On April 6, 2021 House Bill 2721 was signed into law which requires Arizona motor vehicle dealers to disclose any Document Fee they charge for a motor vehicle transaction in any advertisements. Effective 90 days after sine die adjournment.

ARKANSAS

House Bill 1893 exempts certain electric and hybrid vehicles from registration fees. Effective retroactively to October 1, 2019.

FLORIDA

Senate Bill 50 was signed by Governor Ron DeSantis on April 19, 2021. The new law revises the definition of a “retail sale” to include sales facilitated through an internet marketplace. In addition, the new legislative scheme requires marketplace providers and persons outside of Florida to remit discretionary sales surtax when delivering tangible personal property to a county imposing a surtax and a marketplace seller—rather than the provider—is responsible for sales tax collection and remittance in certain instances. Effective, in part, on July 1, 2021.

INDIANA

Senate Bill 346 makes amendments to the Uniform Consumer Credit Code and first lien mortgage law to remain consistent with federal laws in effect on Dec. 31, 2019, to federal laws in effect on Dec. 31, 2020. Effective July 1, 2021.

Indiana House Bill 1285 was passed on April 23, 2021. Among other provisions, the bill sets up a statewide electronic titling and lien system. Effective, in part, on January 1, 2022.

IOWA

House File 719 creates the Insurance Data Security Act which enacts standards for data security and data breach investigations under the purview of the Commissioner of Insurance. Effective January 1, 2022.

KENTUCKY

Kentucky Governor Andy Beshear signed Senate Bill 71 into law on March 22, 2021. Amongst other provisions, the new law defines automobile clubs, recovery, towing services, and the relationship between a lienholder and the owner of a vehicle. Effective 90 days after sine die adjournment.

MARYLAND

Senate Bill 281 extends the Office of the Commissioner of Financial Regulation’s sunset date to July 1, 2032. Effective Immediately.

NORTH DAKOTA

North Dakota Senate Bill 2103 was signed into law on April 19, 2021. The bill amends money broker loan charges, expands licensing exemptions, and changes deferred presentment service transaction procedures. A money broker licensee cannot contract for a finance charge of more than an annual rate of 36%. Additional charges may be assessed for late payment not to exceed 5% of the payment or if the loan originated is for $50,000 or less, the charges may not exceed $20. Additional restrictions for small loans originated for less than $2,000 include the following: Installment loans must be paid in equal installments, loans may not exceed 36 months, and a balloon payment is prohibited. An existing loan may be refinanced into a new small loan of less than $2,000, but the combination of any refinance fees along with any original loan fees may not exceed $100 per calendar year. Finally, an additional charge of up to $100 may be assessed for a loan extension or deferment of payment. Effective August 1, 2021.

Governor Doug Burgum signed SB 2150 on April 1, 2021. The new law states that vehicle theft protection warranties are not subject to regulation as insurance. Additionally, the bill defines what types of vehicle damage a service contract could cover. Effective August 1, 2021.

OKLAHOMA

The Department of Consumer Credit published the changes in dollar amounts which will become effective July 1, 2021. Included in the adjustments are the following:

Retail Installment Sales, §2-201:

The greater of:

30% of the amount financed up to $1,620; plus

21% of the excess to $5,400; plus

15% of the remainder to $58,300.

OR  21% Simple Interest

The dollar amounts under §3-508(A) remain the same.

For loans subject to § 3-508(B) of the Oklahoma Code the maximum charge structure is:

Loan Amount	Acquisition Charge	Handling Charge
Up to $161.95		$5.40 per $27.00 of principal
$161.95-$189.00	1/10 of the amount of principal	$16.20 per month
$189.01-$378.00	1/10 of the amount of principal	$18.90 per month
$378.01-$540.00	1/10 of the amount of principal	$21.60 per month
$540.01-$810.00	1/10 of the amount of principal	$24.30 per month
$810.01-$1,080.00	1/10 of the amount of principal	$27.00 per month
$1,080.01-$1,350.00	1/10 of the amount of principal	$29.70 per month
$1,350.01-$1,620.00	1/10 of the amount of principal	$32.40 per month

The maximum delinquency charge for consumer credit sales and consumer loans will increase from $26.50 to $27.00. Effective July 1, 2021.

