Montgomery v. GCFS (2015) 237 Cal.App.4th 724
Jun 12, 2015OUTCOME: GCFS's demurrer affirmed, w/o attorney's fees
Loans made under the California Finance Lender's Law ("CFLL") can be sold to a non-institutional investor. Plaintiff, Montgomery, alleged that cross-Defendant GCFS, Inc. violated the California Finance ... Lender's Law by re-selling loans that had been sold to a non-institutional investor, and thus violated the Fair Debt Collection Practices Act, and the Rosenthal Fair Debt Collection Practices Act, by misrepresenting the character of the loan. GCFS argued, successfully, that the CFLL's legislative history indicated that there was no such prohibition from selling to non-institutional investors, and that the Plaintiff's argument required the review of legislative history.
