Category: Laws


California HB539 <36% APR Effective Jan. 1st, 2020

  • Do you hold a California CFL License?
  • Do you offer title loans?
  • Are you aware effective Jan 1st, your business will be destroyed?
  • I have an idea that could enable you to serve your customers, enable you to offer Calif. title loans after Jan. 1st and continue to achieve a superior ROI for your CFL business in California.
  • If this is your situation, reach out immediately to me: PUT CALIFORNIA CFL in the SUBJECT.

PS: If you have no clue what I’m talking about:  READ MY POST ON LinkedIn

California Big Brother Crushed Consumers with <36% APR.

“The margin covers the cost of funds used to lend, the operational costs of lending, and the risks associated with it. In other words, Net Income = Interest Revenue – Interest Expenses – Net Non-Interest Expenses.”

Effective January 1st, 2020, the 55% of California residents who do not have access to $400 cash in an emergency are out of luck. No where to go. Their friends and family are in the same boat!

Join a church?

Get a 3rd gig job?

Rob my house and pawn my stuff?

I loan $100 and earn $3/month! Not a chance.

It is as simple as that. If you’re a California CFL lender looking for solutions, reach out to me. I have the blue pill

The Ugly Side of Lending: Online Installment Loans


PPS: Apologies for being silent for the past 6 weeks. Been in France…



Calif. Assembly Bill 539 Update-Consumer Access to Small-Dollar Short Term Loans at Risk!

By Jer AylesCall Your California Senator TODAY or Your Customers Will Never Forgive You!

Consumer financial choices UNDER FIRE in California!

My state of California is on the verge of destroying the rights of consumers across the ‘”Golden State” to have access to credit based on their own needs, wants, and desires for solving their financial challenges!

As usual, our elected congressional representatives and the lobbyists who support this California Assembly Bill 539 think they know what’s best for ALL of us.

Lower loan rates, fewer fees, same-day money delivered to your bank account/card, Fintech, competition… are ALL contributing to the well-being of California consumers ALREADY. Don’t allow these elected representatives to STIFLE the reinvigoration of the “business of lending money to the masses.”

Consumers, lenders, vendors, suppliers, property owners, your local barista… will suffer if we do not raise our hand, call our Senator and express our distaste for their latest assault on our financial freedom and our disgust with the influence lobbyists exert on OUR REPRESENTATIVES!

Contact | U.S. Senator Kamala Harris of California

Contact – United States Senator for California – Senator Dianne Feinstein

[pdf-embedder url=”” title=”1-Assembly Bill 539 and the Future of Consumer Loans in California”]



Mississippi Financial Service Centers: Short Term Lending Industry Resource

Financial Service Centers of Mississippi Lenders Association.

Are you a Lender? Are you operating in Mississippi?

Yes? Then you MUST join the Financial Service Centers of Mississippi association!

Support your local association! This is a NO BRAINER! 

The Team over at the Mississippi Assoc. have launched a new website AND have new events on the calandar.

From their new website, “The association is dedicated to offering information and tools to its members, so members are able to serve their customers in a fair, ethical, and helpful way. If you need information on Mississippi’s short-term lending industry, this is a good place to start. We keep our members well informed about upcoming legislative actions and other news events. We offer members the opportunity to meet and share ideas, find ways to be better at what we do and stay on top of issues that concern industry.”

They go on to write, “In today’s uneasy regulatory climate, it is important for business owners in this industry to stay informed. FSCM offers the opportunity to network together so members can not only be informed about important issues, but to be recognized as a large —and needed— financial industry in this state. This association holds an annual conference and a yearly membership meeting, which also offers the opportunity to meet your legislators and members of the Mississippi Department of Banking and Consumer Finance.”

So… head on over to Financial Service Centers of Mississippi website, check out the upcomimg events, become a member and SUPPORT  the “Business of Lending Money to the Masses” industry!

