Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
The California Department of Financial Protection and Innovation (DFPI) has released proposed regulations implementing the Digital Financial Assets Law (DFAL), creating a formal licensing regime for businesses engaging in a...more
California had been one of 16 states that did not require licensing of debt collectors. That changed last year with the enactment of the Debt Collection Licensing Act. 2020 Cal. Stats. ch. 163 (SB 908). The law takes...more
Earlier this year, we reported that the California Department of Financial Protection and Innovation (CA DFPI) published new regulations requiring all existing commercial lenders and brokers licensed under the California...more
Licensees under the California Financing Law not currently on NMLS must transition onto NMLS by December 31, 2021. All licensees not yet on NMLS must establish an account in NMLS and transmit their information to the...more
Licensees and applicants under the California Financing Law are reminded of the following: • Licensees under the California Financing Law not currently on NMLS must transition onto NMLS by December 31, 2021. • New...more
Following July 8, 2021’s Client Alert, the California Department of Financial Protection and Innovation (DFPI) posted its CFL Transition Checklist for existing California Financing Law licensees to begin the license...more
Back in November 2020, we reported the CA Department of Financial Protection and Innovation (“CA DFPI”) as administrator of the California Financing Law (CFL) License had published a third round of proposed rules to...more
As a follow up to my article on December 4, 2020, reporting that California enacted SB 908 – the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., the administering agency Department of...more