Proposed Narrowing of Licensing Exemption under California Finance Lenders Law

The California Department of Business Oversight (“CDBO”) has proposed to narrow a long-standing interpretation of a statutory licensing exemption for certain lenders under the California Finance Lenders Law (“CFLL”)1. The interpretation applies the exemption to nonbank subsidiaries of banks and bank holding companies.

Section 22050(a) of the California Financial Code (“CFC”) provides an exemption for licensing under the CFLL for...

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Topics:  Bank Holding Company, Banks, Department of Business Oversight, Exemptions, Lenders, Nonbank Firms

Published In: General Business Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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