As of January 2019, any entity that engages in lending in California will need to be licensed. Basically, if you are a lender or a lender broker doing business in California, like we are at First American Merchant, it will be mandatory to have a finance lenders license if you plan on doing this type of business in the state. Beginning Jan. 1, 2019, commercial financial lenders, including merchant cash advance lenders, must obtain a California Finance Lenders Law (CFL) license and adhere to stricter state disclosure requirements. The changes aim to protect potential borrowers from unfair and misleading lending […]

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