Requirements After a Finance Lenders License Has Been Issued

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Requirements After a Finance Lenders License Has Been Issued

DFPI (formerly DBO) publishes on its website the below compliance requirements.    However, compliance for California lenders licensed as CFLs involves a lot more.   All contracts and disclosures must comply with CFL, California, and applicable federal laws.   Consumer CFL lenders are also subject to many federal lending and financial laws.  Commercial lenders are also subject to some (not as much as consumer lenders) additional federal and financial laws and to the new Commercial ...

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6
JAN
0

Blog, California finance lenders law, California financial services, California payday lenders

California DBO is now DFPI, a Mini-CFPB

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Governor Newsom Signs Legislation Establishing Nation’s Strongest State Consumer Financial Protection Watchdog

AB 1864 Establishes the Department of Financial Protection and Innovation – modeled directly after the federal agency championed by President Obama and Senator Warren – to Fight Financial Predators and Cultivate Consumer-Serving Innovation 

SB 908 establishes a licensing law to specifically regulate debt collectors

AB 376 creates Student Borrower Bill of Rights

AB 70 cracks down on for-profit colleges that disguise themselves ...

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14
OCT
0

Uncategorized

Requirements After a CDDTL License Has Been Issued

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Requirements After a CDDTL License Has Been Issued

DBO publishes on its website the below compliance requirements.    However, compliance for California payday lenders licensed as CDDTLs, involves a lot more.   All contracts and disclosures must comply with CDDTL, California, and applicable federal laws.   CDDTL payday lenders are consumer lenders since the loans are made for personal, family, and household purposes.  Consequently, many federal laws must be complied with.  Accordingly, compliance after a CDDTL license is issued involves a lot ...

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28
FEB
0

California finance lenders law, California financial services, California payday lenders

Ninth Circuit Claims California Prorater Licensing Law Requiring formation of a CA Corporation Violates Dormant Commerce Clause

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On October 10, the U.S. Court of Appeals for the Ninth Circuit handed down an opinion concerning alleged violations of certain California statutes by an Ohio-based company. The panel held that the plaintiff is likely to prevail in its bid for a court order blocking the enforcement of the state’s financial code by certain California district attorneys because the law violates the Dormant Commerce Clause—a legal doctrine that prohibits states from unduly burdening interstate commerce. The defendants allege that ...

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13
OCT
0

California financial services

2016 Annual Reports for DBO Lending Programs Published

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2016 Annual Reports for DBO Lending Programs Published

Annual reports for three major lending programs overseen by the DBO have been published and posted to the department’s website.

The 2016 Consolidated Annual Report and Industry Survey for Payday Lenders (California Deferred Deposit Transaction Law) showed that payday lending slowed in California in 2016 although it increased dramatically among senior citizens, who for the first time took out more of the loans than any other age group.  After peaking at $4.17 ...

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16
AUG
0

Blog, California finance lenders law

New Rules Implementing Statutory Exemption from California Securities Broker-Dealer Registration for “Finders” Go into Effect

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 The California Department of Business Oversight has adopted final rules 10 CCR §260.211.4-§260.211.7 implementing California’s exemption from broker-dealer registration for certain individuals acting as finders in securities transactions. The exemption, codified on January 1, 2016 at §25206.1 of the Corporations Code, provides long-sought clarification of the scope of allowable activities for finders in securities transactions in California and creates a streamlined regulatory framework in which finders can legitimately provide services. Most significantly, it permits finders who satisfy the requirements ...

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6
JUL
0

California securities law

DBO’s Per Diem Interest Compliance Guidance for Mortgage Lenders

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10
MAY
0

California finance lenders law

Online Forms for CFLL, CDDTL Annual Reports Set for Release Jan. 23

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Online Forms for CFLL, CDDTL Annual Reports Set for Release Jan. 23

Licensees under the California Finance Lenders Law (CFLL) and California Deferred Deposit Transaction Law (CDDTL) will be able to start working to complete their 2016 annual reports starting Jan. 23, when the online report forms and instructions are scheduled to become available on the DBO website portal.

Both the CFLL Annual Report and the CDDTL Annual Report and Industry Survey must be filed with the DBO no later than Mar. ...

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19
JAN
0

Uncategorized

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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13
DEC
0

California Bureau of Real Estate Regulations

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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13
DEC
0

California finance lenders law

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