How Can You Get a CFLL license for Your California-based Lender Business? Starting Jan. 2019, all California-based entities that take part in lending will need an operating permit. In other words, a license is a must-have if you want to keep your lender or lender broker businesses running in California next year. These changes, spearheaded by the CFLL (California Finance Lenders Law) have been put in place to protect would-be borrowers from biased and misleading lending habits. Because the state’s CFLL license application procedure is lengthy and complicated, here’s everything you should know: The New Requirements It’s a pro step […]

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 […]