California Department of Corporations Snags Lender License From Los Angeles Man Engaged in Predatory Lending Tactics.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. -- In an effort to reduce the number of victims falling prey to unscrupulous finance lenders in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , the Department of Corporations on Friday revoked the finance lender's license from a Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, man engaged in extreme predatory predatory pertaining to predator. predatory behavior the hunting of birds, mice and small reptiles by cats and the hunting and herding behavior of dogs, often facilitated in a pack. lending practices, which is illegal and in violation of the California Finance Lenders Law, Corporations Commissioner William P. Wood William P. Wood was the first Director of the United States Secret Service. He was sworn in on July 5, 1865 by Secretary of the Treasury Hugh McCulloch. He then headed the newly formed Secret Service for four years until he resigned in 1869. announced today. The Department formally revoked the license from Kwang Tae Kim for numerous violations of the finance lenders law, including grossly overcharging customers fees for loans. Through its investigation, the Department found that in at least one instance Kim charged a customer $1,800 in loan fees per month for a $20,000 loan. The Department also found that Kim illegally required numerous customers to pay the first installment of a loan less than 15 days after the loan was made and often charged exorbitant interest rates, some in excess of 200 percent. "Predatory lending schemes pose a massive financial burden to those who can least afford it," said Corporations Commissioner William P. Wood. "These tactics are illegal and will not be tolerated in California." The Department also denied a finance lender's license application for Town Bancorp Funding Corporation, a company owned and operated by Kwang Tae Kim. Kim filed the application in May of last year on behalf of the company. The Department of Corporations is California's Investment and Financing Authority. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, please visit the Department's web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677). |
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