On July 10, 2024, the California Department of Financial Protection and Innovation (DFPI) announced that it would be revoking the California Financing Law license of a finance lending company based in San Francisco.
The finance lending company offers loans to individuals and businesses. In April 2024, its parent company filed for Chapter 11 bankrupty, leaving thousands of consumers without access to their funds. This triggered a regulatory examination by the DFPI, whereby it sought books and records, reports, and other company data, which were not provided. After the DFPI’s pleadings went unanswered, the Department issued an order revoking the lending company’s license on July 10, 2024.