California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank
CFPB Monitor
SEPTEMBER 10, 2020
In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.
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