March 2023

 

Effective State Changes

 

MASSACHUSETTS

On January 5, 2023, House Bill 5421 was signed into law by Governor Maura Healey. The short bill revised the Small Loan Act requirement for indirect purchasers of motor vehicle contracts to separately license with the state if negative equity was an element of the transaction. Effective April 5, 2023.

 

MISSISSIPPI

On March 13, 2023, House Bill 1170 was signed into law by Governor Tate Reeves. The bill authorizes the Department of Revenue to issue electronic liens and titles for motor vehicles and manufactured homes. Effective July 1, 2023.

 

MISSOURI

The document preparation fee in the State of Missouri was increased through emergency rulemaking from $523.50 to $565.38 for 2023. Effective February 14, 2023.

 

NEW MEXICO

The Director of the Financial Institution Division published regulations for calculating an NM-APR in accordance with House Bill 132 changing the rate cap for small loans in New Mexico to 36%. The regulations specify various types of charges that cannot reasonably be predicted as of the loan contract date and are therefore excluded from the NM-APR calculation. Effective March 29, 2023.

 

 

Effective Federal Changes     

 

Consumer Financial Protection Bureau

On January 30, 2023, the CFPB published a proposed rule to require certain nonbanks to register and submit information in an online, publicly available database. The public comment period is open on this rulemaking until March 31, 2023.