§ 22007 Finance Licensee Definition

• •A 'licensee' is someone who gets a special permission (license) to lend money, help others get loans, or manage loan programs.
• •This rule started working on January 1, 2019.
• •The law was changed in 2017 but didn't start until 2019.

If someone wants to start a business that gives out loans to people to buy cars.

They need to get a special license from the government to do this. Without this license, they can't legally lend money. The rule about needing this license started in 2019.