California Commercial Loan Disclosure Rules Proposed for Comment | Allen Matkins


In 2018, the California legislature enacted SB 1235 (Chapter 1011, 2018 Statutes). This legislation requires lenders to make disclosures to borrowers as part of “trade finance” (as defined). SB 1235 requires the Department of Business Oversight (soon to be known as the Department of Financial Protection and Innovation) to pass regulations dealing with the content of mandatory disclosures.

Recently, the DBO released the Notice of regulatory action begin the formal regulatory process under the California Administrative Procedure Act. Before publishing this official notice, the Ministry invited the public three times to comment on the draft regulation. As required by the APA, the Ministry has also published its Initial statement of reasons and the proposed text. The comment period ends at 5:00 p.m. on October 28, 2020.

Two years before the affair?

I don’t usually read admiralty law cases, but the introduction of this recent opinion by Justice William W. Bedsworth got to my attention:

A case from 1836 describes seafarers as’ a class of people remarkable for
their temerity, their lightness and their improvidence. They are generally needy,
ignorant of the nature and extent of their own rights and privileges, and for the most part incapable of properly appreciating their value. They combine in a singular way the apparent anomalies of gallantry, extravagance, profusion of expenditure, indifference for the future, credulity which is easily gained, and confidence which is astonished. easily. [Citation.]”(Brown versus lull (CC Mass. 1836) 4 F. Cas. 407, 409, cited in Dutra Grp. against Batterton __ WE __ [139 S.Ct. 2275, 2279], Footnote. 1.) Herman Melville first set sail in 1838, so these were the comrades he sailed with and spoke of later in Moby Dick; the courts of his time took a mindful approach to the problems of bold souls engaged in maritime commerce.

Prickett v. Bonnier Corp., 2020 Cal. App. LEXIS 948. My only complaint with Judge Bedsworth’s exordium is that it would have been more temporally and geographically relevant to refer to Richard Henry Dana Jr., who returned to Harvard in 1836 after a two-year stay. years sailing in California, rather than Herman Melville.

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