Mississippi payday loans, title loans, installment loans





Texas CAB-CSO Payday Loan Model Under Attack

Texan consumer groups focus on upcoming CAB/CSO credit access businesses such as payday lenders to make their views known to Texas Sunset Commission

The Texas Fair Lending Alliance urged Texans to contact the Sunset Commission before Aug. 29, when the group meets regarding the Texas OCCC. This  office oversees licensing for Texas credit access businesses [CAB – CSO], including payday and auto-title lenders.

The Texas Fair Lending Alliance is a coalition of 60 consumer organizations.

“Texas Appleseed and United Ways of Texas referred to “Sunset review”—a process established to hold state agencies accountable by periodically evaluating whether they should continue to exist—offers opportunities to strengthen consumer protection against what they consider predatory lending.”

Texas CAB’s and their customers must prepare to support the continued existence of appropriate regulations to assure continued access to small dollar loans in Texas for those borrowers with no where else to turn!

Already, approximately 45 cities have adopted city ordinances placing limits on the number of times payday loans can be rolled over and paid in installments, and to require that proceeds from any renewal payments apply toward reducing the original loan principal.

The Texas Legislature should seek to preempt city ordinances and allow the expansion of new, competitive loan products and services. When you need $300 to fix your car in order to keep your job, where do you go for fast, no-hassle cash?

Already, online payday loan lenders such as Elevate, Avant, Speedy… are taking away market share and jobs from local, established Texas store-front lenders. This reality hurts commercial landlords and tax revenue as well.

Here come the online tribal lenders.

Shut down the loan stores helping consumers who reside in Texas and the tribe lending entities [TLE] will continue to take market share as well. I get a dozen calls every day from consumers who need an immediate loan – that’s CASH in their hands – NOW. They do not want to wait 2 – 5 days for their payday loan proceeds to “appear” in their bank account. Online lenders are still slow and clunky.

The Texas Sunset Commission includes five state senators, five members of the Texas House of Representatives, and two members of the public appointed by the lieutenant governor and speaker of the house.

Comments? Questions about “the business of lending money to the masses?” Email



HB 123 Ohio Small Dollar Loan Law

Ohio Payday Loan and Credit Services organization Bill 123 as passed: The bill will require lenders offering certain types of consumer loans and regulated under the Small Loan, General Loan, or Credit Service Organization laws to obtain licensure instead under the Short-Term Loan Law.

In FY 2018, the Consumer Finance Section of the Division of Financial Institutions within the Department of Commerce (COM) oversaw approximately 1,600 licenses and registrations under the various lender laws covered by the bill. Overall, the changes in the bill will steer lenders who currently offer small-dollar, shorter term loans and wish to continue to do so in the future from licensure under the Small Loan, General Loan, or Credit Services Organization laws instead to licensure under the Short-Term Loan Law.

The modifications to the Short-Term Loan Law in the bill include (1) increasing the maximum loan amount from $500 under current law to $1,000 under the bill, (2) increasing the duration of loans from at least 31 days to a maximum duration of one year, (3) establishing a monthly maintenance fee that is the lesser of 10% of the originally contracted loan amount or $30, and (4) establishing requirements for a borrower’s eligibility for a loan that has a duration less than 91 days. The bill also caps the total amount of fees and charges that can be charged to 60% of the  originally contracted loan amount.

To differentiate between the loans that can be made under the Short-Term Loan Law, the bill requires that loans made under the Small Loan Law and General Loan Law have either a minimum duration of more than one year or a loan amount greater than $1,000. Additionally, the bill prohibits credit services organizations (loan brokering services) from brokering extensions of credit when the amount is less than $5,000 and the repayment term is under one year.

Consumer finance licenses and registrations

The bill will require payday lenders to… here’s the actual Bill 123 as passed and signed by the Ohio Governor:

[pdf-embedder url=”” title=”HB 123 Passed – Effective October 2018″]

How to Start a Consumer Loan Business: Installment lending, car title loan lending, payday loan lending, personal loan business

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