Consumer Finance Laws Survey
As part of the Vision 2020 initiative, CSBS convened a Fintech Industry Advisory Panel (FIAP) designed to support state regulators’ increased efforts to engage with financial services companies involved in fintech. The FIAP engaged with the CSBS Emerging Payments and Innovation Task Force and other state regulators to identify actionable steps for improving state licensing, regulation, and non-depository supervision and for supporting innovation in financial services.
The group released a series of recommendations for state regulators to consider when streamlining nonbank supervision. Those items included the creation of this 50-state survey of consumer finance licensing laws for reference use by regulators, industry, consumer groups and other stakeholders. This information can serve as a valuable resource and tool for both states to see the similarities and differences and for industry, particularly new entrants including Fintechs, to use as a first step look at determining state compliance requirements.
The information provided in this 50-state survey of consumer finance licensing laws allows users to see similarities and differences across licensing schemes in all 50 states and Washington, D.C., and allows industry, particularly new entrants, a clear look at state compliance requirements.
The survey identifies state licensing and lending requirements for “consumer loans,” however that may be defined by state statutes (note that payday, title lending, and other more targeted license types are not included in the research). The state law survey includes which business activities trigger a consumer loan license and whether the statute applies to commercial lending as well as noting major license requirements, statutorily mandated loan terms and limits on fees and charges.
All information contained in the survey has been reviewed and verified by the appropriate state regulatory authority. Relevant statutes for each state are provided to aid additional research. State information will be updated on an annual basis.
To get started, click on a state in the map below.