Results 1 to 8 of 8
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03-01-2016, 12:54 PM #1
- Join Date
- Sep 2014
- Posts
- 65
California Licensing
We are an ISO house. IOU requires us to be licensed in California in order to submit CA deals. After looking into what it takes to get the license I am not sure it pays. Can anyone clarify or recommend an agency that can make it easier by doing the work? Are any ISO houses actually getting it done?
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03-01-2016, 01:00 PM #2John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-01-2016, 01:10 PM #3
- Join Date
- Sep 2014
- Posts
- 65
Will do thanks!
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03-01-2016, 01:43 PM #4
There seems to be a lot of confusion about the law that just passed here in California and what the effects are. We have fielded a lot of questions about the process of obtaining one and various other questions surrounding it. Seeing how we are located here in California we decided to roll up our sleeves and get answers to our client's questions. We ended up developing a relationship with some of the individuals in the office that approves the California Lenders Licenses which has been very helpful. If you have any questions we'd be more than happy to assist and if it is a new question we haven't been asked we'll do our best to find an answer for you. Just drop us a line at info@lendersmarketing.com or give us a call at (805) 765-6459.
3110 Main Street
Building C
Santa Monica, CA 90405
info@lendersmarketing.com
www.lendersmarketing.com
Direct (805) 765-6459
Toll-Free (888) 988-2867
Fax Number (818) 925-9686
We connect Lenders with their future clients
Check out how our Business Loan Triggers work:
http://www.lendersmarketing.com/busi...-triggers.html
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03-01-2016, 05:59 PM #5
- Join Date
- Aug 2015
- Posts
- 30
We submitted off the inch thick packet already and are just waiting now for approval. Through a lot of research and having multiple conversations with Dept of Oversight in CA you literally have to cross every "t" and dot every "i". You will get denied even if you just leave the comma out before your LLC legal name. Shoot me an message if you have any questions about it or need help funding a CA based business in the meantime.
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03-01-2016, 06:07 PM #6
- Join Date
- Sep 2014
- Posts
- 430
Sounds exactly like filling out an SBA loan package. Oh, you left that box blank instead of putting "N/A", you'll need to submit the entire request for debenture guarantee again.
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03-01-2016, 06:32 PM #7
- Join Date
- Aug 2015
- Posts
- 30
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03-01-2016, 06:34 PM #8
If the transaction is a loan, then lenders can only make loans in one of two ways in the state
1. Through a chartered bank (that's how lenders like OnDeck do it)
2. By becoming licensed in California
The second option requires that the broker referring the loan to the lender also be licensed. If the transaction is a purchase of future receivables, then more than likely neither of the above two are applicable. As always, consult an attorney.
As a broker, your first question to a lender making loans in California should be about how they do it. Chartered bank or a license. If a license, you can look them up here: http://www.dbo.ca.gov/fsd/licensees/
If the lender is not licensed and not using a chartered bank, you may bear some legal liability as the broker of the loan. So be careful out there.Last edited by Sean Cash; 03-01-2016 at 06:53 PM.
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