California Corporate & Securities Law

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...

California's Public Records Act, Cal. Gov't Code § 6250 et seq., provides for public access to California state and local government records.  The PRA defines "public records" broadly to include "any writing containing information relating to the...

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...

Last Friday, Commissioner Clothilde V. Hewlett issued guidance concerning the "situation in Ukraine and Russia". The guidance reminds licensees of their obligations under federal, and to a lesser extent, California law. The guidance mentions three...

The California Department of Financial Protection & Innovation's Broker-Dealer/Investment Adviser (BDIA) program licenses and regulates investment advisers, investment adviser representatives, broker-dealers, and broker-dealer agents. Over the last...

In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. This legislation was later...

Yesterday, Governor Gavin Newsom met the constitutional deadline for submitting a proposed budget. Cal. Const. Art. IV, § 12(a). The release of the budget kicks of a prolonged legislative process. In the next several weeks, the budget committee...

Ladies and Gentlemen, Start Gathering Your Data!

California's new Debt Collection Licensing Act, Cal. Fin. Code § 100000 et seq., took effect on January 1, 2022. However, the legislature's inartful and inconsistent draftsmanship has resulted in a great deal of uncertainty over who exactly must be...