Corporate Transparency Act
By: Jackellyn T. Davis Doss Law, LLP November 8, 2023 New Reporting Requirements for Business Owners In a move aimed at enhancing transparency and combating financial crimes, the Corporate Transparency Act (CTA), effective beginning 2024, introduces new reporting requirements for both domestic and foreign reporting companies operating in the United States. Companies will be required […]
Time is Running Out! Submit Your DFPI Annual Assessment Fee and Prepare for NMLS Annual Renewals!
By: Jackellyn T. Davis Doss Law, LLP As the end of the fiscal year approaches, California’s financial institutions face essential compliance deadlines. Among these, the Department of Financial Protection & Innovation (DFPI) Annual Assessment Fee and the upcoming NMLS Annual Renewals stand out as critical requirements that must not be overlooked. DFPI Annual Assessment Fee […]
New CFPB Rules On Small Business Lending Equal Credit Opportunity
By: Dennis H. Doss and Christopher J. Donovan Doss Law, LLP On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued its final rule to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 amends the Equal Credit Opportunity Act (ECOA) by requiring the collection and reporting, as […]
Ignored Rescission Notice = Free Loan?
By: Dennis H. Doss, Christopher J. Donovan, and Stephen “Rusty” Kozak | Doss Law, LLP You made an owner-occupied consumer loan, but you violated the Truth in Lending Act (TILA). You attempt to foreclose, but the borrower sends you a rescission notice. You blow it off and never respond. Can your borrower erase the loan […]
New Commercial Financing Disclosure Rules
By: Dennis H. Doss, Christopher J. Donovan, and Jackellyn T. Davis | Doss Law, LLP Attention All CFL Lenders Are you prepared for the new commercial financing disclosure regulations that will affect all CFL lenders for certain commercial financing transactions? The California Office of Administrative Law recently approved the Department of Financial Protection and Innovation’s […]
California Federal Court Confirms Tender Requirement to Foreclosure Challenge
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP It is not unusual for a borrower to challenge a foreclosure by a court action against a foreclosing lender. However, inLane v. Wells Fargo Bank, the Federal District Court for the Eastern District of California dismissed the case of a foreclosed homeowner who […]
Unconscionability: New Weapon for Commercial Borrowers?
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP On August 13, 2018, California’s Supreme Court published a decision on unconscionability that sent shockwaves through the California lending industry. We expect to see it being used, not only against non-prime consumer loans, but also against business purpose and commercial loans, which are […]
CFPB Must Say Why Before Investigating You
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP Let’s face it, it takes guts to stand up to the Consumer Financial Protection Bureau, the federal Dodd-Frank watchdog agency. Once such challenge was decided on September 6, 2018 by the federal Fifth Circuit Court of Appeals in Consumer Fin. Prot. Bureau v. Source […]
Default Interest: New Challenges Expected
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP On July 3, 2018, Los Angeles Bankruptcy Judge, Sheri Bluebond, laid to rest the notion that an innocuous 5% default interest rate increase on a commercial loan default was safe. In re Altadena Lincoln Crossing LLC, Case No.: 2:17-bk-14276-BB. In 2004, Altadena obtained $20.5M in […]
California Passes Small Business Truth-in-Lending Law
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP In response to complaints about small businesses being gouged by finance companies, on September 30, 2018, California enacted Senate Bill No. 1235, the so called “Small Business Truth-in-Lending Law (“SBTL”). It is the first of its kind in this country. It aims to protect […]