Senate Bill 261 creates an Oklahoma Student Borrower’s Bill of Rights. The new law defines these student’s rights, prohibits certain actions by servicers, and directs the Attorney General to create materials in compliance with its provisions. Effective November 1, 2021.

Senate Bill 796 was signed on April 21, 2021 by Governor Kevin Stitt. The new bill creates amendments to the Oklahoma Uniform Commercial Code, specifically Section 3-508A to increase the cap on loan finance charges from 27% to 32% per year on unpaid balances of the principal of $7,000 or less, 23% per year on the unpaid balances of the principal more than $7,000 to $11,000, and 20% on the unpaid balances of the principal more than $11,000. The bill also provides for a closing fee upon prepayment in full of up to $28.85 under Section 3-210. Effective November 1, 2021.

TENNESSEE

Tennessee House Bill 421 was signed into law on April 7, 2021. This new law increases fees and adds new fees an industrial loan entity may charge. Under the new law, any industrial loan entity may contract for a service charge of 5% on the Total Amount of the Loan (up from 4%). It also modifies the installment maintenance fee structure to a flat $5.00 per month. Finally, new provisions allow a registrant to contract for a closing fee for prepayment at the time of origination. The closing fee may be for an amount of up to 4% of the amount financed but no more than $50.00. Effective July 1, 2021.

TEXAS

Released in February 2021, the dollar amount brackets and ceilings subject to adjustment in the Texas Financial Code will increase as follows

Consumer Loans – §342.201

(Add-On Rates)

$18 per $100 per annum of the cash advance to $2,220 plus,

$  8 per $100 per annum of the excess to $18,550

OR

(Simple Melded Rates)

30% per annum of the cash advance to $3,700 plus,

24% of the excess to $7,770 plus,

18% of the remainder to $18,500

Retail Installment Sales (“Other Goods”) – §345.055

$12 per $100 per annum of the principal balance to $3,700 plus

$10 per $100 per annum of the excess to $7,400 plus,

$  8 per $100 per annum of the remainder.

Effective July 1, 2021.

UTAH

House Bill 80 was signed into law on April 11, 2021. The bill creates affirmative defenses for businesses that experience a data security breach. Effective 60 days after sine die adjournment.

VIRGINIA

Virginia House Bill 1979 creates an Electric Vehicle Rebate Program for the purchase or lease of new or used electric vehicles. The bill also adds definitions, funding sources, and enacts logistical changes to create the Electric Vehicle Rebate Program Advisory Council. Effective July 1, 2021.

WASHINGTON

Senate Bill 5000 enacts a 50% reduction in taxes on sales or lease agreements for electric passenger cars, light duty trucks, and medium duty passenger vehicles which are powered by a fuel cell. Effective July 1, 2022.

WYOMING

Wyoming House Bill 190 allows a nonresident person registered as a business entity under the laws of another state and who operates a vehicle in Wyoming for commercial purposes to apply for a Wyoming certificate of title. Effective July 1, 2021.

CONSUMER FINANCIAL PROTECTION BUREAU

The Consumer Financial Protection Bureau (“CFPB”) issued a final rule delaying the mandatory compliance date for the new general qualified mortgage (“QM”) final rule based on an annual percentage rate limit from July 1, 2021 to October 1, 2022. Effective on June 30, 2021.

Effective State Changes

ARIZONA

Governor Ducey passed HB 2424 on March 24, 2021. The bill empowers the Director of the Department of Transportation to contract with an association of new motor vehicle dealers to manage a lien recording system at no cost to the state. Effective 90 days after sine die adjournment.

ARKANSAS

HB 1042 became Act 146 on February 24, 2021. Act 146 repeals the long-term rental vehicle excise tax. Effective 90 days after sine die adjournment.

SB 184 was approved by Governor Asa Hutchinson on March 25, 2021. The bill repealed the Arkansas Pawnbroker Act. Effective 90 days after sine die adjournment.

SB 225 was signed into law on March 17, 2021. The bill adds a definition of a plug-in electric vehicle and plug-in hybrid electric vehicle under the Arkansas code. Plug-in electric vehicle owners will now pay a fee of $100 to register their vehicle, while the fee for hybrid electric vehicle owners has been reduced to $50. Effective January 1, 2022.

ILLINOIS

On March 23, 2021 Governor Pritzker signed SB 1792 which enacts The Predatory Loan Prevention Act. This law goes into effect immediately and will significantly impact the extension of credit in the state of Illinois. Exempt institutions include federally chartered banks, savings banks, savings and loan associations and credit unions. The law replaces existing maximum charge statutory requirements with a 36% Annual Percentage Rate limit computed like the MAPR for the Military Lending Act and extends to consumer loans, motor vehicle sales, and retail installment sales. Effective immediately.

IOWA

Republican Governor Reynolds enacted Iowa House File 235 on March 8, 2021. The new law removes the requirement that a consumer credit transaction bear interest in order to collect a service charge. The new law also prohibits a creditor from collecting a minimum charge upon prepayment in-full when a service charge is collected on a non-interest bearing consumer credit transaction. Effective July 1, 2021.

MISSISSIPPI

HB 1075 was signed by Governor Reeves on March 17, 2021. The Bill reenacts the Mississippi Credit Availability Act through July 2026. Effective July 1, 2021.

NEBRASKA

Governor Rickets signed LB 363 into law on March 17, 2021. The bill is primarily concerned with defining sales finance companies for licensing who offer installment sales contracts. Effective immediately, March 17, 2021.

NEW YORK

As a follow up to the recently enacted A10118-A/S05470B, on February 16, 2021 Governor Andrew Cuomo signed SB 898 into law. The law exempts financing transactions of at least $50,000 to auto dealers from the requirements for commercial financing providers to disclose critical information regarding the cost of financing and other terms to commercial borrowers which was recently enacted. Effective January 1, 2022.

SOUTH DAKOTA

HB 1053 was signed into law by Governor Noem on March 3, 2021. The new law requires an annual fee of $50 to be charged to the owner of an electric motor vehicle. The new fee will not apply to a motorcycle propelled by an electric motor. Effective July 1, 2021.

SB 8 was signed into law February 10, 2021. The bill concerns supervised banks and credit unions, as well as foreign banks and trusts. The law sets up new definitions for these entities, rules for examinations, and creates a system for the promulgation of rules enforcement and allowed fees. Finally, the law defines which credit service charges banks may instate. Effective July 1, 2021.

VIRGINIA

The Virginia Consumer Data Protection Act (“CDPA”) became law on March 2, 2021. The new data privacy law establishes rights for Virginia consumers to control how companies use their personal data. The CDPA dictates how companies must protect personal data in their possession and respond to consumers exercising their rights regarding such personal data. Effective January 1, 2023.

WYOMING

Signed into law on February 9, 2021, HB 8 consolidates consumer credit provisions for loans. In addition, the law caps a consumer loan finance charge at 36% per year on the unpaid balance of the principal that is equal or less than $1,000, and 21% on the unpaid balances above $1,000. Effective July 1, 2021.

MASSACHUSETTS

On January 14, 2021, the Massachusetts Governor signed H5250 into law. Among various other requirements, the bill added a requirement that student loan servicers must be licensed in the state. Effective July 1, 2021.

MICHIGAN

The Michigan Department of Insurance and Financial Services issued Bulletin 2021-04-CF on January 15, 2021. This Bulletin adjusted the documentary preparation fee cap to $230. The fee is the lesser of $230 or 5% of the cash price of the motor vehicle. Effective immediately.

