DFPI Issues Report On California Finance Lenders

As 2021 begins drawing to close, the Department of Financial Protection & Innovation has released its 2020 Annual Report of Finance Lenders, Brokers, and PACE Administrators Licensed Under the California Financing Law. According to the report, the...

Study Throws Wet Blanket On Other Constituency Statutes

An "other constituency statute" permit, but do not require, boards of directors to consider non-shareholder interests (such as the interests of employees, the environment, et cetera) when making decisions. California and Delaware are among a handful...

Is Zero-Fee, Zero Penalty Banking In California's Future?

Last month, Governor Newsom signed AB 1177, the California Public Banking Option Act. The law's title is more impressive than accurate, for it does not actually create a public bank. Rather, the law requires the Treasurer to convene a "Blue Ribbon...

Some Lawyers Must Soon Be Licensed By The DFPI

California had been one of 16 states that did not require licensing of debt collectors.  That changed last year with the enactment of the Debt Collection Licensing Act.  2020 Cal. Stats. ch. 163 (SB 908). The DCLA will effect at the beginning of next...

Does A Partner Have An Interest In Partnership Property That Can Be Transferred?

Under California's former general partnership law, a partner was a "coowner with the other partners of specific partnership property holding as a tenant in partnership."  Former Cal. Corp. Code § 15025(1).  Whether this was actually the case was ...

Governor Appoints New Commissioner - Go Bears!

Yesterday, Governor Gavin Newsom has announced the appointment of Clothilde “Cloey” Hewlett to serve as California's next Commissioner of the Department of Financial Protection and Innovation. Ms. Hewlett has been serving as the executive director...

In Some Cases, A Dissociated Partner May Remain Liable As A Partner

The anomalously named California Uniform Partnership Act of 1994 specifies when a partner in a general partnership "dissociates". Cal. Corp. Code § 16601. Upon dissociation, a general partner loses the right to participate in the management and...

California's Female Director Quota Law Is Now Headed For Trial

California Superior Court Judge Maureen Duffy-Lewis issued her ruling yesterday on the parties' respective motions for summary judgment in Crest v. Padilla (Cal. Super. Ct. Case No. 19STCV27561). In this case, the plaintiffs are seeking a judgment...

Filing Statements Of Denial

The California Uniform Partnership Act of 1994 permits, but does not require, a general partnership to file a statement of partnership authority with the California Secretary of State's Office. Cal. Corp. Code § 16303. Among other things, the...