Installment consumer lending by nonbanks in California increased more than 68 percent, to more than $57 billion in 2019, according to a report released by the Department of Business Oversight (DBO). The increase in principal loaned stemmed largely from real estate-secured loans, which more than doubled to $47.3 billion, 83 …continue reading
The California Department of Business Oversight (DBO) launched a formal investigation into whether prominent auto title lender Wheels Financial Group, LLC, which does business as LoanMart, is evading California’s newly-enacted interest rate caps through its recent partnership with an out-of-state bank. In 2019, culminating a multiyear effort of Assemblywoman Monique …continue reading
Governor Gavin Newsom announced that most private student loan servicers have agreed to provide payment and other relief to borrowers, including more than 1.1 million Californians with privately held student loans. The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provided much-needed relief for students with federal loans, including …continue reading
The California Department of Business Oversight (DBO) announced a settlement with point-of-sale lender QuadPay in which the company agreed to stop making illegal loans, refund more than $685,000 to California consumers and pay almost $69,000 in penalties. The refunds represent all the fees QuadPay has collected from more than 45,000 …continue reading