Jan 2 (Reuters) - Sezzle Inc SZL.AX :
* CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT ISSUED A PUBLIC STATEMENT ON 30 DECEMBER 2019
* NOTES STATEMENT REGARDING DBO'S INTENTION NOT TO APPROVE APPLICATION BY SEZZLE FOR A CALIFORNIA FINANCING LAW LICENSE TO MAKE LOANS
* PLAN TO WORK WITH DEPARTMENT OF BUSINESS OVERSIGHT TO CORRECT ANY ISSUES TO PROCEED TO DEVELOP A LOAN PRODUCT
* CONTINUES TO OPERATE IN STATE OF CALIFORNIA IN PARTNERSHIP WITH CO'S RETAILERS
* CO'S RETAILERS ORIGINATE RETAIL INSTALLMENT SALES CONTRACTS & SUBSEQUENTLY ASSIGNS THOSE CONTRACTS TO CO FOR IT TO SERVICE PAYMENT PROCESSING
* UNDER CO'S MODEL IN CALIFORNIA STATE, WHICH IS WIDELY USED BY CO'S COMPETITION, CO OPERATING AS A SALES FINANCE CO & DOES NOT MAKE LOANS
* CO'S OBJECTIVE IS TO OBTAIN LOAN LICENSE FOR PURPOSES OF REMOVING THOSE MERCHANTS FROM FINANCING PROCESS