Fintech company slams California agency’s ‘convoluted’ loan deal

By Jon Hill (May 12, 2022, 6:14 p.m. EDT) – Fintech company Opportunity Financial has asked a California state court to dismiss claims by the state’s financial regulator that accuse the company of scamming borrowers with high-cost illegal loans, saying the agency relies on “convoluted” legal theory in an effort to make its case.

In a suit filed Tuesday in Los Angeles County Superior Court, Opportunity Financial LLC, or OppFi, fought back against an effort by the state’s Department of Financial Protection and Innovation to hold the fintech company accountable for violations of California loan laws, which cap annual interest. rates on certain consumer loans granted by non-banks…

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