On August 25, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that a checklist of the requirements needed to obtain a California Collection License is now available on Nationwide Multistate Licensing System & Registry (NMLS). The application will be available on NMLS starting September 1, 2021. After an initial application is received, instructions will follow on completing fingerprinting requirements.
The Debt Collection Licensing Act (Fin. Code § 100000 et seq.) (DCLA) requires any person engaging in the business of debt collection in California to be licensed by the DFPI. Debt collectors collecting debt in the state of California must submit an application on or before Friday, December 31, 2021. Once a debt collector submits an application, it may continue operating as a debt collector in California while the application is pending. If an application is submitted after December 31, 2021, the debt collector will be required to wait for the issuance of a license before operating in California. (Fin. Code § 100000.5(c)).
The following entities are required to obtain a license to engage in the business of debt collection in California pursuant to the DCLA:
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