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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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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