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• Pending Government Action:

  July 19, 2018 The following describes a Settlement Order that has been formally brought by a government agency. Jan Lynn Owen, the Commissioner of Business Oversight (Commissioner), alleges and charges as follows: n January 16, 2018, the Commissioner notified CFL licensees of the March 15, 2018 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 20, 2018, the Commissioner again notified CFL licensees of the March 15, 2018 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 19, 2018, Respondent had not filed its Annual Report with the Commissioner. As a result, the Commissioner issued a notice letter to Respondent on March 19, 2018, advising Respondent that it should file its annual report by or before April 6, 2017 or else its
  license would be summarily revoked. On March 23, 2018, Respondent submitted its Annual Report, which was due on March 15, 2018, 6 business days late. Pursuant to Financial Code Section 22715, the maximum penalty that may be imposed for filing 6 business days late is $1,000.00 ($100 per business day for the first five business days and $500 per business day thereafter up to a maximum of $25,000). The late filing was unintentional and due to a mistake.
  
  As a result of the late filing, on May 23, 2018, the Commissioner issued a Penalty Order pursuant to Financial Code Section 22715 for CFL License Number 60DBO-67392 in the amount of $1,000.00 (Penalty Order).
  
  The parties intend to resolve this matter for the purpose of judicial economy and expediency and without the uncertainty and expense of a hearing or other litigation. Respondent hereby agrees to withdraw its request for an administrative hearing on the Penalty Order. Respondent acknowledges its right under the CFL to an administrative hearing on the Penalty Order and hereby waives such right to a hearing and to any reconsideration, appeal, injunction or other review that may be afforded under the Financial Code.
  
  The Commissioner hereby rescinds the Penalty
  Order, which had been issued on May 23, 2018.
  
  Respondent shall pay an administrative penalty of $500.00 no later than 30 days after the effective date of this Settlement Agreement as defined in paragraph 18. The penalty must be made payable in the form of a cashier's check or Automated Clearing House deposit to the Department of Business Oversight and transmitted to the attention of Accounting Litigation, at the Department of Business Oversight.
  
  To access the full Department of Business Oversight press release, please visit: http://www.dbo.ca.gov/ENF/pdf/2018/Paradace%20Corporation-Settlement%20Agreement.pdf