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Government Action
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government's allegations, which have not yet been proven.
February 12, 2019 The following describes a Desist and Refrain Order that has been formally brought by a government agency. Jan Lynn Owen, Department of Business Oversight (Commissioner of Business Oversight), alleges and charges as follows:
Beginning in or about March 2016 through May 2018, JCW and Wang engaged in the business of a finance lender by funding at least 9 commercial loans that were not exempt from the CFL. JCW and Wang used at least one independent consultant that solicited clients for JCW. The Commissioner has not issued a license to JCW to engage in the business of a finance lender or broker.
Based on the foregoing findings, the Commissioner of Business Oversight is of the opinion that JCW, LLC and Jack Chwan-Jon Wang have engaged in the business of a finance lender in violation of California Financial Code section 22100. Pursuant to California Financial Code section 22712, JCW, LLC and Jack Chwan-Jon Wang are hereby ordered to desist and refrain from engaging in the business of a finance lender in the State of California without first obtaining a license from the Commissioner, or otherwise being exempt. This Order is necessary, in the public interest, for the protection of consumers and is consistent with the purposes, policies, and provisions of the California Financing Law.
To access the full Department of Business Oversight press release, please visit: http://www.dbo.ca.gov/ENF/pdf/2019/JCW,LLC-2-12-19.pdf
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