Department of Business Oversight

News & Analysis as of

Property & Casualty Personal Lines Insurers Doing Business In Rhode Island Have Until November To Remove Non-Risk Factors In Price...

Rhode Island’s Rhode Island Department of Business Regulation (“DBR”) has joined the growing list of state insurance regulators to issue a bulletin on the practice of price optimization. On September 18, 2015, the DBR issued...more

Filing Notices of Exemption Online In California

Occasionally, I’m asked whether it is possible to file a specific notice electronically using the California Department of Business Oversight’s online portal.  To use this service, you must register online.  There are two...more

California Department of Business Oversight Issues Opinion Letter Declaring Foreign Check Clearing Services Not Subject to State’s...

On August 24, the California Department of Business Oversight issued a redacted opinion letter clarifying that foreign check clearing services are not considered money transmission subject to the Money Transmission Act. In...more

Financial Services Weekly News - September 2015

Regulatory Developments - California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” - The California Department of...more

California Reverts To Former Securities Anti-Fraud Statute

Readers of this blog will recall my chariness of a 2013 amendment to California’s basic securities anti-fraud statute.  See California Creates Complete Chaos By Rewriting Anti-Fraud Statute, But “We Are Against Fraud Aren’t...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

Senate Appropriations Committee Is Next Stop For California Finders Bill

AB 667 (Wagner) continues to wend its way through the California legislature.  The bill, which was sponsored by the Corporations Committee of the Business Law Section of the California State Bar, defines a finder as a natural...more

State Regulation Roundup

Several states are in various stages of implementing regulations related to digital currency. Below is a short summary of the actions currently underway....more

Federal Reserve Orders Community Bank to Improve its BSA/AML Program

On June 23, the Board of Governors announced the execution of an enforcement action against a California-based community bank over BSA/AML deficiencies. According to the Cease and Desist Order, the deficiencies were...more

CA Department of Business Oversight Files Suit Against Loan Payment Company

On May 15, the California Department of Business Oversight (DBO) announced that it filed a complaint against a debt payment company for allegedly operating in California without having the proper license and for charging fees...more

DBO Defeats Preliminary Injunction Files Suit Against Prorater

Last month, I wrote about Judge Lucy Koh’s decision not to preliminarily enjoin the Department of Business Oversight’s investigation of Nationwide Biweekly Administration, Inc. for unlicensed activity under California’s Check...more

CAFA Filings Spike in 2013

On February 18 2005, Congress enacted the Class Action Fairness Act (CAFA), P.L. No. 109-2 (28 U.S.C. §§ 1332(d), 1453, and 1711 – 1715). In enacting the CAFA, Congress sought to protect consumers and investors from...more

California’s DBO Targets Payday Lenders, With a Little Help From Search Engines

Why it matters - At the intersection of Hollywood and Silicon Valley, the California Department of Business Oversight (DBO) announced a new initiative focused on the advertising of payday lenders. According to DBO...more

Who Files The Most Permit Applications?

California Corporations Code Section 25113(d) requires the Commissioner of Business Oversight to prepare and publicize an annual report of the number of permits that it issues for the offer and sale of securities. The report...more

Will California Require Notice Filings For Regulation A Offerings?

Last month, the Securities and Exchange Commission adopted amendments to Regulation A as required by Section 3(b)(2) of the Securities Act of 1933, which was added by Section 401 of the Jumpstart Our Business Startups (JOBS)...more

California Teams-Up with Internet Search Engines to Block Unlicensed Payday Lender Advertising

On April 7, the California Department of Business Oversight announced a new initiative to prevent unlicensed payday lenders from advertising on major Internet search engines, including Microsoft, Google, and Yahoo....more

DBO Establishes Protocol With To Block Unlicensed Payday Lenders’ Ads

When I served as California’s Commissioner of Corporations, Internet commerce was just finding its legs and we were concerned about how to apply the Corporate Securities Laws to this new technology. For state regulators, the...more

Welcome To California: No Foreign Corporations Need Apply

California continues to hemorrhage corporate charters to Delaware and Nevada.  The most recent potential emigrant is SJW Corp. which filed this proxy statement last week seeking shareholder approval of a reincorporation from...more

California Virtual Currency Legislation

On February 27, 2015, California Assemblyman Matt Dababneh, chairman of the state's Banking and Finance Committee, introduced Assembly Bill 1326, which would prohibit a person from engaging in California in the business of...more

DBO Warns Victims Not To Be Victimized Twice

The DBO has become aware that past investors in Leland Energy are being solicited by a purported New York State-licensed attorney claiming to have been hired by the State of California to contact them regarding $6.5 million...more

California Set to Consider Virtual Currency Guidelines

On February 27, California Assembly Member Matt Dababneh introduced AB 1326, which would provide guidelines for individuals or businesses who conduct business using virtual currency. The legislation would prohibit a person...more

California Legislature Proposes Virtual Currency License

On February 27, 2015, California Assembly member Matt Dababneh (D – Encino) introduced AB 1326, which would require virtual currency businesses to be licensed by the Department of Business Oversight (DBO). To get licensed,...more

FRANCHISOR 101: California Increases Time for Automatic Effectiveness from 15 to 30 Business Days

A new California law has given the California Department of Business Oversight, the State's regulator of franchises, more time to review franchise registration and renewal applications, with the result that franchisors, their...more

California Still Unsure About Bitcoin Regulation

Unlike New York, Kansas, and Texas, which have either published proposed regulations or formal guidance, some states, such as California, have indicated that they are still trying to determine whether Bitcoin and other...more

Mortgage Servicer Settles with California Regulator

On January 23, the California Department of Business Oversight (DBO) announced a $2.5 million settlement with a national mortgage servicer for failing to provide loan information to the state regulator. According to the...more

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