Ca Dept. of company Oversight launches “true lender” research of car name loan provider’s partnership with Utah bank

Ca Dept. of company Oversight launches “true lender” research of car name loan provider’s partnership with Utah bank

the Ca Department of company Oversight (DBO) announced so it has launched an official research into whether Wheels Financial Group, LLC d/b/a LoanMart, previously certainly one of Ca’s biggest state-licensed car name loan providers, “is evading Ca’s newly-enacted interest caps through its current partnership with an out-of-state bank.” Along with the California legislature’s passage through of AB-1864, that may provide the DBO (become renamed the Department of Financial Protection and Innovation) brand brand brand new authority that is supervisory particular formerly unregulated providers of customer monetary solutions, the DBO’s statement is an unsurprising however threatening development for bank/nonbank partnerships in Ca and through the nation. Continue reading “Ca Dept. of company Oversight launches “true lender” research of car name loan provider’s partnership with Utah bank”