SACRAMENTO, Calif. -- The Department of Financial Protection and Innovation has filed a Notice of Proposed Rulemaking with the Office of Administrative Law. The Commissioner of the Department of Financial Protection and Innovation, formerly the Commissioner of the Department of Business Oversight (“Commissioner”), is proposing adding the following sections to subchapter 11.3 of title 10 of the California Code of Regulations to adopt the license application and requirements to obtain a debt collection license under the Debt Collection Licensing Act (Cal. Fin. Code, § 100000, et seq.):
Section 1850 – defines terms used in the regulations
Section 1850.6 – requires electronic filing of license application and related information through NMLS
Section 1850.7 – sets forth the license application and information requirements
Section 1850.8 – requires appointment of the Commissioner as agent for service of process
Section 1850.9 – requires fingerprinting through the California Department of Justice
Section 1850.10 – requires investigative background report for non-residents of the United States
Section 1850.11 – provides notices concerning information practices and privacy
Section 1850.12 – sets forth the process to challenge information in NMLS
Section 1850.13 – provides for sharing information with other government agencies
Section 1850.14 – clarifies “financial responsibility” for purposes of denying a license
Section 1850.15 – sets forth grounds for denying a license
Section 1850.16 – requires designated email address to receive communications from Department
Section 1850.30 – provides process for reporting changes to information in the license application
Section 1850.31 – provides process for reporting new officers, directors and other key personnel
Section 1850.32 – provides process to register new branch office or change of existing branch office
Section 1850.50 – requires surety bond of at least $25,000 and sets forth the bond form
Section 1850.60 – provides license is effective until revoked, suspended or surrendered
Section 1850.61 – provides process to surrender license
A copy of the Notice, Initial Statement of Reasons, and proposed Text can be found the Department of Financial Protection and Innovation’s website here.
The 45-day public comment period ends on June 8, 2021.
Comments may be e-mailed to: email@example.com or mailed to: Department of Financial Protection and Innovation, Attn: Sandra Sandoval, 300 S. Spring Street, Suite 15513, Los Angeles, California 90013.