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
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
California generally requires that persons engaged in the business of making loans be licensed. If not licensed under some other statute (such as the banking, credit union or residential mortgage lending laws), a lender will...more
While the California Financing Law defines "finance lender", it does so in a very open-ended and nonspecific manner. Cal. Fin. Code § 22009 ("'Finance lender' includes any person who is engaged in the business of making...more
Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. ...more