The Consumer Financial Services Committee will be holding a meeting on Thursday, July 18, from 11:30 to 12:30. The dial-in number is (855) 520-7605 and conference code is 9085 062 381#.
Our very own Michael Guerrero and Mark Furletti of Ballard Spahr will be presenting on important state bills impacting consumer finance. In particular, they will focus on three bills that have been making progress in the state legislature and that present significant changes to the California lending landscape. These include the following:
- Senate Bill 472 – Earned Income Access Service Providers
- We will describe the “earned wage advance” product and California’s attempt to be one of the first states to create a regulatory framework for this type of product.
- Assembly Bill 539 – California Financing Law Interest Rate Authority Amendments
- This bill would create an express interest rate cap of 36 percent per annum plus the Federal Funds Rate on consumer loans with principal amounts of $2,500 up to $10,000.
- Assembly Bill 642 – California Financing Law Loan Brokering Amendments
- This bill would significantly expand the activities requiring licensure as a loan broker under the CFL. It would also impose disclosure and consent requirements.
Michael R. Guerrero’s practice is focused on helping clients navigate the regulatory requirements of consumer-focused industries including consumer financial services, telemarketing, residential solar and home improvement contracting, ticket sales, charitable fundraising, and e-commerce.
He advises clients on federal and state compliance matters including issues relating to the Fair Credit Reporting Act (FCRA), Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), Electronic Funds Transfer Act (EFTA), Electronic Signatures in Global and National Commerce Act (ESIGN), Telephone Consumer Protection Act (TCPA), Military Lending Act (MLA), UDAP/UDAAP issues, and state laws relating to retail installment sales, sales finance programs, installment lending, licensing, debt collection and repossession issues, home improvement contracting and financing, sweepstakes and giveaways, telemarketing, and the use of autodialers.
Prior to joining Ballard Spahr, he held in-house positions at an e-commerce credit seller, mortgage lender, and a publicly traded debt buyer. While in-house, he oversaw legal and compliance efforts associated with the launch of an alternative payment-based, fifty state credit sale product, obtained and renewed hundreds of debt collection, debt purchasing and mortgage lending licenses, interacted with state regulators, and oversaw regulatory examinations.
Mark J. Furletti is a Deputy Practice Leader of the Consumer Financial Services Group. He focuses on federal and state consumer lending and payments laws, including those that apply to payment cards, vehicle-secured loans, lines of credit, unsecured loans, and deposit products. He counsels providers of consumer financial services, including banks, on regulatory compliance matters and has successfully represented such providers in class action litigation and government supervisory and enforcement matters. He also regularly counsels purchasers of merchant receivables, companies that specialize in online small business lending and companies that interact with their customers electronically or that set up recurring billing arrangements with their customers.
Mark regularly provides guidance on electronic payments and payment network rules, electronic contracting and mobile commerce, online banking, retail installment sales, preparing for examinations by the Consumer Financial Protection Bureau (CFPB), responding to CFPB supervisory requests (including so-called PARR letters), Article 9 of the Uniform Commercial Code, lease-purchase transactions and consumer protection laws, such as the Telephone Consumer Protection Act (TCPA), Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA), Electronic Funds Transfer Act (EFTA), Electronic Signatures in Global and National Commerce Act (E-SIGN), and UDAAP statutes prohibiting unfair, deceptive, and abusive acts and practices.
Mark serves as chair of the Firm’s TCPA Team and previously served as co-chair of the Electronic Financial Services Subcommittee of the American Bar Association’s Consumer Financial Services Committee.
Thank you for your continued support of the Committee.