Business ProfileforInterstate Commerce Financial Credit Corporation
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June 18, 2019 The following describes a Settlement Agreement that has been formally brought by a government agency. Manuel P. Alvarez and the Department of Business Oversight (Commissioner of Business Oversight), alleges and charges as follows:
This Settlement Agreement is entered into between the Commissioner of Business Oversight and Interstate Commerce Financial Corporation and is made with respect to the following facts.
On January 2, 2019, the Commissioner notified CFL licensees of the March 15, 2019 deadline to file their annual reports by sending notice to the email address of each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification admonished licensees that the Commissioner could assess penalties and summarily revoke CFL license(s) for untimely filing or failing to file.
On February 1, 2019, the Commissioner again notified CFL licensees of the March 15, 2019 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification again warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file.
On March 5, 2019, the Commissioner again notified CFL licensees of the March 15, 2019 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification again warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file.
As of March 15, 2019, Respondent had not filed its Annual Report with the Commissioner. As a result, the Commissioner issued a notice on March 18, 2019 to Respondent to Respondent's email address established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013, advising Respondent that it should file its annual report by or before March 29, 2019 or else its license would be summarily revoked.
As of March 29, 2019, Respondent had not filed its Annual Report with the Commissioner as directed in the Notice Letter. As a result, on April 3, 2019, the Commissioner issued an Order Summarily Revoking California Finance Lenders License Pursuant to Financial Code Section 22715 for CFL License Number 603A635 (Summary Revocation Order). Upon receiving the Summary Revocation Order(s), Respondent timely notified the Commissioner that Respondent was requesting a hearing on the Summary Revocation Order.
On June 13, 2019, Respondent submitted its Annual Report, which was due on March 15, 2019, 62 business days late. Pursuant to Financial Code Section 22715, the maximum penalty that may be imposed for filing 62 business days late is $25,000.00.
The Commissioner finds that entering into this Settlement Agreement is in the public interest and consistent with the purposes fairly intended by the policies and provisions of the CFL.
To access the full Department of Business Oversight press release, please visit: https://dbo.ca.gov/wp-content/uploads/sites/296/2019/06/Interstate-Commerce-Financial-Credit-Corporation-6-18-19.pdf
At-a-glance
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Business Details
- Location of This Business
- 18000 Studebaker Rd #700, Cerritos, CA 90703-2684
- Years in Business:
- 20
- Business Started:
- 8/2/2004
- Number of Employees:
- 1
- Alternate Business Name
- ICFCC
- I C F C C
Customer Complaints
0 Customer Complaints
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