Jan 2 (Reuters) - Sezzle Inc (SZL) :
- 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
Source text https://reut.rs/39oRsLY
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