CALIFORNIA PAYDAY LENDING LICENSE LAWYER.
ASSISTANCE IN OBTAINING A CALIFORNIA PAYDAY LENDING LICENSE AND IN COMPLIANCE WITH CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW.
A deferred deposit transaction, also known as payday lending, is a transaction whereby a person defers depositing a customer’s personal check until a specific date, pursuant to a written agreement, as provided by California Financial Code. Personal check includes the electronic equivalent of a personal check. A deferred deposit originator is any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a License from the Department of Corporations. (now DBO) Licensee can only engage in deferred deposit transaction business at the place of business (address) named in the license. Therefore, a license is required for the place of business where a licensee conducts deferred deposit transaction business over the Internet.
The California Deferred Deposit Transaction Law (“CDDTL”) became effective on January 1, 2003 and became operative on December 31, 2004. On the operative date, the responsibility under the CDDTL for licensing and regulating persons engaged in the business of deferred deposit transactions (i.e. deferred deposit of a personal check) transferred from the Department of Justice to the Department of Corporations.
The definitions in the CDDTL determine who is subject to the licensing requirements of the CDDTL. The CDDTL defines a “deferred deposit originator” as any person who offers, originates or makes a deferred deposit transaction. Deferred deposit transaction means a transaction whereby a person defers depositing a customer’s personal check until a specific date, pursuant to a written agreement, as provided in Financial Code. Personal check includes the electronic equivalent of a personal check. Although deferred deposit originators must obtain a license from the Department of Corporations to engage in the business of deferred deposit transactions, the following persons or entities are excluded from the definition of licensee and are therefore not subject to the CDDTL:
- A state or federally chartered bank, thrift, savings association, or industrial loan company.
- A retail seller engaged primarily in the business of selling consumer goods, including consumables, to retail buyers that cashes checks or issues money orders for a minimum fee not exceeding $2 as a service to its customers that is incidental to its main purpose or business.
Persons that are licensed under the CDDTL may be an individual, corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government entity, or a political subdivision of a government entity.
LEGAL SERVICES WE PROVIDE:
- Assistance with obtaining a California Deferred Deposit Transaction Law License, also known as payday lending license.
- Advice concerning California Deferred Deposit Transaction Law
- Representation of payday lenders in transactional and administrative matters.
- Drafting of loan documents
- Representation before the California Department of Business Oversight.
- Mortgage lending law
- Representation of private & hard money lenders and carryback sellers.
- Advice concerning State and Federal Lending Laws
- Representation before CFPB.
- Unsecured & secured lending laws
- Representation in DBO administrative hearings and proceedings, including Accusations, Statements of Issues, Desist and Refrain Orders, and Citations.
- Representation in investigations by DBO.
Outside general counsel to lenders, including finance lenders, and payday lenders.