consumer loan that: (1) is entered into before July 1, 2022, and with respect to which the rate of the loan finance charge exceeds the authorized 25% annual rate for consumer loans under current law; or (2) is entered into after June 30, 2022, and is made in accordance with the requirements for supervised loans set forth in the bill. Sets forth requirements and limitations with respect to the following for supervised loans made after June 30, 2022: (1) Authorized fees and charges. (2) The maximum principal amount. (3) The minimum and maximum lengths of the loan term. (4) Information and disclosures to be included in the loan contract. (5) A borrower's right to rescind a supervised loan transaction. Provides that when a borrower enters into a supervised loan, the lender shall provide the borrower with a pamphlet approved by the department of financial institutions (department) that describes: (1) the availability of debt management and credit counseling services; (2) the borrower's rights and responsibilities; and (3) the availability of the 211 telephone dialing code for human services information and referrals. Sets forth prohibited acts and practices in connection with a supervised loan. Provides that a lender may not take a security interest in real or personal property in connection with a supervised loan, other than a security interest in a personal check of the borrower. Specifies the applicability of the bill's provisions to supervised loans made by persons exempt from: (1) the bill's finance charge limitations; and (2) licensure by the department. Requires a lender that makes at least one supervised loan in Indiana during a calendar year to remit to the department: (1) an annual fee of $250; and (2) an additional fee of $250 per Indiana branch location (after the first location). Establishes the consumer financial education fund (fund), and provides that the annual fees collected from lenders making supervised loans are to be deposited in the fund. Provides that the fund is to be: (1) administered by the department; and (2) used by the department for paying expenses relating to consumer financial education. Requires a person that enters into at least one supervised loan transaction in Indiana in any calendar year to file with the department a report concerning the person's business and operations with respect to that calendar year. Requires the director of the department to prescribe: (1) the time and manner for filing the report; and (2) the information to be included in the report. Requires the department to publish and make available to the public, at least annually, an analysis of the information provided in the reports filed with the department. Sets forth the information that must be included in the department's analysis. Makes conforming amendments to existing references to supervised loans throughout the Indiana Code.

 Mississippi – S.B. 2019 – Mississippi Debt Management Services Act; extend repealer

New York – S. 166B – Requires transmitters of money to provide a certain warning to consumers

 Rhode Island – H.B. 7013 – An Act Relating to Commercial Law – General Regulatory Provisions – Disclosure of Information by Online Marketplaces (Requires High-Volume Third-Party Sellers, Selling Consumer Goods on Online Marketplaces, to Provide Certain Information to the Marketplaces and Disclose Certain Information to Consumers on Product Listings)

  • Introduced; Referred to House Committee on House Corporations (01/10/2022)
  • http://webserver.rilin.state.ri.us/BillText/BillText22/HouseText22/H7013.pdf
  • Summary:This act would require high-volume third-party sellers, selling consumer goods on online marketplaces, to provide certain information to the marketplaces and disclose certain information to consumers on product listings. The act also requires online marketplaces to verify information provided by high-volume third-party sellers and periodically require those sellers to verify or update the information. This act would take effect on January 1, 2023.

 South Dakota – S.B. 47 – Revise certain provisions regarding money transmission

Utah – H.B. 151 – Retail Facility Incentive Payments Amendments

Virginia – H.B. 888 – Online Marketplace Consumer Protection Act; high-volume third-party sellers in a online marketplace

  • Prefiled and ordered printed (01/12/2022)
  • https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB888+pdf
  • Summary:Establishes requirements for high-volume third-party sellers, defined in the bill as participants in an online marketplace that have entered into at least 200 discrete sales or transactions for 12 continuous months during the past 24 months resulting in accumulation of an aggregate total of $5,000 or more in gross revenues. The bill requires high-volume third-party sellers to provide identifying information and contact information to the online marketplace and requires the online marketplace to verify the information upon receipt. The bill requires that high-volume third-party sellers make certain conspicuous disclosures to consumers on their product listing pages, with certain limited exceptions. The bill authorizes the Attorney General to initiate an action in the name of the Commonwealth against an online marketplace or high-volume third party seller that has violated the provisions of the bill and either failed to cure the violation within a 30-day cure period or failed to comply with an express written statement to the Attorney General that the alleged violations have been cured and no further violations will occur. The Attorney General may seek an injunction to restrain any such violations and civil penalties of up to $7,500 for each such violation.

 Virginia – S.B. 341 – Consumer protection; online marketplace; high-volume third-party sellers

  • Prefiled and ordered printed (01/11/2022)
  • https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB341+pdf
  • Summary:Establishes requirements for high-volume third-party sellers, defined in the bill as participants in an online marketplace that have entered into at least 200 discrete sales or transactions for 12 continuous months during the past 24 months resulting in accumulation of an aggregate total of $5,000 or more in gross revenues. The bill requires high-volume third-party sellers to provide identifying information and contact information to the online marketplace and requires the online marketplace to verify the information upon receipt. The bill requires that high-volume third-party sellers make certain conspicuous disclosures to consumers on their product listing pages, with certain limited exceptions. The bill provides that any violation of its provisions is a prohibited practice under the Virginia Consumer Protection Act.

Washington – S.B. 5533 – Concerning Online Marketplace Consumer Product Theft and Safely Protection

 West Virginia – H.B. 2908 – Relating to disclosure of information by online marketplaces to inform consumers

  • Filed; Introduced; Referred to House Committee on Political Subdivisions then Judiciary (01/12/2022)
  • http://www.wvlegislature.gov/Bill_Text_HTML/2022_SESSIONS/RS/bills/HB2908%20INTR.pdf
  • Summary: Related to requiring high-volume third-party sellers to provide information to online marketplaces; requiring ongoing verification of information; requiring high-volume third-party sellers to disclose certain information to consumers; providing for Attorney General enforcement of act; authorizing rulemaking by Attorney General; establishing preemption of municipal requirements.

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Third Party Payment Processors Association