CALIFORNIA DFPI and DRE LICENSE DEFENSE ATTORNEY
California DBO is now the Department of Financial Protection and Innovation (DFPI)
An attorney that represents you or your company in an administrative securities enforcement case, can only be effective if that attorney is also a securities compliance lawyer, who is knowledgeable in SEC, FINRA, and DFPI securities regulations. Similarly, an attorney that represents you or your company in an administrative lending enforcement case, can only be effective if that attorney is also a lending compliance lawyer, who is knowledgeable in DFPI, CFPB, FTC, and other applicable agencies’ lending regulations. A general administrative lawyer that defends all types of California licensees (nurses, healthcare professionals, contractors, barbers, cosmetologists, locksmiths, manicurists, etc.) is highly unlikely to also practice regularly lending, securities, and financial services laws. Being familiar with the procedural aspects of the Office of Administrative Hearings and court procedures such as writ of mandamus is only one aspect of effective administrative representation. The other aspect that is even more important is deep knowledge and experience of the substantive law that governs the specific license or area of regulation such as securities and lending laws.
Unlike other California license defense law firms, our concentration is only in the lending, financial, and real estate industries. We not only litigate administrative cases before the California Office of Administrative Hearings, but we also assist lending, securities, financial, and real estate practitioners to obtain their licenses and comply with the applicable licensing laws. We also draft contracts, disclosures, and ancillary documents in compliance with licensing and other applicable real estate, lending, securities, and financial laws on a regular basis. It is important that the attorney that represents your company in administrative hearings is knowledgeable in the substantive laws that govern your license and industry, including, without limitation, state and federal lending, financial, real estate, corporate and securities laws. The LAW OFFICES OF ALAN ABERGEL, P.C. is knowledgeable and experienced in lending, financial, real estate, corporate, and securities laws. We represent DFPI and DRE licensees and unlicensed companies and individuals who are accused of conducting business without a license. We also represent companies and individuals who are accused by Department of Financial Protection and Innovation (DFPI) of violating securities laws including the California Corporate Securities Law of 1968.
The Corporate Securities Law of 1968 regulates all offers and sales of securities in California. All securities offered or sold must be either qualified with the Commissioner of Corporations or exempted from registration by a specific Rule of the Commissioner or specific law.
The Corporate Securities Law of 1968 also regulates California Investment Advisers, Investment Adviser Representatives, Broker-dealers, and Broker-Dealer Agents.
DRE ENFORCEMENT ACTIONS.
California Department of Real Estate (“DRE”) licenses and regulates real estate, mortgage, and business opportunity salespersons and brokers.
DFPI ENFORCEMENT ACTIONS.
The Enforcement Division of DFPI (ENF) is headed by a Deputy Commissioner and is responsible for enforcing the laws administered by the Division of Corporations of the Department of Financial Protection and Innovation (DFPI)
Enforcement actions may include: (1) administrative orders to stop violations of the laws, to deny, censure, suspend, revoke or take possession of Licensees, and to censure, suspend or bar individuals from participating in a regulated industry; and (2) civil injunctive actions in the name of the People of the State of California to enjoin violations of the laws, to appoint receivers over companies, and to obtain equitable remedies including rescission, restitution and penalties against the violators.
ENF brings Actions, Orders and Administrative Hearing Decisions for violations of the laws administered by the Division of Corporations. ENF may also assist in the criminal investigation and prosecution of the laws stated above, and refer criminal violations to the appropriate United States Attorney, Attorney General or District Attorney for prosecution.
The California Consumer Financial Protection Law gives the Department of Financial Protection and Innovation increased oversight over financial services not currently subject to the department’s regulatory oversight. This includes new regulatory powers to protect consumers from unfair, deceptive, or abusive practices committed by currently unlicensed financial services or products. DFPI now has authority to oversee what DFPI refers to as, “previously unregulated industries,” including debt collectors, rent to own contracts, consumer credit reporting companies, credit repair companies, private, for-profit school funding companies and others. California DOJ does regulate and register credit repair providers, but for some reason, DFPI’s website refers to such providers as “unregulated.”
Department of Financial Protection and Innovation (DFPI) licenses and regulates:
Broker-Dealers and Investment Advisers
Business and Industrial Development Corporations (BIDCO)
California Deferred Deposit Originators (commonly known as “Payday Lenders”)
Capital Access Companies
Check Sellers, Bill Payers and Proraters
Escrow Agents/ Escrow Law
Foreign (Other Nation) Banks
Foreign (Other State) Banks
Local Agency Security Program (LASP)
Premium Finance Companies
Trust Companies and Departments
DFPI now has authority to oversee previously unregulated industries, (which DFPI refers to as “New Covered Persons”) as including debt collectors, rent to own contractors, consumer credit reporting companies, credit repair companies, debt relief companies, private, for-profit school funding companies, and others.
We provide the following legal services:
- Representation in administrative hearings and proceedings, including Subpoenas, Accusations, Statements of Issues, Desist and Refrain Orders, and Citations.
- Representation in investigations and subpoenas by Department of Financial Protection and Innovation (DFPI) or DRE.
- Representation in appeals of administrative proceedings to the Superior Court through a writ of mandamus proceeding or in appeals to the California Court of Appeal.
- Compliance with lending, securities, financial services, and real estate licensing laws.
- Drafting of agreements, disclosures, and ancillary documents in compliance with lending, securities, financial, and real estate licensing laws.
- Drafting of agreements, disclosures, PPMs, and ancillary documents in compliance with securities offerings and sales exemption laws.