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    DBO Proposes To Transition All CFL Licensees To NMLS

    The State Regulatory Registry LLC, an affiliate of the Conference of State Banking Supervisors, developed and operates the Nationwide Multistate Licensing System (NMLS).  In 2008, Congress enacted the Secure and Fair Enforcement for Mortgage...

    Finance Lenders Law

    DBO Seeks Comments On Commercial Loan Disclosure Rules

    This September, Governor Jerry Brown signed SB 1235 (Stats. 2018, Ch. 1011) into law.  In a nutshell, SB 1235 adds a new division to the Financial Code imposing specific loan disclosure requirements on providers of commercial financings.  These...

    Finance Lenders Law

    California Will Soon Require Novel Disclosure Requirements Providers Of Commercial Financings

    In February, I noted the introduction of a bill that would require any person engaged in the business of commercial financing to provide specified disclosures to prospective borrowers.  On September 30, Governor Brown signed the bill, SB 1235, into...

    Finance Lenders Law

    Watch Out, Small Commercial Lending Might Soon Become A lot More Complicated!

    Way back in February, I wrote about a bill, SB 1235, that would impose specific disclosure requirements on persons engaged in the business of commercial financing.  In the ensuing months, the bill was amended eight times, including three amendments...

    Finance Lenders Law

    Supreme Court Shows No Deference To The DBO

    For U.S. Supreme Court followers, a hot topic is whether the Court will continue to apply "Chevron deference".  Under Chevron U.S.A., Inc. v. Natural Resources Defense Council, 467 U.S. 837 (1984), a court will uphold an agency's interpretation of...

    Finance Lenders Law, Administrative Procedure

    California Supreme Court Empowers The DBO And The Courts To Regulate Interest Rates

    Section 22303 of the California Financial Code establishes the maximum interest rates applicable to loans less than $2,500.  The preceding section incorporates by reference the general Civil Code provision about contract unconscionability, Section...

    Finance Lenders Law

    Has The DBO Misstated This Statute?

    The California Department of Business Oversight administers and enforces the California Financing Law (fka Finance Lenders Law).  Visitors to the DBO's website will find a basic description of the CFL, including the following statement:

    Finance Lenders Law

    Federal Regulator's Departure Foments Move To Tighten Oversight Of Finance Lenders

    Richard Cordray's resignation last fall as head of the federal Consumer Financial Protection Bureau may result in more stringent regulation of California Finance Lenders.  In February, Assemblymember Monique Limón introduced AB 2984 as a "spot bill"...

    Finance Lenders Law

    California Bill Seeks To Impose Disclosure Requirements On Commercial Lenders

    I have often remarked that the California Financing Law (fka Finance Lenders Law) imposes virtually no substantive lending requirements.  That will change if Steve Glazer succeeds in enacting SB 1235.  This bill would require any person engaged in...

    Finance Lenders Law

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