Compliance Alerts

July 2022

 

Effective State Changes

 

COLORADO

HB 1359 was approved on June 3, 2022, and enacts the Colorado Household Financial Recovery Pilot Program Act, an act focused on supporting Colorado individuals and households impacted by the COVID-19 Pandemic. The act outlines requirements for making loans under this Pilot Program. Effective June 3, 2022.

HB 1410 allows Lenders to authorize work from remote locations, provided certain requirements are followed. Effective 90 days following adjournment, unless a referendum is filed.

 

FLORIDA

HB 389 revises some of the licensing requirements for licensure as a money services business. Effective October 1, 2022.

 

ILLINOIS

HB 5220 modifies the Financial Institutions Code by changing the definition of “Financial institutions” to include “consumer installment lenders, payday lenders, sales finance agencies, and any other industry or business that offers services or products that are regulated under any Act administered by the Director.” The act clarifies the Division of Financial Institutions of the Department’s supervisory authority. The act further addresses collection agency requirements and violations. Effective January 1, 2023.

 

LOUISIANA

HB 610 clarifies definitions and duties relating to student loan servicers. In a similar vein, HB 789 clarifies definitions and requirements for a "private education lender." Effective August 1, 2022.

HB 1031 imposes a road usage fee in the amount of $110 per year for electric vehicles and $60 per year on hybrid vehicles. Effective January 1, 2023.

 

MARYLAND

HB 962 and SB 643 are companion bills that address data security standards and security breach notice requirements for businesses that receive and maintain personal information of Maryland residents. Effective October 1, 2022.

 

OKLAHOMA

Oklahoma HB 3419 creates Service Oklahoma, a division of the Office of Management and Enterprise Services. Among other duties, Service Oklahoma takes over the powers, duties and responsibilities previously exercised by the Driver License Services Division of the Department of Public Safety and the Motor Services Division of the Oklahoma Tax Commission. The act changes references to a “motor license agent” to “licensed operator.”  Effective in part January 1, 2023.

 

OREGON

Regulation 125958 establishes a rebate program for zero-emission vehicles in Oregon. The regulation removes the previous expiration date of January 2, 2024. Effective May 19, 2022.

 

RHODE ISLAND

The fiscal bill, HB 7123, repeals the motor vehicle and trailer excise tax. Effective July 1, 2022. However, the motor vehicle and trailer excise tax for the city of East Providence shall continue until July 1, 2023. 

HB 7781 and companion bill SB 2794, revise Title 19 of the General Laws of Rhode Island to expand the definition of “Licensed Activities” to specifically include retail installment sales. Effective June 29, 2022. 

 

Update

 

KENTUCKY

House Bill 8 imposes a number of new taxes and increases the county registration and renewal fees for electric vehicles to $120 and for hybrid vehicles to $60. We had previously published the county registration and renewal fees were effective immediately and the fees for electric vehicles were $140 and for hybrid vehicles $70. Effective January 1, 2023.