On July 10, 2024, the California Department of Financial Protection and Innovation (DFPI) issued an order revoking the California Financing Law license of a company that had offered both individual and business loans in the state, following that company’s alleged failure to provide information during the DFPI’s attempt to conduct a regulatory examination.
In June, the DFPI commenced a regulatory examination of the company and requested copies of the company’s books, records, reports and other corporate data. According to the DFPI, the company provided no documents, and the DFPI was thus unable to conduct the regulatory examination and confirm that the company was complying with California law. As a result, the DFPI revoked the company’s lending license for California such that the company can no longer engage in the business of finance lending in that state.
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