Category: Laws

15
Feb

California Consumer Finance License & California Deferred Deposit Transaction License

CFL Annual Reports for Calendar Year 2021 Due March 15


All DFPI California Financing Law (CFL) licensees are required to submit an annual report on or before March 15, 2022, even if the licensee had no business activity in the calendar year 2021. The Department strongly recommends licensees start gathering the data now to ensure they can timely file their 2021 Annual Report.


The CFL annual report is required pursuant to Financial Code section 22159(a). Failure to submit the annual report by the due date will result in penalties pursuant to the Financial Code section Financial Code section 22715(b).


The form and instructions for submitting the annual report are available on the DFPI’s website here. Annual reports must be submitted electronically through the DFPI portal account. To sign in to or register for a portal account, go to the DFPI’s website. If you have questions about your portal account, please contact the Account Administrator (Albert Mercado) at (213) 220-5140 or email Albert.Mercado@dfpi.ca.gov.


For questions about the content of the report or clarification on the instructions, please email CFL.Inquiries@dfpi.ca.gov or call (866) 275-2677.


CDDTL Annual Report and Industry Survey Due March 15


Payday Loans


All California Deferred Deposit Transaction Law (CDDTL) licensees must submit a 2020 Annual Report and Industry Survey to the DFPI by March 15.


The Annual Report and Industry Survey must be completed online through the DFPI self-service portal. To prepare and submit the required reports, all CDDTL licensees are required to have a registered DFPI portal account.


The Annual Report and Industry Survey are required by California Financial Code sections 23026 and 23015. If you have questions or need clarification on the instructions, please email RespondToCDDTL@dfpi.ca.gov.


How to Start or Improve a Consumer Loan Business: Storefront or Internet anywhere!

How to Start, Improve, Scale a B2C Consumer Loan Business. $237.00

How to Start or Improve a Consumer Loan Business: Storefront or Internet anywhere!

If you’re worn out spending hour upon hour searching Google for consumer loan business strategies, know-how, software, licensing, consumer credit reporting, sample contracts, collection tactics, profitability, how much start-up capital you need, anticipated default metrics, and on and on and on… Our “Bible” delivers ALL THESE ANSWERS AND MORE!

How to loan money to consumers! Payday loans, car title loans, installment loans, line-of-credit loans… via the Internet, and storefront models.

  • $237.00 How To Start a Consumer Loan Business:
  • Our 500+ Page Manual Chapters:
  • Profits: Consumers pay $10 – $35 per $100 Borrowed
  • How to launch a consumer lending business
  • Payday Loans
  • Small Dollar Loans
  • Installment Loans
  • Car Title Loans
    Personal Loans
  • Signature Loans
  • Non-Secured Personal Loans
  • StoreFront Lending
  • Internet lending
  • Licensing? State/Province
  • What loan management software to use?
  • Capital required?
  • Profitability?
  • Collections? How to Collect Your $$
  • Borrower Underwriting? 3rd Party Credit Reporting agencies for the Sub-Prime
  • Store & Internet Lending tactics & strategies
  • Sample contracts, License apps…
  • Tribe Model: How to Partner with a Native American Indian Tribe
  • How to Deliver the $$ to Your Borrower [ACH, Debit, Cash, Checks…]
  • Texas & Ohio CSO/CAB model
  • Marketing, Branding, Advertising: How to Put Your $$ to Work
  • Leads: Buy $2 leads or $200 Leads?
  • Web Sites: Why You Need Them. How to Get One Built Inexpensively. Mobile-Friendly…
  • Site Selection: Where to Put Your Loan Store
  • Default Rates: How Many Borrowers Will Fail to Pay You
  • Email Strategies: How to Build Your Own List
    No More Faxing of Documents
  • How do You Raise $$: Cost of Capital Today
  • $237.00 PDF Immediate Download
    100% Refund Policy
  • Here’s a Link to our Founder’s LinkedIn Profile

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04
Nov

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: TrihouseConsulting@gmail.com PUT CALIFORNIA CFL in the SUBJECT.

PS: If you have no clue what I’m talking about: https://geni.us/HB539-California  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

https://geni.us/UglySideInstallment

The Ugly Side of Lending: Online Installment Loans

Jer-Trihouse  TrihouseConsulting@gmail.com

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

Jer

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11
Jul

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=”https://paydayloanindustryblog.com/wp-content/uploads/2019/07/1-Assembly-Bill-539-and-the-Future-of-Consumer-Loans-in-California.pdf” title=”1-Assembly Bill 539 and the Future of Consumer Loans in California”]

 

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17
Jan

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

MISSISSIPPI FINANCIAL SERVICE CENTERS

 

 

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22
Aug

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 TrihouseConsulting@gmail.com

 

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