insideARM previously wrote about both California's legislation to create debt collection licensing requirements as well as the state's efforts to create a state consumer protection agency (affectionately dubbed the "Mini-CFPB"). These two efforts are now a reality, as California's Governor Gavin Newson signed and approved both pieces of legislation on September 25, 2020. Here's what you need to know about each.
Debt Collection Licensing
The Debt Collection Licensing Act (SB 908)calls for the licensure, regulation, and oversight of debt collectors by the Commissioner of Business Oversight from the Department of Business Oversight (DBO). It would require debt collectors located in California and those who collect debts from California residents, regardless of office location, to obtain a license. It would also require such businesses to comply with regulatory oversight, including examination and reporting, of DBO.
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