Business ProfileforStearns Lending, LLC
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On September 28, 2023, Stearns Lending, LLC (Stearns) entered into a Consent Order with the State of California, Commissioner of Financial Protection and Innovation (Commissioner). The Order settles allegations that the business charged borrowers per diem interest in excess of one day prior to the date that the loan proceeds were disbursed from escrow, in violation of Financial Code section 50204, subdivision (o) and Civil Code section 2948.5, and failed to provide evidence of a refund and/or interest at the rate of 10 percent per annum to the borrower pursuant to Financial Code section 50504, subdivision (b).
On or around January 3, 2023, Stearns submitted a request to surrender its CRMLA license to the Commissioner. Stearns’ request to surrender its CRMLA license was not accepted by the Commissioner pursuant to Financial Code section 50123 subdivision (a), because the Department maintains that pending issues need to be resolved before the license surrender request can be accepted. As a condition of the Order, Stearns agrees that in accordance with Financial Code sections 50321 and 50323, it will immediately discontinue violating Financial Code section 50204, subdivision (o) and Civil Code section 2948.5 and make refunds to 18 borrowers for the per diem interest overcharges, totaling at least $1,644.90, within 30 days of the effective date of the Consent Order.
Lastly, Stearns agrees to pay a penalty in the amount of $18,000 no later than 30 days after the effective date of the Consent Order. If it fails to comply with the terms of the Consent Order, the Commissioner may, in addition to all other available remedies she may invoke under the CRMLA, deny any application and/or summarily suspend or revoke any license granted by the Commissioner to Stearns until Stearns is in compliance. Stearns waives any notice and hearing rights to contest such denial or summary suspension or revocation which may be afforded under the CRMLA, the California Administrative Procedure Act, the California Code of Civil Procedure, or any other provision of law in connection therewith.
At-a-glance
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Business Details
This is a multi-location business.
- Location of This Business
- 401 E Corporate Dr STE 150, Lewisville, TX 75057-6449
- BBB File Opened:
- 8/27/2020
- Business Management
- Rose Kaplan, Customer Support Manager
- Mr. Matthew Rose, Team Leader-Regulatory Response
- Contact Information
Principal
- Mr. Matthew Rose, Team Leader-Regulatory Response
Customer Contact
- Rose Kaplan, Customer Support Manager
- Mr. Matthew Rose, Team Leader-Regulatory Response
- Mr. Luis Trinidad, Director of Customer Success and Regulatory Respon
- Additional Contact Information
Phone Numbers
- (469) 362-6620Other Phone
Email Addresses
- Primary
- (469) 362-6620
Customer Complaints
0 Customer Complaints
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