Payday Loans in California: The Facts


Payday loan customers MUST have:

A checking account
A steady source of income

Payday loans are often less expensive than other short-term credit or real-life alternatives like:

Fees and interest for bounced checks or overdraft protection.
Skipped bills with interest, late charges, and reconnect fees.
Missed days of work because of, for example, needed auto repairs.

The only cost for a payday loan is the fixed, up-front fee.

Interest or late charges are not allowed by law.
The fee is capped at $45 and loans are limited to $255
Payday loans are regulated by the California Department of Corporations
Customers cannot take a new loan if one is outstanding from the same lender.

The process is straightforward and transparent.

Fills out application and is shown the terms.
Writes a check for up to $300, which will be held uncashed.
Receives the loan - the check amount less than one-time fee.
Pays back the loan on the next payday or the check is cashed or deposited.

Consumers are protected if a payback problem arises.

There is no collateral at risk.
The law limits collection measures and damages.
Payment plans, without additional cost, are widely available for customers who cannot pay back their loan on time.

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Click Here for Registration / Agenda for 2018 CFSP Conference

SUNDAY, May 6

8:00 to 4:00 Innovative Expo Exhibit Floor Set-Up
12:00 to 4:00 Exhibitor Booth Set-Up
12:00 to 1:00 Board Luncheon
1:00 to 2:45 Annual Board Meeting
1:00 to 5:00 Registration & Welcome to Indian Wells
Coachella Date Shakes & Treats
Sponsored by Continental Currency Services
3:00 to 3:20 CA Annual Meeting

Elections, Tom Leonard, CFSP Executive Director

Treasurers Report, Rob Grieser, CFSP Treasurer

Legislative Report, Blake Miraglia, CFSP Legislative Chair
3:30 to 5:45 General Session 1

Opportunities & Challenges

Welcoming Remarks, Tom Leonard, CFSP Executive Director

Remarks from Outgoing President, Dan Gwaltney

Remarks from New CFSP President Elect

Cyber Currency as a Revenue Builder
Marc Grens, Co-Founder & President DigitalMint, Chicago, Ill.

Prepaid Cards
Andrew Siden, CEO Prepaid Ventures, LTD
5:30 to7:30 Exhibit Hall Opens
Heavy Hors d' oeuvres
Sponsored by Western Union

MONDAY, May 7

6:45 to 7:45 Early Bird Pastries/Coffee
Co- Sponsored by LeadsMarket &
7:45 to 9:30 General Session 2

National Issues Panel, Moderated by: Ed D'Alessio, Exec Dir FISCA

David Schwarz, FISCA Legislative Chairman

Les Stricker, VP Surety Bank

Sexual Harassment, Michael Aparcio, Attorney, Davis Wright Tremaine LLP, SF
9:30 to 11:15 General Session 3

CA Issues Panel Moderated by CFSP President Elect

Jason Schmelzer, CFSP Lobbyist

Customer Demand, Jason Romrell, General Counsel, LeadsMarket.com

Report from DBO, Mona Elsheikh, Deputy Commissioner (Financial Services)

Eileen Newhall, Staff Director, Senate Banking and Financial Institutions Committee

Q & A, Blake Miraglia, CFSP Legislative Chair
11:15 to 1:00 Sandwich Buffet Lunch in Exhibit Hall Sponsored by
1:00 to 6:00 Attend Workshops or Relax in resort, Golf
Enjoy Spa & Pool and the company of the attendees
1:30 to 5:30 Golf Event @ Indian Wells Beautiful Celebrity Course - SHOT GUN START
Sponsored by Capitol Compliance Experts / Capitol Solutions
2:00 to 3:00 Workshop - Privacy & Security Issues
David Lott, Principal Consultant, Lead Cybersecurity Architect, Capro
3:15 to 4:15 Workshop - Customer Profiles Jason Romrell, General Counsel, LeadsMarket.com
6:00 to 8:30 Exhibit Hall Dinner Crystal
Sponsored by MoneyGram
8:30 to 9:30 Desserts/drinks
Sponsored by Netspend

TUESDAY, May 8

8:00 to 1:00 Exhibitor tear downs
8:00 to 9:00 Sponsored by Capro
9:00 to 10:00 CA HR Law Update
Michael Aparcio    Attorney for Davis Wright Tremaine LLP, SF
10:00 to 12:00 General Session 4

Importance of Compliance Panel Moderated by Paul Soter, CFSP Legal Counsel

Michelle Hemerley, Chief Compliance and BSA Officer CURO Financial Technologies Corp

Marchael Kelly, Field Specialist, California Department of Business Oversight

Terrance Murphy, Marketing Director, Continental Currency Services

    NOON  Conference Closes, see you next year at Rancho Las Palmas