Licensees may request the removal of disciplinary actions from the Bureau of Real Estate’s website

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Licensees may request the removal of disciplinary actions from the Bureau of Real Estate’s website

AB 1807 (Bonta)
AB 1807, Chapter 558, Statutes 2016
(Business and Professions Code)
This bill allows a real estate licensee to request the removal of a disciplinary action from
the Bureau of Real Estate’s (BRE) website if it has been posted for at least 10 years. In
evaluating a petition, the BRE’s Commissioner must consider other violations since the
posting of the discipline action requested for ...

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New Licensing Requirements for Student Loan Servicers in California

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STUDENT LOAN SERVICERS
AB 2251 (Stone)
Student loan servicers: licensing and regulation: Student Loan Servicing Act.
AB 2251, Chapter 824, Statutes 2016
(Financial Code)
This bill adds a new Division, the “California Student Loan Servicing Act (Act),” to the
Financial Code. The Act requires servicers to adhere to specified borrower protections
when servicing student loans. The bill also expands the authority of the Commissioner of
Business Oversight to include the licensure, regulation and oversight of student loan
servicers. This bill ...

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RULE 504 AMENDED TO ALLOW CAPITAL RAISE OF $5 MILLION PER 12 MONTHS

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On October 26, 2016, the SEC amended Rule 504 of Regulation D under the Securities Act of 1933 (the “Securities Act”) to increase the maximum amount of securities that may be sold thereunder in any 12-month period from $1 million to $5 million.

As amended, an offer and sale of securities by an eligible issuer will be exempt from registration under the Securities Act pursuant to Rule 504 if:

  • the aggregate amount of securities sold in the offering does not exceed more ...
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NEW SEC RULE 147A FOR INTRASTATE OFFERINGS

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SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings

Rules Provide More Options for Companies to Raise Money While Maintaining Investor Protections

FOR IMMEDIATE RELEASE
2016-226

Washington D.C., Oct. 26, 2016 —The Securities and Exchange Commission today adopted final rules that modernize how companies can raise money to fund their businesses through intrastate and small offerings while ...

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CALIFORNIA FINANCE LENDERS LAW : ONE COMMERCIAL LOAN PER YEAR EXEMPTION

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SB 777, Lara. The California Finance Lenders Law: application.
Existing law, the California Finance Lenders Law, provides for the licensure and regulation of finance lenders and brokers. Existing law exempts from its provisions, among others, persons making 5 or fewer commercial loans in a 12-month period if the loans are incidental to the business of the person relying upon the exemption.
This bill would also exempt, until January 1, 2022, a person who makes one commercial loan in a 12-month period ...
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California finance lenders alert: Department of Defense Issues New Guidance on Military Lending Act

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California consumer finance lenders who lend to service members must also comply with the Military Lending Act.    California Finance Lenders Law incorporates the Military Lending Act as follows:

Financial Code 22345. “(a) Any person who violates any provision of Section 670 of the John Warner National Defense Authorization Act for Fiscal Year

2007 (Public Law 109-364) or any provision of Section 232 of Title 32

of the Code of Federal Regulations, as published on August 31, 2007,

in Volume 72 of the Federal Register, ...

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California DBO is conducting an inquiry into 14 firms’ compliance with lending laws.

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The California Department of Business Oversight (DBO), the agency that grants the Finance Lenders License, recently was named by American Banker as one of eight state and federal regulators to watch in the online lending arena. From the American Banker:

California officials are conducting an inquiry into 14 firms’ compliance with laws and regulations dealing with referral fees, bank partnerships and fair lending. The Bay Area is to home to numerous large U.S. online lenders, including Lending Club, Prosper Marketplace, Social ...

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California finance lenders license compliance

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See my article on DeBanked titled, “California Finance Lenders Law Licensing Compliance for Merchant Cash Advance Financiers.

Similarly, secured and unsecured commercial and consumer lenders, who lend to California borrowers, should also comply with the California finance lenders licensing laws and regulations.  Consumer lenders should also comply with state and federal consumer lending and financial laws.

The Department of Business Oversight routinely conducts inspections of licensees and may revoke or suspend licenses for none-compliance. In case an Accusation ...

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