It is a peculiar hubris of California's legislators that they often presume to extend the application of the state's laws beyond its legal borders. Corporations Code Section 2115, for example, presumes to apply multiple...more
Each year, licensees under the California Financing Law (Cal. Fin. Code § 22000 et seq.) must file an annual report with the Department of Financial Protection & Innovation. The report is due on the Ides of March (the Ides...more
Does California's usury limitations constitute a "strong public policy"? Seemingly, that question was decided over a half-century ago by the First District Court of Appeal in Ury v. Jewelers Acceptance Corp., 227 Cal. App....more
The California Financing Law (fka Finance Lenders Law) requires that persons engaged in the business of making loans be licensed by the Department of Financial Protection & Innovation (fka Department of Business Oversight fka...more
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
The Fair Access to Credit Act (AB 539) was signed into law by California Governor Gavin Newsom on October 10, 2019. The act requires California Finance Law (CFL) licensed lenders making consumer loans from at least $2,500 to...more
The California Supreme Court ruled on Monday, August 18, that an interest rate on a consumer loan in California could be deemed illegally high even if the loan is not subject to the state’s usury law. Consumer loans of...more
On August 13, 2018, the California Supreme Court answered a question certified to it by the Ninth Circuit, holding that a loan with a high interest rate can be unconscionable, even if the legislature specifically declined to...more
On August 13, 2018, the California Supreme Court in Eduardo De La Torre, et al. v. CashCall, Inc., held that interest rates on consumer loans of $2,500 or more could be found unconscionable under section 22302 of the...more
Resolving an ambiguity in the California Finance Lender’s Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more
Resolving an ambiguity in the California Finance Lender's Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more