California Corporate & Securities Law

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...

California had been one of 16 states that did not require licensing of debt collectors.  That changed last year with the enactment of the Debt Collection Licensing Act.  2020 Cal. Stats. ch. 163 (SB 908). The law takes effect on New Year's Day. The...

California's Department of Financial Protection & Innovation has complied this summary of new laws that affect or may otherwise be of interest to persons licensed by the department.  In general, these laws will take effect on January 1, 2022.  See ...