California Finance Lenders License Lawyer
California CFL License Lawyer
California Lending License Lawyer
California Finance Broker License Lawyer
California Lending License Defense Lawyer
The California Finance Lenders Law requires licensing and regulation of finance lenders and brokers making and brokering consumer and commercial loans, except as specified; prohibits misrepresentations, fraudulent and deceptive acts in connection with making and brokering of loans; and provides administrative, civil (injunction and ancillary relief) and criminal remedies for violations of the law.
Finance lenders and brokers, by number of licensees and dollars of loans originated, is the largest group of financial service providers regulated by the Department. A finance lender is defined in the law as “any person who is engaged in the business of making consumer loans or making commercial loans.” A California finance lenders license provides the licensee with an exemption from the usury provision of the California Constitution.
There are a number of “non-loan” transactions, such as bona fide leases, automobile sales finance contracts (Rees-Levering Motor Vehicle Sales and Finance Act) and retail installment sales (Unruh Act), that are not subject to the provisions of the California Finance Lenders Law.
In addition to the lending authority provided by the law, the California Finance Lenders Law provides limited brokering authority. A “broker” is defined in the law as “any person engaged in the business of negotiating or performing any act as broker in connection with loans made by a finance lender.” Brokers licensed under this law may only broker loans to lenders that hold a California Finance Lenders license.
The law requires applicants to have and maintain a minimum net worth of at least $25,000 and to obtain and maintain a $25,000 surety bond. In general, principals of the company may not have a criminal history or a history of non-compliance with regulatory requirements.
LEGAL SERVICES WE PROVIDE:
- Assistance with obtaining a California Finance Lenders License
- Assistance with obtaining a California Finance BROKER License
- Assistance in obtaining a California PACE program administrator license
- NMLS registration and compliance for lenders, brokers, MLOs, and other financial services.
- Advice concerning compliance with California Finance Lenders Law
- 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
- Drafting of loan documents
- Unsecured & secured lending laws
- Representation before CFPB.
- Representation in DBO and BRE administrative hearings and proceedings, including Accusations, Statements of Issues, Desist and Refrain Orders, and Citations.
- Representation in investigations by DBO or BRE.