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...
DBO Proposes Commercial Loan Disclosure Rules
Posted on September 14, 2020
Finance Lenders Annual Report Due Soon
Posted on February 14, 2020
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"
Posted on January 06, 2020
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
Posted on February 20, 2019
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
Posted on July 10, 2018
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...
