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  1. #1

    Which lenders require a California Finance Lenders Law License

    I know which ones do not require it... but does anyone know which lenders DO require that you have a CFL license in order to submit a California merchant to them?

  2. #2
    Quote Originally Posted by RogueCaliISO View Post
    I know which ones do not require it... but does anyone know which lenders DO require that you have a CFL license in order to submit a California merchant to them?
    Rapid Advance

  3. #3
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    Snap

  4. #4
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    biz2credit

  5. #5
    Quote Originally Posted by Juan View Post
    biz2credit
    Isn't biz2credit a broker?

  6. #6
    Senior Member Reputation points: 33951 Jstarr's Avatar
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    Its not a matter of what lenders, but if you are caught engaging in the practice of soliciting, brokering etc and dont have a license, you could be subject to a large fine.
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  7. #7
    Karen37a
    Guest
    Contact the Direct Funders for their specific rules Or a Super Iso/iso who has the ability to go to calif for more instructions.

    (you will be required to provide a copy of their California finance broker license. A California business is any business located in California where financing is being requested for the California location. The California licensing requirement also applies to referring partners located outside of California.

    Please note: This requirement will not apply to referrals of merchant cash advances.


    http://www.amlicensing.com/californi...ge-license.asp)

  8. #8
    Senior Member Reputation points: 287 1StopFunding's Avatar
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    Who doesn’t require a license?

  9. #9
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    This is the funders that do NOT require:
    http://dailyfunder.com/showthread.ph...hout-a-license
    Micah Markowitz | mmarkowitz@abfunders.com | 855-33-GO-ABF (direct)

  10. #10
    Senior Member Reputation points: 4984 DiamondBL's Avatar
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    IOU Central
    Rapid Advance
    Kalamata
    National Funding
    QuarterSpot
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  11. #11
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    If you are based in California, and, sell loans to customer's in CA, you have to be licensed. if you are selling purchase/sale contracts (mcas), my understanding is that does not qualify as a loan and you do not have to be licensed. we spoke to a few attorneys about this. anyone know different? "loans" is the keyword here.

  12. #12
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    Quote Originally Posted by fundingsmbs View Post
    If you are based in California, and, sell loans to customer's in CA, you have to be licensed. if you are selling purchase/sale contracts (mcas), my understanding is that does not qualify as a loan and you do not have to be licensed. we spoke to a few attorneys about this. anyone know different? "loans" is the keyword here.
    You are correct. Although, Technically, you can refer loans and make referral fees without a license, but you aren’t supposed to gather documents and provide broker advice, etc.

  13. #13
    Quote Originally Posted by WestCoastFunding View Post
    You are correct. Although, Technically, you can refer loans and make referral fees without a license, but you aren’t supposed to gather documents and provide broker advice, etc.
    Also BlueVine.

  14. #14
    Also BlueVine.

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