November 27, 2022

Volume XII, Number 331

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Finance Lenders: It's Time To Pay Your Annual Assessment

The California Financing Law requires each licensed lender, broker, and program administrator licensee to pay its pro rata share of all costs and expenses of the administration of the law, as estimated by the Commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the law in the year in which the assessment is made.  Cal. Fin. Code § 22107(a).  A licensee's pro rata share is the proportion that a licensee’s gross income bears to the aggregate gross income of all licensees as shown by the annual financial reports to the commissioner, for the costs and expenses remaining after the amount assessed.  Id.

The CFL requires the Commissioner to notify each licensee of the amount assessed and levied against it.  The minimum assessment is $250 per licensed location.  Licensees must pay the assessment by October 31.  The failure to pay the assessment will result in the loss of the license.

This Brief Defends Parody With Parody

Even an intermittent reader of this space will know my fondness for the Latin language.  See, e.g., The Latin Lawyer - How To Write Like Cicero!Contractual LatinBothered By Silent Letters?  Sometimes Latin Is To BlameWhat Is The Plural Of Mandamus?, and What's With The "O" in Delicto?  Thus, I was particularly amused to learn that my love of Latin is shared by The Onion which explained its Latin motto, tu stultus es, in an amicus brief filed yesterday with no less than the United States Supreme Court in Novak v. City of Parma, Ohio, (U.S. Supreme Court Case No. 22-293):

The Onion’s motto is central to this brief for two important reasons.  First, it’s Latin.  And The Onion knows that the federal judiciary is staffed entirely by total Latin dorks: They quote Catullus in the original Latin in chambers.1 They sweetly whisper “stare decisis” into their spouses’ ears.  They mutter “cui bono” under their breath while picking up after their neighbors’ 5 dogs.  So The Onion knew that, unless it pointed to a suitably Latin rallying cry, its brief would be operating far outside the Court’s vernacular.

For those who are unable to translate tu stultus es into English - you are stupid.

Before anyone takes unintended offense, this is the translation of The Onion's motto and not an insult directed at the readers of this space.  As The Onion explains in its brief:

[T]he phrase “you are dumb” captures the very heart of parody: tricking readers into believing that they’re seeing a serious rendering of some specific form—a pop song lyric, a newspaper article, a police beat—and then allowing them to laugh at their own gullibility when they realize that they’ve fallen victim to one of the oldest tricks in the history of rhetoric.


FOOTNOTES

As for this blog, I can recall only one instance of quoting Catullus: Commissioner Files Private Fund Adviser Exemption With The Office Of Administrative Law.

© 2010-2022 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume XII, Number 277
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About this Author

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

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

949-851-5428
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