NEW YORK

On December 23, 2020, Governor Cuomo signed into law A10118-A/ S05470B which requires certain disclosures for commercial financing transactions. There are a variety of disclosure requirements, among them is the requirement to disclose an Annual Percentage Rate (“APR”) calculated in accordance with the Truth in Lending Act and Regulation Z. Effective June 21, 2021.

PENNSYLVANIA

Pennsylvania’s maximum allowed document preparation fee depends on whether the motor vehicle dealer provides electronic services for registration, title, license, and tax documents. The fee is adjusted annually subject to increases in the Federal Consumer Price Index. The maximum fee for 2021 has been risen to either $328 or $394, with the latter applying to electronically filed documents. Effective January 1, 2021.

WEST VIRGINIA

Following the meeting of the West Virginia Dealer Advisory Board on December 17, 2020, the Commissioner of West Virginia’s Department of Transportation’s Division of Motor Vehicles raised the amount a motor vehicle dealer could charge for documentary fee to $499. Effective immediately.

CONSUMER FINANCIAL PROTECTION BUREAU

On January 20, 2021, Director Kathleen Kraninger resigned as the Director of the CFPB at the request of President Joe Biden’s Administration. President Biden has nominated FTC Commissioner Rohit Chopra as the next director of the bureau. Chopra had previously served as the assistant director at the CFPB where he focused on student lending. Currently, Daniel Ueijo is the Acting Director until Mr. Chopra’s nomination is confirmed by the U.S. Senate.

Review of State Changes Effective in 2020

CALIFORNIA

AB 539 limits a loan with a principal between $2,500 to $10,000 to receive charge at a rate not exceeding 36% plus the Federal Funds Rate. Effective January 1, 2020.

California’s governor signed a series of amendments to the California Consumer Privacy Act on October 11, 2019. Effective January 1, 2020.

On June 8, 2019, California published the fee adjustments to the Vehicle Code under 13 CA ADC § 423.00. Effective January 1, 2020.

GEORGIA 

SB 462 changes the Georgia Industrial Loan Act to the Georgia Installment Loan Act. Effective July 1, 2020.

The Georgia Department of Banking and Finance adopted Rules relating to installment lending on August 19, 2020. Effective September 8, 2020.

HAWAII

SB 409 establishes an annual registration surcharge of $50.00 for electric and alternative fuel vehicles. Effective January 1, 2020.

ILLINOIS

The State of Illinois has adjusted its document preparation fee for the year 2020 to $300.00. Effective January 1, 2020.

The Payday Loan Reform Act allows an Illinois lender to charge a $3 fee for verifying a borrower’s information. Effective July 1, 2020.

SB 1624 made changes to the Personal Information Protection Act by putting in place new reporting requirements. Effective January 1, 2020.

Illinois P. A. 101-0031 provides that for sales and purchases of motor vehicles, the “selling price” includes the value of or credit given for a traded-in first division motor vehicle up to $10,000. Effective January 1, 2020.

INDIANA

Senate Act 395 revises the maximum charges allowed under the Indiana Code for both retail sales and consumer loans. Effective July 1, 2020.

MARYLAND

SB 192 increases the processing fee dealers may charge to $500. Effective July 1, 2020.

MASSACHUSETTS

Massachusetts Bulletin 2019-09 updates Credit Life and Credit A&H rates for motor vehicles. Effective from January 1, 2020 – December 31, 2022.

MICHIGAN

HB 4411 amends statutes regulating credit services organizations. Effective January 28, 2020.

MINNESOTA 

The Minnesota Commerce Department published their periodic adjustment in dollar brackets effective July 1, 2020 through June 30, 2022.

Minnesota raised the motor vehicle document preparation fee from $100 to $125. Effective July 1, 2020.

MISSOURI

SB 599 allows traditional installment loan lenders to charge a convenience fee for payments made by a debit/credit card. Effective August 28, 2020.

NEBRASKA

Initiative 428 limits payday lenders to charge a 36% APR. Effective December 8, 2020.

NEW JERSEY

AB 2669 expands coverage of Service Contracts to leased motor vehicle for excess wear and use protection. Effective September 14, 2020.

