Francis L. Doorley

2 weeks ago | mondaq.com | Krista Cooley |Francis L. Doorley |Daniel Pearson

Shortly after Mayer Brown published an update on legislationintroduced to exempt passive trusts and other assignees of certainMaryland loans from licensing, Governor Wes Moore signed thelegislation into law. The Maryland Secondary Market Stability Actof 2025 (the "Act") was enacted on April 22, 2025, andtakes effect immediately.

3 weeks ago | mondaq.com | Krista Cooley |Francis L. Doorley |Daniel Pearson

Just days apart, Arkansas and Utah enacted laws to regulateproviders of earned wage access ("EWA") services, joiningthe handful of states that have enacted legislation to regulatethese products since 2022. Arkansas House Bill 1517 and Utah House Bill 279 were signed into law onMarch 20, 2025 and March 25, 2025, respectively.

Jan 24, 2025 | mondaq.com | Krista Cooley |Francis L. Doorley |Steven A. Kaplan |Kelly Kramer

On January 10, 2025, the Maryland Office of Financial Regulation(OFR) issued formalguidance asserting that assignees of residential mortgageloans—including certain "passive trusts" thatacquire or obtain assignments of residential mortgage loans inMaryland—must become licensed in Maryland prior to April 10,2025, unless the assignee is expressly exempt under Maryland law.

Jan 22, 2025 | mondaq.com | Amanda Baker |Christa L. Bieker |Krista Cooley |Francis L. Doorley

As we enter 2025, the primary and secondary markets for consumerand small business financial assets remain robust. Like last year,many new securitization issuances are planned for the firstquarter, and financial services companies continue to expand theirexisting offerings and innovate new products. Nonetheless, navigating the rapidly evolving regulatoryenvironment remains a top priority for those in the consumer andsmall-business financing space.

Jan 16, 2025 | mondaq.com | Francis L. Doorley |Steven A. Kaplan |Kristie D. Kully |Joy N Tsai

On December 17, 2024, the Consumer Financial Protection Bureau(CFPB or Bureau) issued its final rule (Final Rule) applying certainresidential mortgage requirements to Property Assessed Clean Energy(PACE) financing. The CFPB issued the Final Rule in response to theEconomic Growth, Regulatory Relief, and Consumer Protection Act(EGRRCPA), which required the CFPB to issue regulations applyingthe Truth in Lending Act's (TILA) ability to repay and civilliability provisions to PACE financing.