Complaint / Review
Dealer Services Corporation
Discover - DSC is an Unlicensed Financial Lender The maximun of interst on a commercial loan is the greater of 10% or 5% of the federal discount rate as set by San Francisco Federal Reserve Bank

Dealer Services Corporation is an Unlicensed Financial Lender

Dealer Services made more than one loan to M. Grissom In fact, DSC made twenty two (22) loans to Grissom on a single day, 9/01. The various loans ranged from $1,100 to $11,000. Dealer Services Corporation must be a licensed California lender.

A. "Finance lender" includes any person who is engaged in the business of making consumer loans or making commercial loans (Financial Code 22007).

B. A license is required if one makes a single consumer loan (defined as any loan of less than $5,000) or more than one commercial loan (Financial Code 22050).

DSC's receivable detail report to Grissom dated 9/08 (Exhibit A), DSC's loans have rates charging interest at APR rates that can exceed 500%

A. An unlicensed lender that willfully charges usurious interest is guilty of loan sharking (CC 1916-3 (b), a felony punishable by up to five years in prison.cc 1916-3 (b). (Nonwillfully charging too much interest merely entails treble damages.cc 1916-3 (a).) The requirements for a usury violation are:

1. The transaction must be a loan or forbearance of the use of money;

2. The loan must be made by a non-exempt lender in a non-exempt transaction;

3. The interest received by the lender must be in excess of the maximum rate that is applicable to the transaction; and

4. The lender must have a willful intent to inter into a usurious transaction (the lenders willful intent can be presumed when the loan is usurious on its face).

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The California Unfair Competition Law (UCL) permits any person acting for the interests of itself, its members or the general public to file an action for restitution and/or injunctive relief against a person or business entity alleged to be engaged in any unlawful, unfair or fraudulent business act or practice. The UCL allows a private plaintiff who himself has suffered no injury to file a lawsuit under the UCL in order to obtain relief for others.

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