Today, the DFPI issued a new set of proposed “scope” regulations as to the applicability of the DCLA:
On December 22, 2021, regulations implementing the application requirements under the DCLA became effective. On August 19, 2021, the Commissioner released an invitation to comment on an anticipated subsequent rulemaking related to the scope, annual report, and bond amount increase provisions of the DCLA. On July 15, 2022, The Commissioner released a draft text related to the scope, annual report, and document retention requirements of the DCLA for public comment. The Commissioner has made changes to this draft and is now releasing it for a second round of prenotice public comment. This draft concerns only the scope and document retention requirements of the DCLA. Annual report requirements will be adopted through a separate rulemaking.
The red-lined text of the proposed revisions to the previous “scope” regulations can be found here: PRO-05_21-TEXT-2023.
The Invitation for Comments, due January 15, 2024, can be found here: PRO-05-21-Invitation-for-Comments-2023