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California › Consumer Lenders

Allen Matkins

Is Someone Who Makes No Loans, A Lender?

Allen Matkins on

The California Finance Lenders Law prohibits any "person" from engaging in the business of a "finance lender" without a license, unless otherwise exempt.  Cal. Fin. Code § 22100(a).   The CFL defines a "finance lender" as...more

Allen Matkins

Ninth Circuit Declines To Aggregate Loans For Usury Exemption

Allen Matkins on

California limits the amount of interest that may be charged on loans and forbearances.  While that is the general rule, there are numerous statutory exemptions.  One of those exemptions can be found in California...more

Allen Matkins

Legislator Proposes To Expand CFL To Encompass "Commercial Brokers"

Allen Matkins on

The California Financing Law currently requires the licensing of "finance lenders" and "brokers".   Cal. Fin. Code § 22100.  A "finance lender" is defined to include "any person who is engaged in the business of making...more

Allen Matkins

California Court Of Appeal Says Forum Selection Clause Should Not Be Enforced In Usury Case

Allen Matkins on

Does California's usury limitations constitute a "strong public policy"?  Seemingly, that question was decided over a half-century ago by the First District Court of Appeal in Ury v. Jewelers Acceptance Corp., 227 Cal. App....more

Hudson Cook, LLP

New California Law Impedes Creditors' Ability to Offer Voluntary Protection Products to Military Servicemembers

Hudson Cook, LLP on

California recently enacted Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022, with the stated intent of strengthening the state's military consumer protection laws by enhancing protections for...more

Allen Matkins

California Bill Would Ban This Unusual "Purpose Credit"

Allen Matkins on

Regulation U, 12 CFR § 221.1 – 221.125, imposes certain requirements for lenders, other than securities brokers and dealers, who extend credit secured by margin stock.  Regulation U defines "purpose credit" as "any credit for...more

Allen Matkins

California Bids Adieu To Its Tiniest De Minimis CFL Exemption

Allen Matkins on

The California Financing Law prohibits any person from engaging in the business of a finance lender without first obtaining a license from the Commissioner of Financial Protection & Innovation.  Cal. Fin. Code § 22100(a). ...more

Manatt, Phelps & Phillips, LLP

Student Lending: California’s New Requirements for Collection Activity

Manatt, Phelps & Phillips, LLP on

California is continuing to lead the way on student lending regulation. Its latest enactment further complicates the efforts of financial entities to collect on defaulted private student loans. ...more

Allen Matkins

A Rash Of License Impersonators?

Allen Matkins on

In the last several weeks, California's Department of Financial Protection and Innovation (fka the Department of Business Oversight) has issued a number of consumer alerts involving companies fraudulently claiming to hold a...more

Allen Matkins

California Commercial Loan Disclosure Rules Proposed For Comment

Allen Matkins on

In 2018, the California legislature enacted SB 1235 (Chapter 1011, Statutes of 2018).  This legislation requires that lenders make disclosures to borrowers in a "commercial financing" (as defined).  SB 1235 requires the...more

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