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....

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...

California Statute Permits Unlicensed "Small Dollar" Lending By Some Nonprofits

On the eve of the Great Depression, the United States Bureau of Printing and Engraving made a big change by introducing small bills.  The Bureau reduced the size of bills by about 30% to save money on ink and paper - the downsizing allowed 12 bills...

Why CFL Licensed Lenders Must Submit New License Applications By Year End

Several thousand lenders and brokers are currently licensed by the Department of Financial Protection & Innovation under the California Financing Law.   The CFL generally requires that persons engaged in the business of either finance lender or...

Court Terminates "Rent-a-Bank" Claim

Mr. Sims is a retired veteran living on a fixed income in California.  Last year, he " "responded to online marketing" on a website maintained by OppLoans, a Delaware limited liability company with an Illinois address.  Mr. Sims entered into a loan...

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"...

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