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Department Of Financial Protection & Innovation Warns Investors About Nonexistent Class Action Settlement

Yesterday, the California Department of Financial Protection & Innovation warned investors that an "entity calling itself “Hartman Cain & Associates,” which represents itself as a law firm based in California, and operates...more

DFPI To Hold "Listening Sessions" On CCFPL

The California legislature renamed and expanded the powers of the Department of Business Oversight with virtually no opportunity to comment on the legislation.  On August 25, 2020, Assembly Member Monique Limón gutted AB 1864...more

A Rash Of License Impersonators?

In the last several weeks, California's Department of Financial Protection and Innovation (fka the Department of Business Oversight) has issued a number of consumer alerts involving companies fraudulently claiming to hold a...more

Does California's New Consumer Financial Protection Law Apply To SEC Registered Investment Advisers?

As has been previously noted, California's Governor recently signed  AB 1864 (2020 Cal. Stats. Ch. 157) into law (aka the "California Consumer Financial Protection Law").  Broadly speaking, this new law will bestow new...more

What's In A Name?  A Lot Of Pain

For most of the 20th Century, the state agency charged with the administration and enforcement of California's securities laws was known as the Department of Corporations.  In 2012, then Governor Jerry Brown proposed a plan...more

What Would Willie Sutton Say?

In August 2019, I never would have imagined that a banking regulator would be require customers to wear masks.  In today's changed world, banking regulators are doing just that.  The California Department of Business...more

DBO Reports Post-Pandemic Spike In Consumer Complaints, Calls and Inquiries

The California Department of Business Oversight announced last week that it has experienced a dramatic increase in consumer complaints, calls and inquiries following the onset of the Covid-19 pandemic.  According to the...more

Despite "Massive Job Losses and Revenue Shortfalls", Governor Continues To Propose Large Increase In DBO Staffing

As required by the California Constitution, Governor Newsom proposed a budget for the state's 2020/2021 fiscal year in January.  Cal. Const. Art. IV, § 12.  As noted in this post, the Governor had big plans for the Department...more

DBO Urges Securities/Franchise Filers To Use DocQNet

In the plethora of notifications concerning the Covid-19 (coronavirus) issued various government agencies, this one from the California Department of Business Oversight could easily be overlooked. The gist of the DBO's...more

DBO Says It "Will Not Criticize" Banks And Credit Unions For Holding Virtual Meetings

In response to Covid-19 (Coronavirus) emergency, the California Department of Business Oversight has issued guidance to banks and credit unions and to escrow agents, finance lenders and services, student loan servicers,...more

DBO Expansion Plans To Be Aired On April Fools' Day

California's Governor Gavin Newsom has big plans for the Department of Business Oversight.  These plans were described in his proposed 2020-2021 budget as follows...more

Will The DBO's New Name Confuse Investors?

This January post discussed Governor Newsom's proposal to rename the Department of Business Oversight. While I am no fan of the current moniker, I do not favor the Governor's new name - Department of Financial Protection and...more

DBO Initiates Coordinated Examination Survey Of Investment Advisers

Last week, the California Department of Business Oversight emailed a "Formal Examination Demand: Response Required" to investment advisers stating that the Department is conducting a "coordinated survey of registered firms...more

Finance Lenders Annual Report Due Soon

Licensees under the California Financing Law (CFL), the Property Assessed Clean Energy (PACE) Financing Program, and the Responsible Small Dollar Loan (RSDL) pilot program must submit their annual to the Department of...more

Will California License Virtual Currency Issuers?

The California Department of Business Oversight regulates the money transmission business pursuant to the Money Transmission Act, Cal. Fin. Code § 2000 et seq. The Act currently defines "money transmission" as any of the...more

DBO Website Lists Central Locations For Service Of Process

In a 2013 post, wrote about new legislation, AB 2364 (Wagner), intended to simplify the process for levying on bank accounts for both creditors and banks. AB 2364 required banks or financial institutions with more than nine...more

Governor Proposes To Expand Department Of Business Oversight Authority And Funding

Last week, Governor Gavin Newsom delivered his proposed budget for California's 2020-2021 fiscal year. The Governor is proposing to rename the Department of Business Oversight as the Department of Financial Protection and...more

Department Issues "Opinion" That Deferred Payment Product Meets Definitions Of "Loans"

As mentioned in my post last week, the Department of Business Oversight issued a press release shortly after Christmas announcing that it had issued a "legal opinion" concerning whether a point-of-sale product constitute...more

Department Of Business Oversight Takes Aim At Point-Of-Sale Transactions

Late last month, the California Department of Business Oversight took the unusual step of issuing a press release announcing that it had denied an application by Sezzle Inc. for a lender's license under the California...more

Woodbridge Trustee Seeks Relief In California's Corporate Securities Law

On Monday, the trustee of the Woodbridge Liquidation Trust filed a lawsuit against numerous law firms and lawyers. The trustee's lawsuit relates to the reportedly $1.3 billion Ponzi scheme allegedly orchestrated by Robert H....more

DBO Proposes To Transition All CFL Licensees To NMLS

The State Regulatory Registry LLC, an affiliate of the Conference of State Banking Supervisors, developed and operates the Nationwide Multistate Licensing System (NMLS).  In 2008, Congress enacted the Secure and Fair...more

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance...more

Real Estate Development Runs Afoul Of California Securities Laws

Yesterday, the California Department of Business Oversight issued this press release announcing that San Diego Superior Court Judge Joel R. Wohlfeil granted the DBO’s request for a temporary restraining order. The TRO bars...more

DBO Warns Of False Flag Email

Impersonating government agencies and officials is nothing new. The Financial Industry Regulatory Authority, Inc. (FINRA) issued this detailed warning of this practice in 2016. Two years later, the Securities and Exchange...more

DBO Has Very Few Precedents

The California Administrative Procedure Act provides that an agency's decision in an adjudicative proceeding "may not be expressly relied on as precedent unless it is designated as a precedent decision by the agency". Cal....more

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