Scott Diana v. Lvnv Funding LLC

Summary

The Court held that the Consumer Finance Licensing Act does not create an implied private right of action allowing a borrower to affirmatively void a loan contract based on an alleged licensing violation. Although Diana satisfied the requirement that he belong to the class protected by the statute, the statutory history and the penal structure of the voiding provision provided no evidence of legislative intent to authorize such a suit and made the remedy inconsistent with the legislative scheme. The Court affirmed the dismissal of Diana’s complaint with prejudice.