2nd Colo. 'True Lender' Case Sent Back To State Court

Law360 (March 22, 2018, 7:16 PM EDT) -- A Colorado federal judge ruled Wednesday that the Federal Deposit Insurance Act doesn't so completely preempt a state financial regulator's claims against nonbank lender Marlette Funding LLC that they have to be heard in federal court.

U.S. District Judge Philip A. Brimmer remanded the case from Julie Ann Meade, the administrator of Colorado's Uniform Consumer Credit Code, making it the second such "true lender" action to get kicked back to Denver state court this month.

"Neither the Supreme Court nor the Tenth Circuit Court of Appeals has ruled on whether the complete preemption doctrine applies to the FDIA, the statute relied...

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