SB 2998 requires consumer lenders providing credit agreements with lender-placed insurance to disclose these policies. Effective April 12, 2020.

NEW MEXICO

Office of Superintendent of Insurance published Bulletin 2019-018 regarding the acceptable Credit Life and Credit A&H premium rates. Effective April 1, 2020.

NEW YORK

The SHIELD Act amends New York’s current data breach notification law. Effective March 21, 2020.

SB 3631 increased the number of covered items under service contracts. Effective December 23, 2019.

OHIO

The Ohio Department of Insurance issued a memorandum revising prima facie Credit Insurance rates effective January 1, 2020.

OKLAHOMA

SB 720 created the Oklahoma Small Lenders Act. The bill created a new license for “small lenders,” beginning on January 1, 2020.

The Department of Consumer Credit published the changes in dollar brackets for Retail Installment Sales and Consumer Loans. Effective July 1, 2020.

SB 1682 preempts any local government ordinances for businesses regulated by the Department of Consumer Credit. Effective November 1, 2020.

RHODE ISLAND

HB 5674 defines service contracts and clarifies that service contracts are not insurance and not subject to the insurance code. Effective January 1, 2020.

The maximum Documentary Preparation Fee for motor vehicle dealers increased from $200 to $400. Effective January 19, 2020.

SOUTH DAKOTA

SB 14 defined which data must be included with the registration and plates for motorcycles, snowmobiles, passenger vehicles, and trailers. Effective July 1, 2020.

SOUTH CAROLINA

The South Carolina Dept. of Insurance published orders 2019-04, 2019-05, and 2019-06 confirming Prima Facie Credit A&H and Property rates. Effective January 1, 2020.

HB 4244 defines service contracts and warranties. Effective May 7, 2020.

The Department of Consumer Affairs released its biannual dollar adjustments for consumer credit sales, consumer leases, and consumer loans. Effective July 1, 2020.

TEXAS

Texas published the dollar amount brackets and ceilings adjustments for Retail Installment Sales and Consumer Loans. Effective July 1, 2020.

VERMONT

HB 942 provides increased incentives for Vermont residents to purchase battery or plug-in electric vehicles. Effective July 1, 2020.

WASHINGTON

SB 6187 modifies data breach notification requirements for state and local agencies by adding to the definition of “personal information.” Effective June 11, 2020.

WEST VIRGINIA

HB 4149 more clearly defines motor vehicle warranties, service agreements, and maintenance agreements. Effective June 5, 2020.

HB 4621 enacted a Fintech Regulatory Sandbox program. Effective June 5, 2020.

WISCONSIN

SB 162 bill waived the title transfer fee for transfer of a title made to a surviving spouse or domestic partner. Effective March 3, 2020.

WYOMING

HB 57 created a Financial Technology Sandbox. Effective January 1, 2020.

Review of State Changes Effective in 2021 & Beyond

CALIFORNIA

AB 85 requires used vehicle dealers to collect and remit to the Department of Motor Vehicles applicable sales tax. January 1, 2021.

AB 713 excludes from the CCPA deidentified information pursuant to a federal law, medical or other protected information. Effective January 1, 2021.

AB 1864 renamed the “Department of Business Oversight” the “Department of Financial Protection and Innovation” and enacted the California Consumer Financial Protection Law. Effective January 1, 2021.

AB 2196 extended the sunset date for the Pilot Program for Increased Access to Responsible Small Dollar Loans. Effective through January 1, 2028.

AB 3254 requires translation of contracts for persons engaged in a trade or business who negotiate primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean. Effective January 1, 2021.

SB 908 enacted the Debt Collection Act (“DCLA”). Effective January 1, 2022.

Californian’s voted to affirm Proposition 24 regarding expanded consumer privacy protections. Effective January 1, 2023.

GEORGIA

HB 1039 provides for new written or electronic notifications to consumers who enter service contracts. Effective January 1, 2021.

ILLINOIS

The State of Illinois increased its document preparation fee to $303.60. Effective January 1, 2021.

