California DBO Issues Revised Proposed CFL Regulations

Weiner Brodsky Kider PC

Weiner Brodsky Kider PC

The California Department of Business Oversight (DBO) recently published modified proposed California Financing Law (CFL) regulations.  Comments on the modified proposed regulations must be submitted by June 12, 2020.

The modified proposed regulations revise the original proposed regulations published on October 25, 2019.  The changes reflect the public comments that the DBO received on the original proposed regulations.

The proposed regulations, as modified, include, among other things, renaming the “California Finance Lenders Law” to the “California Financing Law,” establishing an administrator to direct a Property Assessed Clean Energy (PACE) program, and transitioning all licenses under the CFL onto NMLS.  Other changes include, for example:

  • Adding and clarifying definitions (e.g., “affiliate,” “outstanding interests,” “outstanding equity securities”);
  • Requiring applicants to establish, register, and maintain an email account designated for DBO communications; and
  • Revising the CFL application and clarifying certain application requirements (e.g., applicability of and waivers of the Statement of Identity and Questionnaire);
  • Requiring the submission of a management chart, in addition to an organizational chart (when applicable), in an initial application; and
  • Adding an exception to advertising requirements if the advertisement is a written, on a platform limited to no more than 500 characters, and does not link to a location that fails to comply with advertising requirements.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Weiner Brodsky Kider PC | Attorney Advertising

Written by:

Weiner Brodsky Kider PC

Weiner Brodsky Kider PC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.