Selling Unqualified Securities?  There's Are/Were Apps For That

If someone told my younger self that someday people would take photographs with their phones, I would have wondered where you would insert the film.* Today, the question would be "What is film?" When I headed the Department of Corporations in the...

California Bill Would Deem Some Lenders As Licensed

California generally requires that persons engaged in the business of making loans be licensed. If not licensed under some other statute (such as the banking, credit union or residential mortgage lending laws), a lender will generally be subject to...

California Bill Would Establish Registration Program With Respect To Commercial Financing Or Commercial Financing Brokerage Services

Recently, I wrote about the California Office of Administrative Law's rejection of regulations proposed by the Department of Financial Protection & Innovation.  These proposed regulations were intended to "implement, interpret, and make specific...

DFPI Is Victim Of Identity Theft

There is certainly no lack of persons actively violating the seventh or eighth commandment (depending upon who is counting).  Last week, the California Department of Financial Protection & Innovation announced that it has learned of persons who are "...

Why Is The DFPI Requesting Funding To Implement Venture Capital Funding Reporting Mandate?

Last year, the California legislature enacted a bill, SB 54 (Skinner), that requires a "a venture capital" company to report annually to the Civil Rights Department on its funding determinations related to companies primarily founded by diverse...

Governor Seeks $1.63 Million To Implement Venture Capital Company Reporting Law That He Branded As "Problematic"

Article 14, Section 12 of the California Constitution requires the Governor to submit a budget to the Legislature by January 10 of each year. The Constitution further required that the budget be accompanied by a budget bill, which the chairperson of...

OAL Rejects DFPI Proposed Regulations

In March 2023, the California Department of Financial Protection & Innovation proposed to adopt numerous regulations to "implement, interpret, and make specific registration requirements for covered persons under the California Consumer Financial...

DFPI Issues 2023 CCFPL Report

Last week the California Department of Financial Protection & Innovation issued a report of its activities under the California Consumer Financial Protection Law.   The California legislature enacted the CCFPL in 2020 for the ostensible purpose "to...

California Bill Would Require Licensing Of Commercial Financing Providers

Last week, Senator Steven M. Glazer introduced a bill, SB 1482, that would require licensing of "commercial financing providers" and "commercial financing brokers" with the Department of Financial Protection & Innovation under the California...

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