November 2023

Effective State Changes

NEW YORK

On October 25, 2023, AB 7376 was signed into law by Governor Kathy Hochul. This bill allows the use of electronic notices and documents in the course of a premium finance transaction. Effective immediately.

Effective Federal Changes

CFPB ANNUAL REGULATION M & Z ADJUSTMENTS

The Consumer Financial Protection Bureau (“CFPB”) published its annual Truth in Lending Act threshold adjustment, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. For 2024, the exemption threshold amount for Regulation M and Z will increase from $66,400 to $69,500. Effective January 1, 2024.