Members Only

NEWS

Industry News:

• Alaska Senate approves payday alternative to checks and cash
• Payday lenders could charge ‘loan shark’ rates under Indiana bill
• 20 Million Predatory Loans Drained Over $2.4 Billion from Consumers
• Oregon Considering DIDMCA Opt-Out Legislation
• A payday loan enthusiast is now in charge of the FTC’s consumer protection division
• Democratic lawmakers warn axing Consumer Financial Protection Bureau will leave troops vulnerable to fraud and scams
• Attorney General Bonta Continues Support of CFPB: Destruction of CFPB is the Destruction of Backbone of Federal Consumer Protections
• 23 AGs line up behind Baltimore in CFPB case
• Under Trump, consumer watchdog drops case against online lender
• As scams rise, states seek to regulate crypto ATMs
• BNPL Gets Boost From Bank Partnerships and Use in Credit Scoring
• Federal Judge Issues Order Prohibiting Massive Layoffs, Budget Cuts at CFPB Pending Ruling on Motion for Preliminary Injunction
• Fed’s Barr warns of weaker regulation, supervision

Legislative News:

• Virginia legislature finishes session amid anxiety over federal job cuts
• States pitch open jobs to laid-off federal workers
• Why Utah wants to become an AI powerhouse
• AI Anti-Discrimination Legislation Passes Virginia Statehouse
• Mississippi Legislature not a ‘public body’ and not subject to Open Meetings Act, judge rules
• Melissa Minor-Brown Makes History as Delaware’s First Black Speaker of the House
• Changing term limits targeted in North Dakota Senate resolution
• ‘Alaska has become too federally dependent,’ Congressman Begich tells state Legislature
• Would you serve in Nebraska legislature for $12,000 a year? Lawmakers consider pay increase
• Sports betting is back in the ring at the Hawai’i Legislature
• Virginia lawmakers approve teen social media limit
• Kansas Senate Republicans take up plan to rewrite constitution to elect Supreme Court justices
• Plan to shift from income tax to sales tax advances to Missouri Senate
• Florida files suit against Target, claiming DEI initiatives ‘misled investors’

Election News:

• Rep. Byron Donalds, backed by Trump, says he’s running for Florida governor
• Ron DeSantis talks up his wife as next Florida governor and takes a shot at Trump’s pick
• Walz won’t seek a US Senate seat, but is considering another run for Minnesota governor
• Boulder County DA Michael Dougherty launches bid to become Colorado’s attorney general
• James Uthmeier officially files for full term as Attorney General
• Utah Republicans move to overhaul election operations, starting with universal mail-in voting

LEGISLATION

Introduced Legislation: 

California – A.B. 1052 – Money Transmission Act 

·   Author: Assemb. Avelino Valencia (D) 

·   Last timeline action: First reading (02/20/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Proposes a minor, nonsubstantive change to the naming provision of the Money Transmission Act without affecting its regulatory framework or financial aspects; effective January 1, 2026. 

Connecticut – H.B. 7082 – An Act Concerning Certain Requirements Applicable to Virtual Currency Money Transmission Licensees and Property Interests in Virtual Currency and Prohibiting State Payments and Investments in Virtual Currency 

·   Author: Joint Committee on Banking 

·   Last timeline action: Referred to Joint Committee on Banking (02/27/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Mandates that virtual currency money transmission licensees disclose detailed information before and after transactions; prohibits using or encumbering virtual currency held on behalf of customers subject to certain criteria; effective October 1, 2025.  

Florida – S.B. 1216 – Cybersecurity of Mortgage Brokers and Lenders and Money Services Businesses 

·   Author: Sen. Nick DiCeglie (R) 

·   Last timeline action: Filed (02/25/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Mandates cybersecurity measures for Florida's mortgage brokers, lenders, and money services businesses, requiring comprehensive security programs and incident response plans, with specific compliance and notification obligations; effective July 1, 2025. 

Georgia – H.B. 576 – Commerce and trade; require that the processing of transactions initiated by users of peer-to-peer payment platforms by delayed 

·   Author: Rep. Al Williams (D) 

·   Last timeline action: First reading (02/21/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Requires a 15-minute delay for transactions on peer-to-peer payment platforms and mandate that users may cancel such transactions during this mandated period; effective July 1, 2025. 

