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:
OAL May Soon Decide Fate Of California's Proposed Commercial Financing Rules
Posted on June 08, 2022
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....
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...
California Commercial Loan Disclosure Rules Proposed For Comment
Posted on October 14, 2020
In 2018, the California legislature enacted SB 1235 (Chapter 1011, Statutes of 2018). This legislation requires that lenders make disclosures to borrowers in a "commercial financing" (as defined). SB 1235 requires the Department of Business...
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...
Another Foolish Inconsistency - This Time For Broker-Dealers
Posted on December 08, 2017
Yesterday's post chided Glass, Lewis & Co., LLC for its inconsistent positions on majority rule. Today's post tackles a foolish inconsistency in the California Codes. Section 25217(c) of the California Corporations Code provides:
