[ISO man]

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?

[J.Celifarco]

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?

There are plenty of banks that you can fund in CA with and not have a license. I would speak to your other lenders first see who is good in CA and try to get the deals done there.. Thats the easiest option

[ISO man]

Will do thanks!

[Lenders.Marketing]

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.

[Austin@SCP]

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.

[CreditGuy]

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.

[Austin@SCP]

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.

Haha, very true, we had about 60 "N/A" on our application.

[Sean Cash]

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.