CALIFORNIA FINANCE LENDER ("CFL")
Do you have minimum $25,000 net worth and have an interest in getting
licensed as a California Finance Lender ("CFL"). You do not need
any formal training or experience in the loan business to get started.
In addition, in most cases the normal usury laws do not apply.
Certain restrictions, of course, do apply.
CFL Brokers: alternatively, are you a person interested in brokering
loans through established California Finance Lenders and earning a
commission for your work? If so, you can get licensed as a broker under
the California Finance Lending Law and start brokering deals to licensed
CFL's.
Just as a
CFL lender is not required to have specific loan experience, training or
a broker's license, you too do not need mortgage experience or specific
loan or finance training to be able to get licensed to broker loans as a
licensed CFL broker under the California Department of Corporations
rules.
If
getting into the loan and finance business is something you have always
aspired to, now you can get started on the road to making it happen.
You
may want to compare being a licensed broker under the CFL with being a
licensed broker under the Department of Real Estate. There are
some advantages to being a licensed real estate broker approved by
the DRE, however, there are many more formal training and other
requirements in order to obtain your license, including the fact that
you normally need to work your way up to being a broker by starting as a
"salesperson" (California real estate sales license) before you can
become a full fledged licensed real estate broker in California.
At
the
Law Office of Steven C. Vondran, we understand your passions and challenges
and we are here to help you navigate the regulations, approvals, and
licensing system as quickly and inexpensively as possible so you can be
out earning a living in as short of an amount of time as possible.
Attorney Steve Vondran is a
licensed real estate broker in both California and Arizona. He has
worked in the mortgage side of the business and sold residential and
commercial real estate. From a legal standpoint he has helped
individuals just like you get started in the exciting and potentially
lucrative field of real estate.
Please review our other Broker Counsel practice areas here.
If you have any questions about the California Finance Lender Law contact us for a free confidential discussion.
(877) 876-5084
View our Firm Brochure
We serve real estate broker clients
in and around the following areas:
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Arizona: Phoenix, Scottsdale, Tempe, Mesa, Glendale, Peoria, Goodyear, Buckeye,
Chandler, Gilbert, Casa Grande, Queen Creek.
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Southern California: Orange County, San Diego, Temecula, Palm
Springs, Palm Desert, La Quinta, Indian Wells, Inland Empire Area Apple
Valley, Victorville, Moreno Valley, Ontario, Corona, Riverside Rancho
Cucamonga and more.
Please note: Law Office of Steven C. Vondran is licensed to
practice law in the State of California and Arizona. While viewing this site please
keep in mind that our
TERMS OF USE
AND DISCLAIMER applies.
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APPLY FOR CALIFORNIA FINANCE
LENDER LICENSE
CLICK
HERE FOR OUR CALIFORNIA FINANCE LENDER ("CFL") MENU OF LEGAL SERVICES
The
following is from the
California Department of Real Estate Website:
CALIFORNIA FINANCE LENDER LAW
The California
Finance Lenders Law is contained in Division 9 of the
California Financial Code, commencing with Section
22000. Effective July 1, 1995 , the Personal Property
Brokers Law, Consumer Finance Lenders Law, and
Commercial Finance Lenders Law were consolidated without
substantive change into the California Finance Lenders
Law (AB 2885, Chapter 1115, Stats. 1994). The
regulations under the California Finance Lenders Law are
contained in Chapter 3, Title 10 of the California Code
of Regulations, commencing with Section 1404 (10 C.C.R.
§1404, et seq.).
Finance lenders and brokers, by number of licensees and
dollars of loans originated, are the largest group of
financial service providers regulated by the Department.
A finance lender is defined in the law as "any person
who is engaged in the business of making consumer loans
or making commercial loans." A finance lenders license
provides the licensee with an exemption from the usury
provision of the California Constitution.
Licensed under the law are individuals, partnerships,
associations, limited liability companies and
corporations, including many of the largest "Fortune
500" companies.
There are a number of "non-loan" transactions, such as
bona fide leases, automobile sales finance contracts
(Rees-Levering Motor Vehicle Sales and Finance Act) and
retail installment sales (Unruh Act), that are not
subject to the provisions of the California Finance
Lenders Law.
In addition to the lending authority provided by the
law, the California Finance Lenders Law provides limited
brokering authority. A "broker" is defined in the law as
"any person engaged in the business of negotiating or
performing any act as broker in connection with loans
made by a finance lender." Brokers licensed under this
law may only broker loans to lenders that hold a
California Finance Lenders license.
The requirements for a license are set forth in Section
22100, et seq. of the California Financial Code. The law
requires applicants to have and maintain a minimum net
worth of at least $25,000 and to obtain and maintain a
$25,000 surety bond. In general, principals of the
company may not have a criminal history or a history of
non-compliance with regulatory requirements.
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DOWNLOAD LEGAL
GUIDES
Real Estate Topics
WHAT ARE THE REQUIREMENTS FOR OBTAINING A
CALIFORNIA FINANCE LENDERS LICENSE?
DOCUMENTS REQUIRED WHEN
APPLYING FOR THE CALIFORNIA FINANCE LENDERS LICENSE
HERE IS
THE CALIFORNIA FINANCE LENDER REQUIRED READING TO OBTAIN THE CFL
LICENSE, INCLUDING THE CALIFORNIA FINANCIAL CODE AND THE CALIFORNIA CODE
OF REGULATIONS
HERE IS A LIST OF LIVE SCAN OPERATORS WHO CAN TAKE
YOUR FINGERPRINTS FOR THE CFL LICENSE
COMPARING THE
CALIFORNIA RESIDENTIAL MORTGAGE LICENSE VERSUS CALIFORNIA FINANCE
LENDERS LICENSE
 
ADDITIONAL LEGAL SERVICES WE PROVIDE
TO CALIFORNIA REAL ESTATE BROKERS WHO ARE FILING FOR THE CALIFORNIA
FINANCE LENDERS LICENSE
□
INCORPORATION
SERVICES (S-CORP / C-CORP/ LLC)
□
Partnership
Agreements
□
AGENT FOR SERVICE OF
PROCESS
□ CORPORATE
AMENDMENTS
□ WEBSITES COMPLIANCE:
INCLUDING PRIVACY POLICIES; TERMS OF SERVICE AND INTERNET MARKETING
COMPLIANCE
□ BRANCH
OFFICE CONSULTING
□
CFL BROKER AGREEMENTS
□
DRAFTING CONSUMER CONTRACTS AND
DISCLOSURES
□ Repossession
legal issues
□ Arbitration
of Disputes / Litigation
These are the
documents that need to be submitted to obtain the California Finance
Lender's License.
CFL Client Docs #1
CFL Client Docs #2
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