Georgia – S.B. 282 – A BILL to be entitled an Act to amend Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia Annotated, the "Fair Business Practices Act of 1975," so as to provide requirements for earned wage access services; to provide for fees that may be charged for such services; to provide for prohibitions; to provide for consumer protections; to provide that earned wage access payments are nonrecourse; to provide that earned wage access services shall not be considered lending activity or money transmission; to provide for definitions; to provide for applicability; to provide for related matters; to repeal conflicting laws; and for other purposes 

·   Author: Sen. Russell "Russ" Goodman (R) 

·   Last timeline action: Introduced (02/26/2025) 

·   Bill text 

·   Bill website 

· Bill summary: Regulates the operation of earned wage access services; mandates providers develop policies to address consumer inquiries, offer at least one no-cost option, and disclose all fees prior to an agreement; prohibits sharing consumer fees with employees, penalties for non-repayment, and aggressive collection methods; limits transaction fees to the greater of $5 or 5%; effective July 1, 2025.

Idaho – H. 323 – Financial exploitation 

·   Author: House Committee on Ways and Means 

·   Last timeline action: First reading (02/25/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Establishes measures to protect vulnerable adults from financial exploitation, allowing financial institutions to report suspicions and place temporary holds on transactions, with confidentiality and immunity provisions for those acting in good faith; effective July 1, 2025.  

Iowa – H.F. 594 – A bill for an act relating to discrimination in the provision of financial services, and providing civil penalties 

·   Author: Rep. Charley Thompson (R) 

·   Last timeline action: Referred to House Committee on Judiciary (02/25/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Prohibits financial institutions from using social credit scores to discriminate in providing services, allowing affected individuals to request explanations and pursue legal action, with potential damages for violations; effective July 1, 2025.  

Iowa – H.F. 601 – A bill for an act relating to fees for wire transmissions, and related income tax credits 

·   Author: Rep. Mark Thompson (R) 

·   Last timeline action: Referred to House Committee on Ways and Means (02/25/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Introduces a new fee structure for wire transmissions, which are defined as money transmissions by wire, both domestically and internationally. Mandates that a fee of $5 be collected for each wire transmission of $500 or less, with an additional 2% fee on amounts exceeding $500; effective July 1, 2025.  

Iowa – S.F. 449 – A bill for an act relating to digital financial asset transaction kiosks.(Formerly SSB 1142.) 

·   Author: Senate Committee on Technology 

·   Last timeline action: Approved by Senate Committee on Technology (02/26/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Mandates digital finance asset kiosks hold a daily transaction limit of $1,000, cap charges at the greater of $5 or 15%, provide disclosures before transactions, provide a receipt, and offer live customer service; effective July 1, 2025.  

Missouri – H.B. 1428 – Establishes the "Virtual Currency Kiosk Consumer Protection Act" 

·   Author: Rep. David Casteel (R) 

·   Last timeline action: First reading (02/24/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Establishes regulations for virtual currency kiosks in Missouri, requiring operators to be licensed, provide consumer disclosures, and implement anti-fraud measures, while ensuring compliance with federal laws; effective August 28, 2025.  

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

·   Author: Sen. Curtis Trent (R) 

·   Last timeline action: First reading (02/25/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Establishes consumer protection measures for virtual currency kiosks, requiring operators to disclose risks, use anti-fraud measures, and obtain a money transmitter license, with oversight by the Division of Finance; effective August 28, 2025. 

Montana – S.B. 426 – Generally revise the Uniform Commercial Code 

·   Author: Sen. Shane Morigeau (D) 

·   Last timeline action: Introduced (02/21/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Amends the Uniform Commercial Code to address digital transactions involving digital assets like cryptocurrency; prohibits central bank digital currencies; effective October 1, 2025. 

Ohio – S.B. 117 – Regulate the provision of earned wage access services 

·   Author: Sen. George Lang (R) 

·   Last timeline action: Referred to Senate Committee on Financial Institutions, Insurance, and Technology (02/26/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Mandates registration of earned wage access services; requires providers maintain certain assets, consumer complaint procedures, offer no-cost options, and offer transparent fee disclosures; prohibits providers from sharing fees with employers and charging penalties for non-payment; exempts such services from being classified as a loan or credit and that fees or tips are not interest or finance charges; effective 91 days following enactment.  

