Search Results: test California Department of Business Oversight

California Department of Business Oversight Investigates Auto Title Lender for Possible Usury

On September 3, 2020, the California Department of Business Oversight (“DBO”) announced it had initiated an investigation into an auto title lender for possible violations of California’s state usury limits, through its relationship with an out-of-state bank. In 2020, the Company allegedly stopped making state-licensed auto loans in California and instead partnered…

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California Department of Business Oversight Announces Settlement with Point-of-Sale Lender Over Allegedly Illegal Loans

On April 22, 2020, the California Department of Business Oversight (DBO) announced a settlement with a point-of-sale lender that offered consumers a “buy now, pay later” option for payment.  ​The DBO alleged that these products were akin to lending, but were illegal loans because the lender did not have the…

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CA DBO Settles with Mortgage Servicer Over Alleged Failure to Pay Escrow Interest

​On June 18, 2019, the California Department of Business Oversight (DBO) announced that it entered into a ​settlement and consent order with a mortgage servicer over an alleged failure to pay interest on ​escrow impound accounts for 94,483​ residential mortgage loans.​  Servicers are required to pay interest on such accounts under…

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California Department of Business Oversight Enters Into $900,000 Consent Order With Payday Lender

On January 22, 2019, the California Department of Business Oversight (DBO) announced that it had entered into a consent order with a payday lender to resolve allegations that the company violated the California Financing Law, Fin. Code Section 22000 et seq. Per the consent order, the payday lender allegedly steered borrowers into loans…

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California DBO Enters Into $1.4 Million Consent Order With Mortgage Lender Over Interest Charges

On April 10, 2017, the California Department of Business Oversight (DBO) announced​ that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was overcharging consumers for interest on a number of loans. The DBO brought an enforcement action against the…

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Mortgage Servicer Enters in to $225 Million Consent Order with California DBO

On February 17, 2017, the California Department of Business Oversight (California DBO) announced that it had entered in to a $225 million consent order with a national mortgage servicer following an investigation by a third-party auditor into loans serviced by the company in California between January 1, 2012 and June 30, 2015.  The servicer had agreed to the audit…

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CFPB and California DBO Settle with Online Lender Over Alleged Misrepresentations

On September 27, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender, after a joint investigation with the California Department of Business Oversight (DBO), over allegations that the lender deceptively marketed its loan products and hid the true cost of credit…

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