July 10, 2020

Volume X, Number 192

July 09, 2020

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July 08, 2020

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July 07, 2020

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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 Business Oversight no later than March 15, as required under Financial Code section 22159(a).  Finance lenders must submit the annual report electronically using the Department of Business Oversight's self-service portal.  Responsible Small Dollar Loan  and PACE program administrators should complete the annual report data on electronic spreadsheets provided by the Department.  The completed spreadsheet are to be emailed to the Department.

The Department does not grant extensions.  A finance lender who fails to file the annual report may have its license summarily revoked pursuant to Financial Code section 22715(a).  To make matters even worse, the Department takes the position (with which I disagree) that a licensee whose license has been revoked or suspended must wait one year from the date of revocation to petition for a new license.  See Cal. Gov't Code § 11522.

© 2010-2020 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume X, Number 45

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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Paul Bishop is a partner in Allen Matkins' Corporate and Securities practice group, and works out of the Orange County office. He represents clients in a wide range of corporate transactions, including public and private securities offerings of debt and equity, mergers and acquisitions, proxy contests and tender offers, corporate governance matters and federal and state securities laws (including the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act), investment adviser, financial services regulation, and California administrative law. He regularly advises clients...

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