Search Results: test California Department of Business Oversight

California Department of Business Oversight Launches Inquiry Into Online Lending

​On December 11, the California Department of Business Oversight (DBO) announced that it had launched an inquiry into the online lending industry, known as “marketplace lending.”  The DBO requested a wide array information from fourteen marketplace lenders, including a five-year trend data about their loan and investor funding programs, and…

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California Department of Business Oversight Announces $10.1 Million Settlement with Mortgage Company Over Improper Fees

On November 19, 2015, the California Department of Business Oversight (DBO) announced that it had reached a settlement with a national mortgage company over allegations the company overcharged customers for mortgage settlement services. The company allegedly charged consumers a $200 settlement service fee in connection with mortgage loans. The fee…

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National Finance Company to Pay Approximately $1 Million in Restitution Over Alleged Predatory Lending Practices

On November 18, 2015, California’s Department of Business Oversight (DBO) announced that a national finance company paid approximately $1 million in restitution to California consumers as part of a prior settlement with the DBO​ related to company’s lending practices. Enforcement Watch previously covered the settlement​, in which the the company agreed to pay $125 per consumer…

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CA Department of Business Oversight Sues Debt Repayment Service for Alleged Excessive Fees and Unlicensed Operations

On Friday, May 15, 2015, the California Department of Business Oversight (DBO) announced that it filed a complaint in state court against an Ohio-based biweekly debt repayment firm and allegedly associated entities (collectively “Defendants”) claiming certain violations of licensing, fee, and consumer protection provisions of California’s Financial Code and Business & Professions…

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California Department of Business Oversight Reaches $1 Million Settlement with Payday Lender for Deceptive Marketing

On February 5, 2015, the California Department of Business Oversight announced that it reached a settlement with a payday lending company over allegations that the company used deceptive sales pitches to market payday loans in violation of the California Lenders Law. The company purportedly structured loans in a way that…

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California Department of Business Oversight Reaches $2.5 Million Settlement with Mortgage Lender for Failure to Report Loan Information

On January 23, 2015, the California Department of Business Oversight (“CBO”) announced that it reached a settlement with a national mortgage lender over allegations that the lender failed to comply with state recordkeeping requirements to assess compliance with state mortgage lending laws. The CBO claims that the mortgage lender repeatedly…

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