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CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW LICENSE

A deferred deposit transaction is a transaction whereby a person defers depositing a customer's personal check until a specific date, pursuant to a written agreement, as provided by California Financial Code. Personal check includes the electronic equivalent of a personal check.  A deferred deposit originator is any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a License from the Department of Corporations. Licensee can only engage in deferred deposit transaction business at the place of business (address) named in the license. Therefore, a license is required for the place of business where a licensee conducts deferred deposit transaction business over the Internet.This law is also known as the Payday Lenders Law.

The California Deferred Deposit Transaction Law ("CDDTL") became effective on January 1, 2003 and became operative on December 31, 2004. On the operative date, the responsibility under the CDDTL for licensing and regulating persons engaged in the business of deferred deposit transactions (i.e. deferred deposit of a personal check) transferred from the Department of Justice to the Department of Corporations.

The definitions in the CDDTL determine who is subject to the licensing requirements of the CDDTL. The CDDTL defines a "deferred deposit originator" as any person who offers, originates or makes a deferred deposit transaction. Deferred deposit transaction means a transaction whereby a person defers depositing a customer's personal check until a specific date, pursuant to a written agreement, as provided in Financial Code. Personal check includes the electronic equivalent of a personal check. Although deferred deposit originators must obtain a license from the Department of Corporations to engage in the business of deferred deposit transactions, the following persons or entities are excluded from the definition of licensee and are therefore not subject to the CDDTL:

  • A state or federally chartered bank, thrift, savings association, or industrial loan company.
  • A retail seller engaged primarily in the business of selling consumer goods, including consumables, to retail buyers that cashes checks or issues money orders for a minimum fee not exceeding $2 as a service to its customers that is incidental to its main purpose or business.

Persons that are licensed under the CDDTL may be an individual, corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government entity, or a political subdivision of a government entity.

LEGAL SERVICES WE PROVIDE:
  •     Assistance with obtaining a California Deferred Deposit Transaction Law License
  •     Advice concerning California Deferred Deposit Transaction Law
  •     Representation of payday lenders in transactional and litigation matters
  •     Representation before the California Department of Corporations (now DBO)
  •     Mortgage lending law
  •     Representation of private & hard money lenders and carryback sellers.
  •     Advice concerning State and Federal Lending Laws
  •     Drafting of loan documents
  •     Representation of lenders in foreclosure litigation
  •     Unsecured & secured lending laws 
  •     Representation in DBO administrative hearings and proceedings, including Accusations, Statements of Issues, Desist and Refrain Orders, and Citations.
  •     Representation in investigations by DBO.
  •     Outside general counsel to lenders, including finance lenders, and payday lenders. 

Locations of practice:   Los Angeles California Deferred Deposit Transaction Law License Attorney, San Fernando Valley California Deferred Deposit Transaction Law License Attorney, Conejo Valley California Deferred Deposit Transaction Law License Attorney, Beverly Hills California Deferred Deposit Transaction Law License Attorney, Encino California Deferred Deposit Transaction Law License Attorney, Tarzana California Deferred Deposit Transaction Law License Attorney, Woodland Hills California Deferred Deposit Transaction Law License Attorney, West Hills California Deferred Deposit Transaction Law License Attorney, Canoga Park California Deferred Deposit Transaction Law License Attorney, Studio City California Deferred Deposit Transaction Law License Attorney, Van Nuys California Deferred Deposit Transaction Law License Attorney, Burbank California Deferred Deposit Transaction Law License Attorney, Canoga Park California Deferred Deposit Transaction Law License Attorney, Reseda California Deferred Deposit Transaction Law License Attorney, Universal City California Deferred Deposit Transaction Law License Attorney, Hollywood California Deferred Deposit Transaction Law License Attorney, North Hollywood California Deferred Deposit Transaction Law License Attorney,  Chatsworth California Deferred Deposit Transaction Law License Attorney, Granada Hills California Deferred Deposit Transaction Law License Attorney, Sylmar California Deferred Deposit Transaction Law License Attorney, West Hollywood California Deferred Deposit Transaction Law License Attorney, Anaheim California Deferred Deposit Transaction Law License Attorney, Orange County California Deferred Deposit Transaction Law License Attorney, Marina Del Rey California Deferred Deposit Transaction Law License Attorney, Venice California Deferred Deposit Transaction Law License Attorney, Santa Monica California Deferred Deposit Transaction Law License Attorney, Malibu California Deferred Deposit Transaction Law License Attorney, Culver City California Deferred Deposit Transaction Law License Attorney, Manhattan Beach California Deferred Deposit Transaction Law License Attorney, Hermosa Beach California Deferred Deposit Transaction Law License Attorney, Redondo Beach California Deferred Deposit Transaction Law License Attorney, Torrance California Deferred Deposit Transaction Law License Attorney, Pacific Palisades California Deferred Deposit Transaction Law License Attorney, Bakersfield California Deferred Deposit Transaction Law License Attorney, Burbank California Deferred Deposit Transaction Law License Attorney, Pasadena California Deferred Deposit Transaction Law License Attorney, Glendale California Deferred Deposit Transaction Law License Attorney, Long Beach California Deferred Deposit Transaction Law License Attorney, Newport Beach California Deferred Deposit Transaction Law License Attorney, Orange California Deferred Deposit Transaction Law License Attorney, Riverside California Deferred Deposit Transaction Law License Attorney, San Bernardino California Deferred Deposit Transaction Law License Attorney, Irvine California Deferred Deposit Transaction Law License Attorney, Costa Mesa California Deferred Deposit Transaction Law License Attorney, San Diego California Deferred Deposit Transaction Law License Attorney, Irvine California Deferred Deposit Transaction Law License Attorney, Fullerton California Deferred Deposit Transaction Law License Attorney, San Francisco California Deferred Deposit Transaction Law License Attorney, Sacramento California Deferred Deposit Transaction Law License Attorney, Santa Ana California Deferred Deposit Transaction Law License Attorney, Los Angeles County California Deferred Deposit Transaction Law License Attorney, Santa Barbara California Deferred Deposit Transaction Law License Attorney, Southern California California Deferred Deposit Transaction Law License Attorney, Calabasas California Deferred Deposit Transaction Law License Attorney, Agoura Hills California Deferred Deposit Transaction Law License Attorney, Thousand Oaks California Deferred Deposit Transaction Law License Attorney, West Lake Village California Deferred Deposit Transaction Law License Attorney, Oak Park California Deferred Deposit Transaction Law License Attorney, Simi Valley California Deferred Deposit Transaction Law License Attorney, Los Angeles California Deferred Deposit Transaction Law License Lawyer -Los Angeles California Deferred Deposit Transaction Law License Attorneys - 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