The Finance Lenders Law License (CFLL) is required for any company or sole proprietorship that is engaged in the business of making or brokering consumer or commercial loans.
A California Financing Law license may be granted as a broker, a finance lender, or as both a broker and a finance lender. Any person or business that conducts consumer or commercial lending activities, as well as any person or business that negotiates or acts in any capacity as a broker in connection with loans made by a finance lender, whether those loans are secured by residential or commercial real estate, personal property, or unsecured obligations, is required to obtain this license through NMLS.
According to the law, "any individual involved in the business of issuing consumer loans or making commercial loans" is a finance lender. A license for finance lenders exempts the licensee from the California Constitution's prohibition on usury.
Learn more about commercial loans here:
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