Showing 22 posts from 2021.

Illinois Moves to Cap Consumer Loan Interest Rates, Lenders Subject to Penalties and Other Relief

January 19, 2021 by Vaishali S. Rao

On January 13th, the last day of the Illinois legislature's six-day lame duck session, the General Assembly passed the Illinois Predatory Loan Prevention Act (PLPA) as part of SB 1792.

The PLPA caps consumer loan annual percentage rates at 36% for both open and closed end credit. The 36% APR should be calculated using the system of calculating a military annual percentage rate under federal law, which is widely considered an "all-in" method of calculating rates and fees. The Illinois Department of Financial and Professional Regulation (IDFPR) may issue rules pertaining to the Act. More ›

New York Court of Appeals Finds There is "No Checklist" to Prove Standing to Foreclose, While Leaving Newly-Enacted RPAPL 1302-a for Another Day

January 7, 2021 by Fernando C. Rivera-Maissonet

The New York Court of Appeals issued two important end-of-the-year decisions on December 17, 2020 in a heavily litigated, affirmative defense in residential mortgage foreclosure actions: the lack of standing to foreclose.

In US Bank N.A. v. Nelson and JPMorgan Chase Bank, National Association v. Caliguri, the court analyzed both the pleading requirements for the defense and the standard of proof required to show standing to foreclose. In one-page, unanimous decisions, the court affirmed the Appellate Division's decisions, which both ruled in favor of the mortgagee. More ›

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