California Corporate & Securities Law

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...

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...

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" until...

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....

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...

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...

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...

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...

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...