INDIANA

Indiana published dollar adjustments under the consumer credit code for sales, supervised loans, and small loans. Effective January 1, 2021 – December 31, 2023.

IOWA

Iowa released new regulations increasing the special annual registration fees for electric vehicles. Effective January 1, 2021 and January 1, 2022.

MINNESOTA

HB 4556 modifies the motor vehicle registration tax, so that the formula is based on the MSRP. Effective January 1, 2021.

NEW MEXICO

SB 151 allows an electronic signature for the application of a vehicle’s registration and certificate of title. Effective January 1, 2021.

SOUTH CAROLINA

Orders 2020-03, 2020-04, and 2020-05 confirmed Prima Facie Credit A&H and Credit Property rates for 2021. Effective January 1, 2021 – December 31, 2021.

UTAH

HB 37 defines “Vehicle Service Contracts” for the repair or maintenance of a motor vehicle. Disclosure requirements are effective January 1, 2021.

VIRGINIA

HB 789 sets a maximum interest rate of 36% for Installment Loans (loans $300-$35,000), Open-End Credit Plans, Short Term Lenders (loans up to $2,500), and Motor Vehicle Title Loans. Effective January 1, 2021.

SB 77 requires the licensing of education loan servicers. Effective July 1, 2021.

WISCONSIN

Revised Prima Facie Credit Life and Credit Accident and Sickness Insurance rates were released on October 15, 2020.  Effective January 1, 2021 – December 31, 2024.

Review of Federal Changes Effective in 2020

CONSUMER FINANCIAL PROTECTION BUREAU

On February 26, 2020, the CFPB published a new Truth in Lending Act– Real Estate Settlement Procedures Act Integrated Disclosures FAQs.

The CFPB established a Pilot Advisory Opinion Program in response to commentary encouraging the Bureau to offer guidance in cases of regulatory uncertainty.

The CFPB released its final “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule on July 7, 2020.

DEPARTMENT OF DEFENSE

The Department of Defense amended the controversial Question #2 in its interpretation of the Military Lending Act. Effective February 28, 2020.

OFFICE OF THE COMPTROLLER OF THE CURRENCY

The OCC issued a final rule to determine when a national bank or Federal savings association considered the “true lender.” Effective 60 days after publication.

Review of Federal Changes Effective in 2021

CONSUMER FINANCIAL PROTECTION BUREAU

Dollar threshold adjustments were announced for the Ability to Repay/ Qualified Mortgage Rule, and Home Ownership Equity Protection Act. Effective January 1, 2021.

On October 30, 2020, the CFPB released the Final Rule for Debt Collection Practices—Regulation F. Effective November 30, 2021.

The CFPB published its annual TILA threshold adjustment, as required by the Dodd-Frank. Effective January 1, 2021.

Effective State Changes

CALIFORNIA

Californian’s voted to affirm Proposition 24 regarding expanded consumer privacy protections. The proposition would allow Californians to block companies from sharing personal information and limit businesses’ use of “sensitive personal information.” Effective January 1, 2023.

NEBRASKA

Nebraskans voted in favor of Initiative 428 which amends Nebraska statutes to reduce the amount that payday lenders can charge to a maximum annual percentage rate of thirty-six percent. In addition, the Initiative deems void and uncollectable any transaction made in violation of the cap made by a deferred deposit lender. Effective November 30, 2020, or thereafter, pending Governor’s Proclamation.

CFPB – ANNUAL REGULATION M & Z ADJUSTMENTS

The Consumer Financial Protection Bureau (“CFPB”) published its annual Truth in Lending Act threshold adjustment, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. For 2021 the exemption threshold amount for Regulation M and Z will remain the same at $58,300. Effective January 1, 2021.

CFPB – DEBT COLLECTION PRACTICES – FINAL RULE

On October 30, 2020, the CFPB released the Final Rule for Debt Collection Practices—Regulation F. This regulation implements the Fair Dept Collection Practices Act (“FDCPA”). The Final Rule addresses electronic communications, e.g., email, text messages, and social media. The Final Rule also applies prohibitions on harassment or abuse, false or misleading representations, and unfair practices. The Final Rule will become effective one year after publication in the Federal Register. Effective November 30, 2021.

