[BigIz]

So whats the story now? Do we need a license to broker a cali deal? Or is this only for the direct lenders only?

The new law actually allows CFL Lenders to now pay referral fees to un-licensed brokers. It was illegal before the law. Actually the new law does not apply to Cash Advance Funders because they are not doing loans and are not required to get a CFL License. So the new law actually relaxed the rules BUT since Loan Me started communicating with everyone that the new law REQUIRES (NOT TRUE) brokers to be licensed, a whole bunch of Funders freaked out and are now requiring licensing. As I have stated in a previous post, it was Loan Me's own internal decision to require brokers to be licensed because the new law does make the Lender liable for all of the un-licensed brokers actions.Loan Me is a CFL Lender in California not a Cash Advance Funder.