Maintaining a California Finance Lender's License Requires Annual Reporting and Much More.
Securing the license is just the first step. To survive and thrive in the lending industry, finance lenders and brokers must comply with strict regulations imposed by state and federal law. In California, lenders who are not excepted from the rule by virtue of other licensing requirements must apply for a license under California's finance lending law. California's Finance Lender's Licensing and Reporting Requirements
If you have missed any of our earlier Newsletters, you can find them on the left side of the Home Page of our Blog Site located at www.glassgoldbergblog.com.
Marshall Goldberg
Warmest regards,
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California Code of Civil Procedure Section 684.110-684.14, effective January 1, 2013, requires banks and other financial institutions with more than nine branch offices in California to designate at least one central location to receive service of legal process. Institutions must file their designation with the California Department of Financial Institutions (DFI), which publishes the centralized locations online Read More
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The Ninth Circuit Bankruptcy Appellate Panel in In re: Toni Marie Griffin recently affirmed a case where a creditor submitted a copy of a copy of a note to establish standing for relief from the automatic bankruptcy stay. Read More
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Appellate Court Agrees - Owner/Broker Exempt from California's Ban on Usurious Interest Rates
In an interesting case recently decided by the Third District Court of Appeals, the court upheld the lower court's decision that a broker who negotiated a loan and was the sole owner of the lending company was exempt from California's ban on usury under Civil Code §1916.1. Read More
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Court Invalidates Arbitration Clause on Back of Preprinted Auto Installment Sales Contract
In the case of Vargas v. SAI Monrovia B, Inc., decided last month, the Second District Court of Appeals again questioned whether arbitration clauses are unconscionable. Revisiting its 2012 holding in Sanchez v. Valencia Holding Co., LLC, the court held parts of a retail installment sales contract used to purchase an automobile to be unconscionable and unenforceable. In reaching its decision, the court found the arbitration provision in the boilerplate contract satisfies the two elements of procedural unconscionability: oppression and surprise. Read More
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The Consumer Financial Protection Bureau (CFPB) recently released updated exam procedures for the new mortgage regulations slated to take effect in January 2014. The update includes Interim TILA Examination Procedures and Interim ECOA Examination Procedures. Aspects of the procedures address appraisals, escrow accounts, compensation and qualifications for loan originators, among other topics. Read More |
California Civil Code Section 1938 went into effect July 1, 2013, requiring commercial real estate leases executed on or after July 1, 2013 to disclose whether the property was inspected by a Certified Access Specialist, and if so, whether the property meets all applicable accessibility requirements. Read More
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Oh What a Tangled Web We Weave When First We Practice to Deceive
Sir Walter Scott nailed it eloquently in his comment about the complications engendered by stretching the truth.
CafePress, Inc. operates an e-commerce platform enabling customers to create, buy and sell various customized and personalized products worldwide. On July 30, 2012, CafePress announced net losses of $260,000, or two cents per share, more than double losses of $129,000 in the same quarter a year earlier. Read More
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According to a recent Time Magazine online report, Apple and Google spent more money on patent litigation and defensive patent acquisitions in 2011 than on research and development. The article's author, Sam Gustin, reasoned not only is it not a good sign for the U.S. economy, it's a stark indication our intellectual-property system is broken. Read More
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July 2013
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