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Application For A License Under The California Finance Lenders Law (Long Form) - California
| Application For A License Under The California Finance Lenders Law (Long Form) Form. This is a California form and can be used in Financial Services Division Secretary Of State . |
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STATE OF CALIFORNIA DEPARTMENT OF CORPORATIONS INFORMATION ON THE APPLICATION FOR A LENDER'S AND/OR BROKER'S LICENSE CALIFORNIA FINANCE LENDERS LAW The following is provided as general information to prospective applicants and is not to be construed as and is not an interpretation of the provision of the provisions of the California Finance Lenders Law (commencing with Section 22000 of the Financial Code). If you do not know if you need a license you should contact an attorney, as the Department does not offer legal advice. DEFINITION OF A "FINANCE LENDER" In general, a "Finance Lender" is defined as any person who is engaged in the business of making consumer loans or commercial loans. These loans may be unsecured, secured by personal property and for loans over $5,000 by real property or a combination of real and personal property. The definition of a "Finance Lender" in its entirety is contained in Financial Code Section 22009. DEFINITION OF THE BROKER (NEGOTIATOR) LICENSE A broker (negotiator) license authorizes the licensee to engage in the business of negotiating loans or performing any act as a negotiator in connection with loans made by a lender licensed under the California Finance Lenders Law. Licensees are NOT PERMITTED to broker loans to banks, savings & loans, credit unions, or thrift & loans under this license. A broker may NOT make any direct loans under this broker license. LICENSE APPLICATIONS x Application forms may be obtained from any office of the Department as well as from our website at www.corp.ca.gov . The office locations are as follows: 320 W. 4th Street, Suite 750 71 Stevenson Street, Suite 2100 1515 K Street, Suite 200 1350 Front Street, Room 2034 x x Los Angeles, CA 90013 San Francisco, CA 94105 Sacramento, CA 95814 San Diego, CA 92101 1-866-ASK-CORP (866-275-2677) Questions regarding completing and filing an application should be directed to 1-866-ASKCORP (866-275-2677). Completed applications should be filed with the Los Angeles office. The application MUST be accompanied by $300 in NON-REFUNDABLE fees plus the cost of fingerprinting. (see Page 1 of the application). Under the Law an applicant may be licensed as an individual, partnership, corporation or other form of "Person" as defined in Financial Code Section 22008. Once a license has been issued it is NOT transferable or assignable. x 1422 CFLL Instructions 1 American LegalNet, Inc. www.FormsWorkflow.com x SURETY BOND REQUIRED: Section 22112 was added to the California Finance Lenders Law on January 1, 1996. This section requires each licensee to obtain and maintain a surety bond in the amount of twenty five thousand dollars ($25,000). Instructions and a surety bond form acceptable to the Department are enclosed in this packet. GENERAL INFORMATION Federal Laws Applicable to Consumer Lenders The two comprehensive bodies of federal laws affecting lenders are the Truth in Lending Act, which is implemented by Regulation Z, and the Equal Credit Opportunity Act, which is implemented by Regulation B. Information concerning these laws and regulations may be obtained by calling the Federal Reserve Bank of San Francisco at (415) 974-2000. Obtaining copies of the California Finance Lenders law and Regulations Each applicant is required to obtain and read Division 9 of the California Financial Code (commencing with Section 22000) known as the "California Finance Lenders Law" and the California Code of Regulations (contained in Title 10, Chapter 3, commencing with Section 1404) prior to the submission of the application package. You should obtain the California Finance Code and the Regulations prior to the submission of the application to the Department. These items may be purchased from the following organizations: West Group 50 California Street, 19th Floor San Francisco, CA 94111 (800) 888-3600 GENERAL REQUIREMENTS OF LICENSEES The following are a few of the areas that should be consider prior to filing an application for a California Finance Lenders License . x x x x x x Licensees are subject to periodic regulatory examinations that the licensee must pay for. Licensees must pay an annual assessment each year. Licensees must file an Annual Report by March 15th each year. Licensees are subject to statutory books and record requirements. Licensees are responsible for compliance with all applicable laws and regulations. Licensees must maintain a $25,000 surety bond at all times. 1422 CFLL Instructions 2 American LegalNet, Inc. www.FormsWorkflow.com STATE OF CALIFORNIA DEPARTMENT OF CORPORATIONS INSTRUCTIONS FOR COMPLETING THE APPLICATION FOR A LICENSE UNDER THE CALIFORNIA FINANCE LENDERS LAW (CFLL) ASSISTANCE WITH THE APPLICATION: Refer to these instructions while completing the CFLL application. If you have questions about the application that are not answered by these instructions, call the Department of Corporations' toll-free telephone number at (866) 275-2677. Departmental personnel cannot provide individual legal or accounting advice. Applicants who need such advice must consult a qualified professional. FEES AND PROCESSING OF THE APPLICATION: The application and all exhibits must be typewritten. All signatures must be original and not a copy. Attach additional sheets if you need more space to complete an answer to any of the questions, answer every question in the application, unless these instructions direct otherwise, and label these answers by the corresponding question number or exhibit letter. The application, including all exhibits, must be accompanied by a nonrefundable application fee of $200, an investigation fee of $100, and fingerprint processing fees. The applicable fingerprint processing fee is $20 per individual if the individual resides in California. If the individual resides outside of California, the applicable fingerprint processing fee is $86 per individual. The application fee, investigation fee, and fingerprint processing fees are not refundable if the application is denied or withdrawn. Detailed instructions for the fingerprint processing requirements are listed below under "Exhibit C." Make check(s) payable to the Department of Corporations for the total amount of all fees. The application, exhibits, and fees must be filed only in the Los Angeles office of the Department of Corporations, located at 320 West 4th Street, Suite 750, Los Angeles, California 90013. Applications which do not include all required information and exhibits will not be processed. THE CFLL APPLI
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