California car title lender lawyer
Car title lenders who lend to California borrowers must obtain a California Finance Lenders Law License. (“CFLL”) and be subject to the California Finance Lenders Law.
Per California Finance Lenders Law, a finance lender is defined as “any person who is engaged in the business of making consumer loans or making commercial loans.”
In general, any person engaging in the business of a finance lender or finance broker is required to obtain a California Finance Lenders license.
Car title lenders make consumer loans (secured by the borrowers’ motor vehicles) and therefore require a CFLL license when making loans to California borrowers. There may be exemptions that may apply to some car or other motor vehicle financing transactions. 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.
Whether or not the Rees-Levering Motor Vehicle Sales and Finance Act applies to a specific auto finance transaction in California should be carefully examined on a case by case basis to determine if the transaction is not subject to the California Finance Lenders Law and licensing.
When raising capital lenders must also comply with applicable state and federal securities laws and regulations.
Car title lenders in California are subject to many state and federal consumer lending laws and regulations. THE LAW OFFICES OF ALAN ABERGEL, P.C. is knowledgeable and experienced in handling all the licensing, regulatory, compliance, and administrative matters concerning car title lenders operations in California. Our services include, assisting with the California Finance Lenders License application, legal advice about compliance with the California Finance Lenders law and applicable California and federal consumer lending laws, drafting of loan documents and ancillary documents in compliance with the California Finance Lenders law and applicable California and federal consumer lending laws, representation before the DFPI in administrative litigation matters, audits, inspections, citations, desist and refrain orders, license suspensions, revocations, and accusations, representation in appeals of administrative decisions, and representation of car title lenders in court in defense against lawsuits brought by the DFPI, CFPB, or other government authorities.
We do not represent consumers. We only represent lenders.
WE PROVIDE THE FOLLOWING LEGAL SERVICES TO CALIFORNIA CAR TITLE LENDERS:
- Representation of California Finance Lenders before DFPI and assistance in getting a California Finance Lenders license.
- Representation of California car title lenders in compliance with DFPI rules, and compliance with federal laws and regulations, including CFPB regulations.
- Representation of California auto dealers who provide in house auto financing.
- Representation in DFPI administrative hearings and proceedings, including Accusations, Statements of Issues, Desist and Refrain Orders, and Citations.
- Representation in investigations, inspections, and audits by DFPI or CFPB.
- Advice concerning state and federal lending laws.
- Drafting of loan and credit documents for California Finance Lenders, car title lenders, and other consumer lenders.
- Drafting of loan documents in compliance with California and federal consumer credit laws.
- Legal advice concerning compliance with California and federal consumer credit laws.
- Affordable flat fee outside general counsel plans to California car title lenders.