The California DFPI secured penalties and enforced actions including a significant $4 million penalty against Navitas Credit Corp. for unlicensed lending activities. This highlights the regulatory scrutiny on lending practices in the state.
What changed
New enforcement actions illustrate the DFPI's strict regulatory stance on licensing and compliance for financial services.
Compliance perspective
Businesses must ensure they are licensed according to the California Financing Law to avoid similar legal repercussions.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.