Rhode Island – H.B. 5564 – An Act Relating To State Affairs And Government -- Rhode Island Economic Growth Blockchain Act (Establishes An Economic Growth Blockchain, Regulates Virtual And Digital Assets, And Establishes Depository Banks For These Purposes.) 

·   Author: Rep. David Place (R) 

·   Last timeline action: Referred to House Committee on Corporations (02/26/2025) 

·   Bill text 

·   Bill website 

·   Bill summary: Establishes the Rhode Island Economic Growth Blockchain Act to provide temporary waivers from certain statutory and regulatory requirements for testing new financial products; authorizes special depository institutions to support blockchain innovators by providing banking services that comply with federal anti-money laundering and customer identification requirements; effective upon enactment.  

Hearings: 

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

·   Hearing: February 24 at 8:00 AM MST in House Committee on Rules 

·   Bill text 

·   Bill website 

Arizona – S.B. 1582 – earned wage access; providers; license 

·   Hearing: February 24 at 1:00 PM MST in Senate Committee on Rules 

·   Bill text 

·   Bill website 

New York – S. 4728 – Establishes the New York state cryptocurrency and blockchain study task force 

·   Hearing: February 25 at 10:00 AM EST in Senate Committee on Banks 

·   Bill text 

·   Bill website 

Iowa – S.S.B. 1142 – A bill for an act relating to digital financial asset transaction kiosks 

·   Hearing: February 25 at 10:00 AM CST in Senate Committee on Technology 

·   Bill text 

·   Bill website 

Washington – H.B. 1623 – Prohibiting Deductions for Credit Card Transaction Processing Fees From Employee Tips 

·   Hearing: February 25 at 1:30 PM PST in House Committee on Appropriations 

·   Bill text 

·   Bill website 

Arkansas – H.B. 1467 – to Amend the Uniform Money Services Act 

·   Hearing: February 26 at 10:00 AM CST in House Committee on Insurance and Commerce 

·   Bill text 

·   Bill website 

Arkansas – H.B. 1517 – to Establish the Earned Wage Access Services Act 

·   Hearing: February 26 at 10:00 AM CST in House Committee on Insurance and Commerce 

·   Bill text 

·   Bill website 

South Carolina – S.B. 163 – Cryptocurrency 

·   Hearing: February 26 at 11:00 AM EST in Senate Committee on Banking and Insurance 

·   Bill text 

·   Bill website 

Oregon – S.B. 583 – Establishes the State Public Bank Task Force 

·   Hearing: February 27 at 8:00 AM PST in Senate Committee on Labor and Business 

·   Bill text 

·   Bill website 

Colorado – HB25-1020 – Earned-Wage Access Service Provider 

·   Hearing: February 27 at 12:00 PM MST in House Committee on Finance 

·   Bill text 

·   Bill website 

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

·   Hearing: March 3 at 3:30 PM PST in Assembly Committee on Banking and Finance 

·   Bill text 

·   Bill website 

LEGISLATIVE SESSION DATES

48 States in Session:

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

Upcoming 2025 Session Start Dates:

·   March 4 - Florida

·   April 14 - Louisiana

Upcoming 2025 Session Adjournments:

·   March 7 - Utah and Wyoming

·   March 22 - New Mexico

·   March 28 - Kentucky

·   March 31 - South Dakota

Past 2025 Session Adjournments:

·   Virginia

Upcoming 2025 Introduction Deadlines:

·   February 28 - Florida

·   March 14 - Texas

·   March 18 - West Virginia House

·   March 24 - West Virginia Senate

·   April 15 - Montana Study Resolutions

·   April 23 - Louisiana

Past 2025 Introduction Deadlines:

Arizona, California, Colorado, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Montana, New Mexico, North Dakota, South Dakota, Vermont, and Wyoming

Upcoming 2025 Crossover Deadlines:

·   February 27 - Mississippi

·   February 28 - North Dakota

·   March 4 - Montana General Bills and Utah

·   March 6 - Hawaii Non-budget Bills

·   March 12 - Hawaii Budget Bills

·   March 14 - Colorado

·   March 16 - Alaska

·   March 17 - Maryland

·   March 21 - Iowa

·   March 24 - Montana Revenue Bills

·   April 2 - West Virginia

·   April 3 - Montana Appropriations Bills

·   April 11 - Illinois

·   May 16 - Texas

Past 2025 Crossover Deadlines:

·   South Dakota, Wyoming

 

The TPPPA thanks the government relations experts at Catalyst!