Factoring Services
Sound Finance CorporationHeadquarters
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Government Actions
CFL # 60DBO-143478 - Department of Financial Protection and Innovation v Sound Finance Corporation
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On July 11, 2022, The Department of Financial Protection and Innovation (DFPI) filed a Consent Order against Sound Finance Corporation.
The Order alleges that from June 23, 2016, to April 8, 2022, Sound Finance Corporation made commercial loans and engaged in the business of a finance lender without first obtaining a Finance Lender's license with the DFPI. Sound Finance Corporation neither admits nor denies these allegations. In consideration of the allegations, the DFPI and Sound Finance Corporation have agreed to a number of terms and conditions, including the requirements that Sound Finance Corporation desist and refrain from making commercial loans or engaging in the business of a finance lender without first obtaining a Finance Lender's license; Sound Finance Corporation pay a $10,000 administrative penalty; and that Sound Finance Corporation provide an estimated total of $251,063.01 in refunds to various California-based clients.
For more information, please contact the State of California Department of Financial Protection and Innovation at (866) 275-2677 or https://dfpi.ca.gov/.
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