The Washington State Department of Financial Institutions (DFI) has received a complaint from a Washington State consumer against Majestic Lake Financial, Inc. The consumer reported that he received an online loan from Majestic Lake Financial, Inc. and was charged excessive fees and interest.
Majestic Lake Financial, Inc. operates its website at [www.mlfinc.com] and lists its contact information as:
Majestic Lake Financial, Inc.
635 East HWY 20, K
Upper Lake, California 95485
It appears that Majestic Lake Financial, Inc. may be operating as an online tribal loan company. Majestic Lake Financial, Inc. claims to be an online lender owned by the Habematolel Pomo of Upper Lake, California, a federally recognized Indian Tribe.
Majestic Lake Financial, Inc. is not licensed by the DFI and is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.
The DFI warns Washington State consumers that before doing business with a financial service provider the consumer should:
- Make sure that the entity is licensed. Consumers can use the “Verify a License” feature on DFI’s website at www.dfi.wa.gov to check whether a payday or consumer loan company is licensed to conduct business in the state of Washington.
- Not provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business.
Washington State residents only: If you suspect unlicensed activity by a payday lender or consumer loan company, please contact the Department at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov. Even if your activity involves a loan over the internet, a license may still be required.
If you live in another state, find the regulator in your home state.