California Revokes Lending Licence Over Regulatory Defiance
A company has lost its lending licence in California after failing to cooperate with regulators. The California Department of Financial Protection and Innovation (DFPI) revoked the firm's licence on July 10, 2024. The decision came after repeated attempts to examine the company's compliance with state laws regarding money lending. The DFPI launched a regulatory review of the company, which provided loans to both individuals and businesses. Officials requested documents to verify whether the firm followed California's financial rules. The company, however, did not supply any of the required records. Without the necessary information, the DFPI could not assess the company's compliance. Regulators then moved to revoke its California Financing Law licence, effectively barring the firm from offering any money lending services in the state. The licence revocation took effect on July 10, 2024. The company can no longer operate as a lender in California. Regulators have not disclosed the name of the affected business.
