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Finance Lenders Annual Report Due Soon

Licensees under the California Financing Law (CFL), the Property Assessed Clean Energy (PACE) Financing Program, and the Responsible Small Dollar Loan (RSDL) pilot program must submit their annual to the Department of Business Oversight no later...

California Financing Law

Where Do Dead Bills Go?

We are now in the second year of the California legislature's biennium.  Under the Constitution, any bill introduced during the first year of the biennium of the legislative session that has not been passed by the house of origin by January 31 of...

Legislation

Will California License Virtual Currency Issuers?

The California Department of Business Oversight regulates the money transmission business pursuant to the Money Transmission Act, Cal. Fin. Code § 2000 et seq.  The Act currently defines "money transmission" as any of the following:

  • Selling or...

Banking and Financial Institutions, Department of Business Oversight

Legislator Proposes Treble Damages And Unilateral Attorneys' Fee For Securities Claims

Assembly Member Al Muratsuchi recently introduced a bill, AB 2069, that would grant courts the discretion to award treble damages for violations of the qualification requirements of the Corporate Securities Law of 1968.  Courts would also gain the...

Corporate Securities Law

Mirabile Dictu! Court Finds Accurate Description Is Not Misleading As A Matter of Law

"No sugar tonight in my coffee"

Michelle Shaeffer purchased a bottle of Cuties Juice in a supermarket in Merced, California.  The bottle accurately stated "No Sugar Added".  Ms. Shaeffer nonetheless thought that she had been misled.  In fact, she...

unfair competition law

Does California Law Apply To A Derivative Action Brought By Members Of A Foreign LLC?

In a ruling handed down this week, U.S. District Judge Lawrence J. O'Neill addressed whether California law applied to derivative claims apparently brought on behalf of an Oregon entity.  I found Judge O'Neill's ruling confusing at best.  First, he...

revised uniform limited liability, derivative action

Legislature To Consider Easing Corporate Conversions

Chapter 11.5 of the California General Corporation Law currently authorizes the conversion of a corporation into an "domestic other business entity" (defined in section 167.7) such as a limited liability company or a partnership.  While a "foreign...

California Corporations Code

Bill To Allow LLC Real Estate Broker's License Is Not Dead Yet

Nearly one year ago, I wrote that Assembly Member Tom Daly had introduced legislation that would allow limited liability companies to obtain a real estate license.  Action on the bill stalled out last April and the bill would have died had it not...

real estate broker, department of real estate

Are Industry Comments The Only Comments That Matter?

Under the federal Administrative Procedure Act's informal rule making mandate, agencies must give interested persons an opportunity to participate in rule making through submission of written data, views, or arguments with or without opportunity for...

Administrative Procedure Act, Securities and Exchange Commission

DBO Website Lists Central Locations For Service Of Process

In a 2013 post, wrote about new legislation, AB 2364 (Wagner), intended to simplify the process for levying on bank accounts for both creditors and banks. AB 2364 required banks or financial institutions with more than nine branch offices within...

Financial Institutions

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
Partner at Allen Matkins
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