California steps up enforcement
Very important for funding providers of RBF in California. Sources say that the state's regulatory agency has been issuing inquiry letters and subpoenas to providers of revenue-based financing in the state to audit their deals, essentially. With subpoenas, one can imagine that at some point in the not-too-distant future, further legal action may be taken if providers aren't in compliance with commercial financing laws.
A reminder that you must have your contracts done correctly and operating in line with those contracts.
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Will be interesting to see as time passes what comes of this,. I am sure most are compliant with contracts. What will be more telling is if CA fines or revokes license for those that continue to fund deals for non CFL partners.