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BRIEF-Sezzle Inc Updates On California Financing Law Licence

Published 02/01/2020, 10:09 am
Updated 02/01/2020, 10:14 am
© Reuters.  BRIEF-Sezzle Inc Updates On California Financing Law Licence
SZL
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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

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