On September 25, 2020, the Governor signed Senate Bill 908 which enacted the Debt Collection Act (“DCLA”). The Act requires that anyone who engages in the business of debt collection—including debt buyers—must be licensed. Effective January 1, 2022.

INDIANA

On October 15, 2020, the Indiana Department of Financial Institutions published Emergency Rule LSA Document #20-549(E). This Rule adjusts the dollar amounts under the consumer credit code for sales, supervised loans and small loans. The applicable thresholds for sales and supervised loans remain unchanged. The threshold for small loans will move from $605 to $660. Effective January 1, 2021 – December 31, 2023.

SOUTH CAROLINA

On October 12, 2020, the South Carolina Department of Insurance published Orders 2020-03, 2020-04, and 2020-05 confirming Prima Facie Credit A&H and Credit Property rates for 2021. Under 2020-03, the Credit A&H rates for insurance sold in conjunction with consumer credit transactions in 2021 will remain unchanged from their current rates in 2020. The 12-month rate for $100 of Initial Insured Indebtedness will remain as follows:

14-day Retro:	$1.53
30-day Retro:	$1.44

Under Order 2020-04, Credit Property rates for Automobile Fire and Theft, Automobile Collision, and Household Goods – Dual Interest, have decreased. Household Goods – Single Interest remains the same.

Under Order 2020-05, the 3-day retroactive A&H rate for insurance sold in conjunction with loans will remain at $0.28 per $5.00 of monthly indemnity. Effective January 1, 2021 – December 31, 2021.

WISCONSIN

The Wisconsin Office of the Commissioner of Insurance released the Revised Prima Facie Credit Life and Credit Accident and Sickness Insurance rates on October 15, 2020.

Prima Facie Credit Life Insurance Premium Rates Per $100 Per Annum

Single premium decreasing life:	$0.38
Joint premium decreasing life:	$0.63
Single premium level life:	$0.70
Joint premium level life:	$ 1.17

Prima Facie Credit Life Insurance Premium Rates Per $1,000 Per Month

Single premium MOB life:	$0.585
Joint premium MOB life:	$0.977

Prima Facie Credit Accident and Sickness Premium Rates Per $100 Per Annum

14 Retro:	$1.01
14 Elim:	$0.56
30 Retro:	$0.71
30 Elim:	$0.52

Effective January 1, 2021 – December 31, 2024.

CONSUMER FINANCIAL PROTECTION BUREAU

The Consumer Financial Protection Bureau (“CFPB”) has released updated FAQs for the Real Estate Settlement Procedures Act (“RESPA”) and Regulation X. This updated FAQ relates to kickbacks, fee arrangements, gifts, promotional activities, and marketing services agreements.

The FAQs cover:

• An overview related to RESPA Section 8 generally, including what payments are prohibited and who is covered;
• RESPA Section 8(a)’s prohibited activities;
• Gifts and promotional activities under RESPA Section 8;
• And marketing service agreements.

Update published October 7, 2020.

The CFPB has also released new rules proposing to establish an Advisory Opinion (“AO”) Program. AOs issued under the program would be considered interpretive rules under the Administrative Procedure Act. These AOs would be in response to a request for clarification on interpretive questions relating to statutes and rules regulated by the CFPB. Comments requested by November 6, 2020.

OFFICE OF THE COMPTROLLER OF THE CURRENCY

The Office of the Comptroller of the Currency (“OCC”) issued a final rule on October 27, 2020, to determine when a national bank or Federal savings association makes a loan and is considered the “true lender”. Under the rule, as of the date of origination, if a bank is the lender in the loan agreement or funds the loan made, it is named as the lender. This includes situations where there is a partnership between a bank and a third party, like a marketplace lender. Effective 60 days after publication in the Federal Register.