DFPI Proposes Rules For Commercial Financial Products And Services

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Allen Matkins

In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq.  The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive acts and practices in connection with the offering or provision of commercial financing or other financial products and services to small businesses, nonprofits, and family farms.  Cal. Fin. Code § 90009(e).  The DFPI is now proposing to exercise this authority by adopting rules defining various terms used in the statute.  The texts of the DFPI's Notice of Proposed Rulemaking, Initial Statement of Reasons, and Proposed Rules are available here, here, and here

The comment period ends August 8, 2022.  Comments may be submitted electronically to: regulations@dfpi.ca.gov with a copy to Samuel Park, Senior Counsel, at Samuel.Park@dfpi.ca.gov.   Commenters should include “PRO 02-21” in the subject line.  Those wishing to mail comments should address them to: 

Department of Financial Protection and Innovation
Attn: Sandra Navarro
2101 Arena Boulevard
Sacramento, California 95834

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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.

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