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California › Licenses › Department of Financial Protection and Innovation (DFPI)

Paul Hastings LLP

The California Financing Law — Commercial and Consumer Lenders Beware

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Lenders or loan brokers based in California or lending to either commercial or consumer borrowers based in California are subject to the California Financing Law (CFL), which imposes licensing requirements on both lenders or...more

Orrick, Herrington & Sutcliffe LLP

California DFPI revokes cryptocurrency lender’s license after suspension

Orrick, Herrington & Sutcliffe LLP on

On October 28, the California DFPI revoked a cryptocurrency lender’s California Licensing Law (CFL) license based on alleged violations, including improper practices related to digital asset collateral loans, including...more

Allen Matkins

Court Allows Borrower To Challenge Department's Decision To Issue A Finance Lender's License

Allen Matkins on

A lot has changed since George Gerro filed an action seeking a declaration that the California finance lender's license issued to BlockFi Lending LLC  was both void and improperly issued: Blockfi has filed for bankruptcy; the...more

Allen Matkins

California Bill Would Require Licensing Of Commercial Financing Providers

Allen Matkins on

Last week, Senator Steven M. Glazer introduced a bill, SB 1482,  that would require licensing of "commercial financing providers" and "commercial financing brokers" with the Department of Financial Protection & Innovation...more

Allen Matkins

DFPI Invites Comments On DFAL Rulemaking

Allen Matkins on

In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law.   On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity...more

Harris Beach Murtha PLLC

California One Step Closer to Requiring Cryptocurrency Licenses

Harris Beach Murtha PLLC on

California is one step closer to joining New York in requiring cryptocurrency licenses. Governor Gavin Newsom has until September 30 to sign or veto the Digital Financial Assets Law, which would go into effect in 2025. The...more

Sheppard Mullin Richter & Hampton LLP

DFPI Approves EWA Provider

Sheppard Mullin Richter & Hampton LLP on

On February 11, the California DFPI issued an opinion letter in response to an EWA provider’s request for a specific ruling from the DFPI about whether the company’s EWA solution is subject to licensure under the California...more

Sheppard Mullin Richter & Hampton LLP

DFPI Extends NMLS Transition for CFL Licensees to March 15, 2022

Sheppard Mullin Richter & Hampton LLP on

On December 16, the DFPI announced that it is extending the deadline for CFL licensees to transition onto NMLS until March 15, 2022. CFL licensees not on NMLS may now transition onto NMLS. To begin the process of...more

Buchalter

CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform

Buchalter on

Back in November 2020, we reported the CA Department of Financial Protection and Innovation (“CA DFPI”) as administrator of the California Financing Law (CFL) License had published a third round of proposed rules to...more

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