Department of Business Oversight

News & Analysis as of

Focused on Franchise Law - July 2014

FRANCHISOR 101: Location of Dispute Clauses Will Be Enforced - A recent U.S. Supreme Court decision is having a big impact on the locations where franchisor-franchisee disputes are being resolved. ...more

Facebook/Oculus VR Acquisition Raises Pseudo-Foreign Corporation Question

Yesterday, The Guardian reported that Facebook had acquired Oculus VR using a combination of cash and stock. Facebook avoided SEC registration by availing itself of a fairness hearing before the Department of Business...more

DBO Filing Procedures Set To Change Big Time

When I joined the Department of Corporations, it had no website and filings were made only in hard copy. In the ensuing years, the Department (now known as the Department of Business Oversight) created a website, established...more

California DBO Announces New Online Portal For Certain Licensees

On May 19, the California Department of Business Oversight announced it will transition certain license application and maintenance functions to a new online system....more

Are Franchise Agreements Negotiable?

In theory, yes, franchise agreements are negotiable. In practice, they may not be negotiable – particularly in ways that are meaningful. Every franchisor has a form of franchise agreement that defines the rights and...more

Commissioner Signals Intent To Expand Authority Over Federal Bank Subsidiaries

Last month, Commissioner of Business Oversight Jan Owen issued an invitation for comment on two proposed rules that would subject non-depository operating subsidiaries, affiliates and agents of federal banks and other...more

DBO Issues Guidance Regarding Virtual Currencies And Asks For Comments On Proposed Money Transmission Rules

Yesterday, the Department of Business Oversight issued this cautionary guidance for consumers regarding virtual currencies. However, amidst the warnings, the Department disclosed that “California has been working with...more

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...more

California Proposes Rule To Clarify Scope Of Licensing Exemption

Earlier this month, the California Department of Business Oversight (DBO) issued a notice and request for comment on a proposed amendment to regulations that implement the California Finance Lenders Law (CFLL) and the...more

California Eliminates Passive Investor Self-Certification From Finance Lenders Law License Application

Recently, the California Department of Business Oversight (DBO) made a number of changes to the application for a California Finance Lenders Law (CFLL) license that is completed by persons engaged in non-residential lending...more

DBO to Licensees: “Thou Shalt Have A Dedicated Electronic Mailbox And Read Your Email Daily”

Late last month, Department of Business Oversight Commissioner Jan Owen issued an order requiring licensees to: - establish within their computer electronic mail system an electronic mailbox; - dedicate the...more

Money Transmission Act Petition Withdrawn/Initiative Would Presume Harm For Release Of “Personally Identifying Information”

Money Transmission Act Petition Withdrawn - Earlier this month, I wrote about a pending petition questioning the failure of the Department of Business Oversight to adopt regulations under the Money Transmission Act. ...more

Can The DBO Incorporate By Reference A Federal Form?

Almost a year ago, the Commissioner of Corporations (now the Commissioner of Business Oversight) proposed to amend the custody rule, 10 CCR Section 260.237, for investment advisers under the Corporate Securities Law of 1968. ...more

Petition Questions Lack Of MTA Regulations

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of...more

Ever Wonder Who’s In Charge At The Department Of Business Oversight?

I’m still adjusting to the fact that the Departments of Corporations and Financial Institutions have merged or morphed into the totalitarian sounding Department of Business Oversight. See DOC and DFI – RIP. Like each of its...more

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