2013 Press Releases
- 12/20/13 - Unlicensed Online Payday Lenders Void $1 Million in Loans to California Borrowers (PDF)
The Department of Business Oversight has entered into a settlement with TIOR Capital LLC for violations of the California Deferred Deposit Transaction Law, which regulates payday lending in California.
- 11/19/13 - California Department of Business Oversight Issues Orders Voiding Illegal Payday Loan Transactions (PDF)
The California Department of Business Oversight has taken action against Cash Cure, LLC, operating online at www.cashcure.com, for engaging in deferred deposit transactions, commonly known as payday loans, in California without a license. Cash Cure, LLC was ordered to desist and refrain from payday lending activity in California. The action includes an order voiding all illegal transactions with California residents.
- 11/19/13 - Department of Business Oversight Honored For Work with Small Businesses and Disabled Veteran Enterprises (PDF)
The California Department of Business Oversight received the coveted Gold Agency Award at the 14th Annual State Agency Recognition Awards (SARA) ceremony for being an exemplary department in working with Small Businesses (SB) and Disabled Veteran Business Enterprises (DVBE).
- 11/19/13 - California Department of Business Oversight Enters Consent Order with UBS Financial Services (PDF)
The Department of Business Oversight (the Department) has entered into a Consent Order with UBS Financial Services, Inc. (UBS) for violations of the California Corporate Securities Law. The Order was issued as part of a settlement negotiated between UBS and a North American Securities Administrators Association (NASAA) multi-state task force.
- 10/07/13 – State Banks and Credit Unions Warned of Illegal Payday Loan Risks (PDF)
In a letter dated October 7, 2013, Commissioner Jan Lynn Owen directed banks and credit unions licensed by the Department to monitor transactions with any unlicensed lender and immediately report potential violations.
- 08/28/13 – Department of Business Oversight Finds Interest Overcharges, Orders Refunds and Penalties (PDF)
The Department has reached a settlement with Guidance Residential, LLC, for overcharging borrowers for interest. The settlement includes refunds to overcharged borrowers.
- 08/12/13 – Department of Business Oversight Announces Settlement with Mortgage Company for Interest Overcharges (PDF)
The Department has reached a settlement with Gateway Funding Diversified Mortgage Services (dba Arlington Capital Mortgage) for overcharging borrowers for interest. The settlement includes refunds to overcharged borrowers.
- 07/12/13 – California Department of Business Oversight Sanctions Unlicensed Online Payday Lenders (PDF)
The Department has taken action against eleven such payday lenders in 2013 for violation of the California Deferred Deposit Transaction Law.