Requirements After a Finance Lenders License Has Been Issued

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Requirements After a Finance Lenders License Has Been Issued

 

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.  Accordingly, compliance after a CFL license is ...

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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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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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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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DBO’s Per Diem Interest Compliance Guidance for Mortgage Lenders

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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 maintaining ...

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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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