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CALIFORNIA CORPORATE & SECURITIES LAW

Finance Lenders Annual Report Deadline Is Nigh

Lenders and brokers licensed under the California Finance Lenders Law must file an annual report by the Ides of March (i.e., March 15) of each year.  Cal. Fin. Code § 22159.  This is a hard deadline and the Department of Business Oversight does not grant extensions.  The consequences of failure to the file the report can be severe.  Not only may the licensee be subject to penalties, the Department routinely and summarily revokes licenses for failure to file a report.  If that was not bad enough, the Department interprets Government Code Section 11522 as imposing a one-year waiting period before a licensee may apply to have its license reinstated.  Before reinstating the license, moreover, the Department must give notice the California Attorney General as well.

The form for the annual report is available on the Department’s website portal. Questions regarding the report must be submitted to CFL.Inquiries@DBO.ca.gov or by calling (213) 576-7690.

In February, I wrote about a bill, SB 297, introduced by California State Senator Bill Dodd that would require registration of finders under the California Finance Lenders Law.  The bill has now been set for its first policy committee hearing.  The Senate Banking Banking & Financial Institutions Committee will hear the bill at 1:30 p.m. on the Nones of April (i.e., April 5).  Comments on the bill may be submitted on the legislature’s website.

For more about the Ides and Nones, see Why Husbands Should Listen To Their Wives . . . .

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