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Fintech Lender Sues Calif. Regulator Over 36% Fee Cap Regulation


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By Jon Hill (March 10, 2022, 9:41 PM EST) — Fintech lender Alternative Monetary LLC has requested a California state court docket to dam the state’s monetary providers regulator from imposing a 36% rate of interest cap towards the corporate’s branded loans, which it says are exempt from a latest regulation as a result of they’re originated by way of an out-of-state financial institution companion.

In a grievance filed Monday in Los Angeles County Superior Court docket, the Chicago-based lender stated California’s commissioner of monetary safety, Clothilde V. Hewlett, had unlawfully threatened to go after the corporate for making loans to California customers at charges that exceed the maximums set by state regulation A.B. 539.

The regulation, which took impact…

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