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Colorado Settlement Opens Door For Fintech Lenders

Banking Exchange

Colorado may soon witness an influx of new fintech lenders following the conclusion of a long-running legal case Compliance Technology Fair Lending Feature3 Fintech Feature Mobile Online Tech Management Compliance Management Compliance/Regulatory.

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Colorado Issues Student Loan Servicer License Applications

CFPB Monitor

The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents. Such renewal forms will be posted online at a later date. Under the Colorado statute, student loan servicers must be licensed by January 31, 2020.

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Colorado Settlement Provides a Possible Path Forward for Certain Bank-Fintech Online Lending Partnerships

CFPB Monitor

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor).

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Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

CFPB Monitor

With Colorado’s private education lender registration scheduled to take effect on September 1 st , the Colorado Department of Law has just announced that they intend to bring a new group within their jurisdiction: private postsecondary schools that use income share agreements (ISAs) to help finance students’ education.

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Online lenders reach landmark settlement with Colorado

American Banker

Under the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.

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Online Gambling Player Rush Street Wins Support of Blank Check Firm To Go Public

PYMNTS

Chalk up another major deal for blank check companies, one of Wall Street’s hottest new trends, with online gambling and sports betting company Rush Street Interactive ’s announcement that it will be going public. RSI is projecting $321 million in revenue for its fiscal 2021.

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Colorado’s new auto-renewal law

CFPB Monitor

While companies subject to other state’s auto-renewal laws and the Restore Online Shoppers’ Confidence Act (“ROSCA”) will be familiar with the three-prong approach of upfront clear disclosure, simple cancellation, and ongoing reminders, the Colorado law goes a step further by imposing notice obligations on month-to-month renewals.