DFPI Learns That Moo Loans LLC Is Collecting on Voided Loans
The Department of Financial Protection and Innovation (Department) has received information that Moo Loans LLC, a former licensee under the California Financing Law (CFL), is continuing to collect on loans that have been declared void.
Moo Loans was an automobile title lender in Los Angeles County. On March 18 2022, the Department issued an Order revoking Moo Loan’s CFL license, for among other things, charging excessive interest, failing to maintain appropriate books and records, and failing to participate in a required regulatory examination. As a result of the Order, the Department voided all loans made by Moo Loans from January 1, 2020 through February 15, 2022 in which Moo Loans willfully charged, contracted for, or received amounts other than, or in excess of, the charges permitted by the CFL. As a result of this order, no person has any right to collect or receive any principal, charges, or recompense in connection with those loans.
In November 2022, the Department received information that despite its Order revoking Moo Loan’s CFL license and the order voiding its loans, Moo Loans continues to collect loan payments from borrowers on these loans through the Zelle payment platform. Moreover, Moo Loans has threatened to refer borrowers to collections if they stop paying their loans, even if void.
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The DFPI expects any person offering securities, lender, or other financial services provider that operates in California to comply with our financial laws. If you have been impacted by these events, please contact the DFPI online (dfpi.ca.gov/file-a-complaint) or call toll-free at (866) 275-2677.
The DFPI administers the state’s lending and banking laws, the recent California Consumer Financial Protection Law, and the state’s securities laws, which govern broker dealers, investment advisers, and commodities. Learn more at dfpi.ca.gov.
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