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Sale-Leaseback Transactions And The Finance Lenders Law

The California Finance Lenders Law generally requires that persons “engaged in the business of making consumer loans or making commercial loans” be licensed, unless exempt.  Cal. Fin. Code §§ 22100(a) and 22009.  The business of making consumer loans or commercial loans may include lending money and taking, in the name of the lender, or in any other name, in whole…

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CFL Annual Report Form Presents A Subterranean Problem For DOC

Every person who was licensed under the California Finance Lenders Law as of December 31, 2011 must file an annual report with the Department of Corporations.  The report is due on or before March 15, 2012.  Cal. Fin. Code § 22159(a).  The Department uses the report to determine each licensee’s annual assessment.   The Department also…

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Two Bills Amend Capital Access Loan Program

With political controversy swirling around the federal government’s energy loan guaranty program, many may not realize that California has its own loan guaranty program.  The California Pollution Control Financing Authority administers the California program.  If you’ve never heard of the CPCFA, it happens to be a political subdivision of the State of California that consists of…

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Some Things Can Be Too Late – Don’t Forget To File Your CFL Annual Report

Every person who was licensed under the California Finance Lenders Law as of December 31, 2010 must file an annual report with the California Department of Corporations.  A report is required even if the licensee has conducted no business under its licensee during 2010. The report is due on or before Tuesday March 15, 2011.  The Department of…

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Usury Exemption Bites Back

Last week, I wrote about the oft overlooked California Finance Lenders (CFL) law.  In general, that law provides that anyone engaged in the business of making consumer or commercial loans must obtain a license from the Department of Corporations (unless an exemption is available). CFL licensees do enjoy one benefit.  They constitute a class of “exempt persons”…

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“License? We Don’t Need No Stinking License”

The Department of Corporations’ jurisdiction is not limited to the Corporate Securities Law of 1968.  In fact, it has an entire division dedicated to financial services regulation.  The Department’s Financial Services Division, or FSD, has responsibililty for administering the following six laws:   California Deferred Deposit Transaction Law California Finance Lenders Law California Foreclosure Prevention Act California…

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