Three years ago, Governor Newsom signed AB 1864 into law. This legislation gave the Department of Financial Protection & Innovation the authority to define unfair, deceptive, and abusive acts and practices in connection with the offering or...
Will New DFPI Lending Rules Reduce The Availability And Raise The Cost Of Small Business Loans In California?
Posted on August 30, 2023
Legislator Proposes To Expand CFL To Encompass "Commercial Brokers"
Posted on March 01, 2023
The California Financing Law currently requires the licensing of "finance lenders" and "brokers". Cal. Fin. Code § 22100. A "finance lender" is defined to include "any person who is engaged in the business of making consumer loans or making...
Judge Rules CFL Applies To Cryptocurrency Lending
Posted on October 20, 2022
The California Financing Law prohibits any person from engaging in the business of a "finance lender" without a license from the Department of Financial Protection & Innovation. Cal. Fin. Code § 22100(a). The CFL provides that a "'finance lender' ...
OAL May Soon Decide Fate Of California's Proposed Commercial Financing Rules
Posted on June 08, 2022
In September 2018, then Governor Jerry Brown signed SB 1235 into law. SB 1235 added a new division to the Financial Code imposing specific loan disclosure requirements on providers of commercial financings. These disclosures include:
CFL Licensees: Beware Of The Ides Of March!
Posted on February 23, 2022
Every month of the year has an Ides. See Why Husbands Should Listen To Their Wives . . .
DFPI Grants Year-End Reprieve To CFL Licensees
Posted on December 21, 2021
Last August, I alerted readers of this blog to the Department of Financial Protection & Innovation's determination to require all existing licensees under the California Financing Law to transition to the Nationwide Multistate Licensing System. The...
Plaintiffs Succeed In Arguing That They Suffered No Injury!
Posted on November 12, 2021
Sometimes cases go off in directions that I simply do not expect. In most cases, I would expect to see the plaintiff contend that it was injured in some way. However, that was not the case in Lagrisola v. North Am. Fin. Corp., 2021 U.S. Dist. LEXIS...
Why CFL Licensed Lenders Must Submit New License Applications By Year End
Posted on August 20, 2021
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...
For Finance Lenders, The Times They Are A-Changing
Posted on June 03, 2021
The California Financing Law (fka Finance Lenders Law) requires that persons engaged in the business of making loans be licensed by the Department of Financial Protection & Innovation (fka Department of Business Oversight fka Department of...
