Last year, California enacted AB 1864, Cal. Stats. 2020, Ch. 157, creating the California Consumer Financial Protection Law (CCFPL) under Division 24 of the Financial Code. Remarkably, the legislature left it up to the Department of Financial Protection and Innovation to determine what industries will become subject to registration requirements. Having been handed a regulatory tabula rasa, the DFPI is now asking the public:
"For what industries should the DFPI first establish registration requirements under Financial Code section 90009, subdivision (a)?"
This is just one of many questions posed in the DFPI's recently issued invitation for comments. The DFPI is requesting input on a great deal of equally broad questions. For example, it is asking:
Businesses that provide goods and services to California residents should take note. They may soon be targeted for registration with the DFPI.