By Jon Hill (May 12, 2022, 6:14 PM EDT) — Fintech firm Opportunity Financial has asked a California state court to reject claims from the state’s financial regulator that accuse the company of gouging borrowers with illegal high-cost loans, saying the agency is relying on a “convoluted” legal theory in a bid to make its case stick.

In a demurrer filed Tuesday in Los Angeles County Superior Court, Opportunity Financial LLC, or OppFi, fought back against an effort by the state’s Department of Financial Protection and Innovation to hold the fintech company liable for violations of California lending laws, which cap annual interest rates on certain consumer loans made by nonbank…

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