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 […]
Challenge To DRE’s Attack On O/O Business Purpose Loans
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP Financial Code Sections 4970-4978.8, California’s High Cost Mortgage Law, became law in 2001. It applies to “covered loans,” meaning consumer loans under the Fannie Mae conforming loan limit secured by borrowers’ principal dwellings where one of two thresholds are crossed: (a) the APR […]
DRE Withdraws Its Attack On O/O Business Purpose Loans
by Dennis H. Doss & Christopher J. Donovan | Doss Law, LLP Doss Law, LLP is pleased to announce that on September 6, 2019, the California Department of Real Estate agreed to: A. Dismiss all charges, fines and audit expenses against KS Capital and Bobby Kashani, completely clearing their names; B. Publish an article on its […]
