[refurb]

I didn't know this, but you can write the SEC and request a "no action letter" if you aren't sure about the legality of what you are doing.

http://www.sec.gov/answers/noaction.htm

These guys could have started there.

[rdlecler1]

You don't just write a no action letter. You hire a securitied lawyer and this can cost $50-200k. Had LendingClub asked for a no-action when they started, the SEC probably would have said no. Sometimes it's better to ask for forgiveness than permission.

[cookiecaper]

>Sometimes it's better to ask for forgiveness than permission.

It's almost always better to ask forgiveness than permission.