But Is It A Loan?

Earlier this week, California' Department of Financial Protection & Innovation announced that it had entered into memorandums [sic] of understanding with five earned wage access companies.  If you haven't heard of a "earned wage access company"...

When A Purchase And Sale May Be A Loan

The California Financing Law requires that persons engaged in the business of making consumer loans or making commercial loans be licensed by the Department of Financial Protection and Innovation, unless exempt.  Cal. Fin. Code §§ 22009 & 22100. ...

DFPI To Hold Public Hearing Today On Proposed Commercial Loan Disclosures

Two years ago, California enacted SB 1235 (2018 Cal. Stats. ch. 1011) requiring providers of commercial financing to disclose certain information to the businesses seeking financing.  The Department of Financial Protection and Innovation solicited...

DBO Proposes Commercial Loan Disclosure Rules

In 2018, California enacted SB 1235 (2018 Cal. Stats. ch. 1011) requiring providers of commercial financing to disclose certain information to the businesses seeking financing.  The Commissioner of Business Oversight last week proposed rules...

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...

Department Issues "Opinion" That Deferred Payment Product Meets Definitions Of "Loans"

As mentioned in my post last week, the Department of Business Oversight issued a press release shortly after Christmas announcing that it had issued a "legal opinion" concerning whether a point-of-sale product constitute loans for purposes of the...

Legislature Mulls Adding Definition To The Definition Of "Broker" Under CFL

The California Financing Law enjoins anyone from engaging in the business of a finance broker without a license from the Commissioner of Business Oversight.  Cal. Fin. Code § 22100(a).  The CFL, however, defines "broker" in a decidedly unhelpful...

California Legislature Mulls Rewrite Of  "Broker" Definition In CFL

California's default lender licensing law is the California Financing Law, a law which had until recently been known as the California Finance Lenders Law.  The CFL generally prohibits anyone from engaging in the business of a finance lender or...

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