OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership
CFPB Monitor
MAY 19, 2022
In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.
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