"License? We don't need no stinking license"

The Department of Corporations’ jurisdiction is not limited to the Corporate Securities Law of 1968. In fact, it has an entire division dedicated to financial services regulation. The Department’s Financial Services Division, or FSD, has responsibililty for administering the following six laws: California Deferred Deposit Transaction Law; California Finance Lenders Law; California Foreclosure Prevention Act; California Residential Mortgage Lending Act Check Sellers, Bill Payers and Proraters Law; and Escrow Law

In my day, the FSD also regulated state chartered credit unions. This responsibility now resides in the Department of Financial Institutions.

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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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