DFPI Secures $4 Million Penalty Against Florida Company Navitas for Lending Without a License
What You Need to Know: A Florida-based company will pay $4 million for unlicensed lending in California. Eligible borrowers who were targeted by the company will receive refunds in 90 days.
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today announced that it has ordered Florida-based Navitas Credit Corp. (Navitas) to pay a $4 million penalty for carrying out unlicensed lending activities – a violation of the California Financing Law (CFL).
“The DFPI is dedicated to keeping the lending marketplace fair and open. Our diligent oversight helps to level the playing field for businesses and protects consumers,” said DFPI Commissioner KC Mohseni. “We expect institutions like Navitas to follow our licensing laws or face stiff penalties.”
The violations were discovered when Navitas applied for a CFL license in May 2023. During the application review process, the DFPI uncovered that the company had previously: (1) engaged in unlicensed lending; (2) paid compensation to unlicensed and nonexempt brokers; and 3) charged borrowers unlawful interest.
As part of the settlement between the DFPI and Navitas, the company has also committed to:
- Refund money to borrowers who were charged excessive interest on loans of less than $5,000. These loans occurred between March 2018 and June 1, 2026 (the date the Consent Order was executed).
- Customers who are eligible for the refund will be notified by mail and email. You can read full details of the notification process in the Consent Order.
The Department of Financial Protection and Innovation protects consumers, regulates financial services, and fosters responsible innovation. DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower Californians to access a fair and equitable financial marketplace through education and by preventing potential risks, fraud, and abuse. Learn more at dfpi.ca.gov.
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