February 13, 2023 By: Melissa Richards Superintendent of Financial Services Adrienne A. Harris announced on February 1, 2023 that the New York State Department of Financial Services has adopted a final regulation?relating to early disclosure requirements on commercial financing offers equal to or less than $2,500,000, pursuant to sections 801 to 811 of the New York Financial Services Law (the “Commercial Finance Disclosure Law” or “CFDL”) ...
February 9, 2023 By: Michael Flynn According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the ECOA statute, this ruling rejected a decades-old Regulation B rule that stated that ECOA did apply to conduct toward prospective applicants ...
February 8, 2023 By: Michael Flynn On February 1, the CFPB issued a proposed rule to cut the “safe harbor” amount that banks and credit card companies can charge for late fees. If finalized, the proposed rule would reduce the maximum safe harbor limit for credit card late fees to $8. The current safe harbor limits are $30 for a first missed payment and $41 dollars for each additional missed payment, indexed to inflation. The $8 limit would not be indexed to inflation ...
February 2, 2023 By: Manuel Fishman In what may turn out to be a lesson on the limits of the application of equitable doctrines supporting rent relief in the face of good lease drafting, a California court of appeal panel in San Diego has taken a narrow view on the application of the doctrines of quiet enjoyment, frustration of purpose, impracticability and impossibility as a defense to the payment of rent under a lease following State and local closure orders issued in response to the COVID 1
Overview If you are thinking about outsourcing manufacturing but have no idea where to start, or if you are already sourcing your product overseas but running into complications, this book, So You Need To OutSource A Product?, will provide some helpful guidelines on navigating the process. You probably already know this, but it bears repeating: Manufacturing outsourcing raises profit margins, improves inventory management, and gets new products to market faster ...
January 10, 2023 By: Michael Flynn The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies plan to issue in the near and long term. Included is the CFPB’s regulatory agenda for 2023. The CFPB agenda may be found HERE ...
December 6, 2022 By: Alexander Davis and Manuel Fishman In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax. The ordinance applies to ground floor, street-facing, commercial properties within any of the 32 districts listed in Section 201 of the Planning Code (which the regulation defines as “Taxable Commercial Space”) ...
December 2, 2022 By: Anna G. Thomas To increase transparency regarding payments to physicians by drug and medical device companies, Governor Newsom signed AB 1278, which imposes certain additional disclosure obligations on physicians. Beginning on January 1, 2023, physicians will be required to comply with new patient notice and posting requirements. Notice to Patients Under this law, physicians must provide to patients an Open Payments database notice ...
November 16, 2022 By: William Miller, Anne Marie Ellis, and David DeBerry On August 1, 2022, the California Court of Appeals issued the decision in Martinez v. Cot’n Wash, Inc. (2022) 81 Cal.App.5th 1026 [297 Cal.Rptr.3d 712]. In Martinez, the plaintiff claimed that Cot’n Wash’s website (dropps.com) was inaccessible because it did not comply with the Web Content Accessibility Guidelines (WCAG) 2.1 ...
November 15, 2022 By: Gwenneth O’Hara, Lillian Rafii, and Jonathan Kendrick On November 10, 2022, the CPUC issued its long-awaited and reworked net energy metering (NEM) “3.0” proposed decision on a successor tariff. The origin of California’s NEM tariff was to incentivize Californians to install on-site renewable energy resources such as rooftop solar to serve part or all of their own electrical requirements ...
November 1, 2022 By: Jeffrey M. Dennis The amended California Consumer Privacy Act (CCPA), sometimes referred to as the California Privacy Rights Act (CPRA) or Proposition 24, takes effect on January 1, 2023 – and introduces new consumer rights, while significantly increasing compliance pressures on companies who do business in California. With less than 60 days before the amended CCPA launches, the time for compliance is NOW ...
October 31, 2022 By: Michael Flynn Recent pronouncements by Vice President Harris and by an SBA public affairs specialist indicate that SBA will soon publish a Notice of Proposed Rulemaking (NPRM) that will propose an expansion of the number of non-depository institutions that can participate as lenders in the SBA 7(a) loan program, and that FinTechs will be among the types of institutions included in the expanded eligibility ...
October 20, 2022 By: Gwenneth O’Hara and Samir Hafez On September 21, 2022 the California Energy Commission (CEC) issued its draft report of the Lithium Valley Commission, which includes 44 recommendations concerning the opportunities and challenges associated with the expansion of geothermal energy production and lithium extraction in the Salton Sea region ...
October 12, 2022 By: Michael Flynn On September 27, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Mortgage Refinances and Forbearances. The Request indicates that the CFPB is considering making the COVID emergency relief foreclosure/loss mitigation requirements a permanent requirement for mortgage lenders and servicers when dealing with temporarily distressed borrowers ...
October 4, 2022 By Braeden Mansouri and Alicia Guerra On September 28, Governor Gavin Newsom signed into law two of the most anticipated housing bills of this legislative session: AB 2011 and SB 6. Both bills have the potential to increase significantly the amount of land available for residential development by deeming housing a permitted use in certain types of commercial zones ...
By: John Epperson and Peter McGaw A ban on the sale of nondurable food packaging in California containing PFAS chemicals goes into effect on January 1, 2023, which is now less than four months away. The ban was contained in Assembly Bill 1200, which was enacted in October 2021, along with unrelated new requirements for disclosure of chemicals in cookware ...
By: Jack Darrington, Keven Rowe, and Landon Hardcastle Under a new Utah law, most providers of commercial financing or factors which are located in Utah or who lend to a Utah resident are required to register as a commercial financing provider with the Utah Department of Financial Institutions. Additionally, certain disclosures are required before engaging in most transactions. To some extent, the law mirrors Truth in Lending type acts passed in New York and California ...
September 6, 2022 By: Michael Flynn* Continuing a recent trend, the CFPB has asserted that its oversight authority regarding unfair, deceptive, and abusive practices (UDAAP) to assert that certain digital marketers, including what it refers to as “Big Tech,” face potential UDAAP liability and oversight from the CFPB ...
September 6, 2022 By: Jeffrey Dennis and Li-An Leonard Last week, the California Legislature failed to reach agreement on an extension to the employee exemption which applies to the California Consumer Privacy Act (CCPA) which currently exempts employees and employee data from the CCPA requirements. As a result, this exemption will expire on December 31, 2022 – and will result in increasing burdens on California employers as it relates to employee privacy rights ...
September 1, 2022 By: Nora Sheriff, Gwenneth O’Hara, and Lillian Rafii On August 19, 2022, the California investor-owned utilities filed a joint motion for official notice at the California Public Utilities Commission (CPUC), saying that the recently adopted Inflation Reduction Act of 2022 (HR 5376) is “directly relevant” to the CPUC’s open net energy metering (NEM) proceeding. The CPUC is currently contemplating a revision to its NEM tariff (referred to as NEM 2 ...
August 19, 2022 By: Gwenneth O’Hara, Jonathan Kendrick, Mercedes Martin, and Aaron Elster Over the next decade, the United States, through enactment of the Inflation Reduction Act of 2022 (IRA), is primed to make a $369 billion investment in clean energy and climate change programs ...
