Category Archives: Title Loans

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Client Alert: CFPB’s New Small-Dollar Short-Term Lending Rule

By now you’ve likely heard that the Consumer Financial Protection Bureau (CFPB) has released a final small-dollar lending rule concerning Payday, Vehicle Title, and Certain High-Cost Installment Loans (the “Final Rule”). The hallmark of the Final Rule is the requirement that lenders make a reasonable determination that a borrower has the ability to repay a … Continue Reading

CFPB Issues Final Rules on Payday and Vehicle Title Loans—Little Impact for Auto Lenders

The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and payment restrictions on certain covered loans. Be sure to review our previous blog post “CFPB Releases Long Awaited Small Dollar Rule: 5 Things You Need … Continue Reading

Alabama Supreme Court Says Cash Advance Company Not a Debt Collector

The Supreme Court of Alabama has reversed a jury verdict awarding the plaintiff $200,000 in damages, ruling on appeal that the Fair Debt Collection Practices Act (FDCPA) did not apply to the pawn transaction at issue. The case, Complete Cash Holdings, LLC v. Powell, arose from a forged title-pawn agreement. Ms. Powell’s granddaughter stole title … Continue Reading

Consumer Lending Industry Targeted by the Alabama Legislature

Last month, a group of 45 members of Alabama’s House of Representatives introduced a proposed amendment to the Alabama Constitution that would cap the interest rate a lender may charge an individual on a “consumer loan, line of credit, or other financial product.” The proposed amendment, currently known as House Bill 321, is a direct … Continue Reading
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