Business ProfileforCommunity First Lending

The following information was provided by the California Department of Business Oversight:

Community First is a Michigan limited liability company, with a principal place of business currently at 13104 West Warren, Suite 1, Dearborn, Michigan 48126 and formerly at 13400 Michigan Avenue, Suite P-32, Dearborn, Michigan 48124.

Community First Lending is licensed as a finance broker and operates no branch offices and Community First Lending must file an annual report with the Commissioner by March 15 of each year (Annual Report).

As of March 19 2018, Community First Lending had not filed its Annual Report with the Commissioner.  As a result, the Commissioner issued an order revoking Community First Lending's license effective April 9, 2018 unless it filed its Annual Report by April 6, 2018.

As of April 11, 2018 Community First Lending had not filed its Annual Report with the Commissioner.  As a result, the Commissioner issued an Order Summarily Revoking California Finance Lenders License Pursuant to Financial Code Section 22715 for CFL License Number 60DBO-76942 (Summary Revocation Order).

Upon receiving the Summary Revocation Order, Community First Lending timely notified the Commissioner that they were requesting a hearing on the Summary Revocation Order.  

On April 18, 2018, Community First Lending submitted its Annual Report, which was due on March 15, 2018, 24 business days late.  Pursuant to Financial Code Section 22715, the maximum penalty that may be imposed for filing 24 business days late is $10,000.00 ($100 per business day for the first five business days and $500 per business day thereafter up to a maximum of $25,000).

In connection with these proceedings, Community First Lending represented to the Commissioner that it had taken one new application on April 10, 2018 under its license because Community First Lending asserts, it did not at the time have actual notice of its license revocation effective April 9, 2018.  Community First Lending did not take further action on the application because the applicant did not qualify for a loan.

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.

The Commissioner rescinded the revocation orders. 

Administrative Penalty: Community First Lending shall pay an administrative penalty of $2,500 no later than 30 days after May 2, 2018.

Community First Lending entered into the Settlement Agreement voluntarily and without coercion and acknowledges that no promises, threats, or assurances have been made by the Commissioner or any officer, or agent thereof, about the Settlement Agreement.