As mentioned in my post last week, the Department of Business Oversight issued a press release shortly after Christmas announcing that it had issued a "legal opinion" concerning whether a point-of-sale product constitute...more
Late last month, the California Department of Business Oversight took the unusual step of issuing a press release announcing that it had denied an application by Sezzle Inc. for a lender's license under the California...more
The California Administrative Procedure Act provides that an agency's decision in an adjudicative proceeding "may not be expressly relied on as precedent unless it is designated as a precedent decision by the agency". Cal....more
The California Financing Law (fka Finance Lenders Law) prohibits anyone from engaging in the business of a finance lender without obtaining a license from the California Commissioner of Business Oversight (unless exempt). ...more
California's default lender licensing law is the California Financing Law, a law which had until recently been known as the California Finance Lenders Law. The CFL generally prohibits anyone from engaging in the business of...more
The California Department of Business Oversight administers and enforces the California Financing Law (fka Finance Lenders Law). Visitors to the DBO's website will find a basic description of the CFL, including the following...more
In a change that escaped my notice, the legislature has seen fit to rename the venerable California Finance Lenders Law as the California Financing Law. This legislation, Stats. 2017, ch. 475 (AB 1284 (Dababneh)), was...more
A loan is “table funded” when at settlement it is contemporaneously assigned to the person that provides the funds. Is table funding an illegal business practice under the California Finance Lenders Law? The Fourth District...more