As the Maryland legislative session begins to heat up, we have been tracking several bills that would impact financial services providers. One bill of interest is House Bill 254, titled: Commercial Law – Credit Regulation – Predatory Loan Prevention (True Lender Act).

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As we previously reported, certain temporary bankruptcy code amendments that Congress originally enacted in connection with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) expired as of

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Among many other accommodations, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided small business and individual debtors with expanded access to bankruptcy relief. The extended provisions include:

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In Ko v. Messer, Chapter 11 Trustee, No. 20-02866, 2021 WL 4463029 (E.D.N.Y. Sept. 29, 2021), the U.S. District Court for the Eastern District of New York (District Court) rejected a contract purchaser’s argument that the early closing of a bank wire window excused the purchaser’s performance under a contract for the sale of real property.

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The 9th Circuit Bankruptcy Appellate Panel recently reinforced a Pennsylvania bankruptcy court case that was among the first to extend the U.S. Supreme Court’s City of Chicago v. Fulton ruling (which held that mere retention of vehicles repossessed pre-petition would not violate the automatic stay) to the context of account garnishments.

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Maryland Legal Alert for Financial Services

The Bankruptcy Court for the District of Maryland recently proposed a new local rule in response to the U.S. Supreme Court decision that mere retention of bankruptcy estate property by a creditor post-petition does not amount to an exercise of control over estate property in violation of the automatic stay.

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