DFPI Sees Few Problems With NMLS Transition, Do My Own Eyes Deceive Me?

March 15 was the deadline established by California's Department of Financial Protection & Innovation for licensees under the California Financing Law to transition to the Nationwide Multistate Licensing System.  I recently asked the DFPI about the...

Lawsuit Challenges DFPI's Threat To Enforce Fair Access To Credit Act

Last week, Opportunity Financial, LLC filed a lawsuit challenging the Department of Financial Protection & Innovation's alleged threat to take enforcement action for violating AB 539, the so-called Fair Access to Credit Act.  Enacted in 2019, AB 539...

California Bill Would Ban This Unusual "Purpose Credit"

Regulation U, 12 CFR § 221.1 – 221.125, imposes certain requirements for lenders, other than securities brokers and dealers, who extend credit secured by margin stock.  Regulation U defines "purpose credit" as "any credit for the purpose, whether...

Will California's De Minimis Exemption Return?

In this early January post, I noted the passing of one of the de minimis exemptions under the California Financing Law.  This exemption was available to any person who makes no more than one loan in a 12-month period if that loan is a commercial...

CFL Licensees: Beware Of The Ides Of March!

Every month of the year has an Ides.  See Why Husbands Should Listen To Their Wives . . .

A New Year Has Begun, Time To Get Started On Last Year's Annual Report

Ladies and Gentlemen, Start Gathering Your Data!

California Bids Adieu To Its Tiniest De Minimis CFL Exemption

The California Financing Law prohibits any person from engaging in the business of a finance lender without first obtaining a license from the Commissioner of Financial Protection & Innovation.  Cal. Fin. Code § 22100(a).   The CFL defines "Finance...

DFPI Grants Year-End Reprieve To CFL Licensees

Last August, I alerted readers of this blog to the Department of Financial Protection & Innovation's determination to require all existing licensees under the California Financing Law to transition to the Nationwide Multistate Licensing System.  The...

Plaintiffs Succeed In Arguing That They Suffered No Injury!

Sometimes cases go off in directions that I simply do not expect.   In most cases, I would expect to see the plaintiff contend that it was injured in some way.  However, that was not the case in Lagrisola v. North Am. Fin. Corp., 2021 U.S. Dist....

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