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California DFPI Issues Request for Comments on Debt Collection Licensing Act for Potential Second Rulemaking, Including on Scope and Certain Definitions

by Laszlo Ladi, Jr. |

On August 19, 2021, the California Department of Financial Protection and Innovation issued a request for comments as it considers a second rulemaking related to the Debt Collection Licensing Act. The first rulemaking, issued earlier this year relates to the license application process and requirements for debt collectors who may begin to apply for a debt collection license starting in… Read More

DFPI Issues Notice of Proposed Rulemaking on Debt Collection License Application and Requirements

by Laszlo Ladi, Jr. |

California’s Department of Financial Protection and Innovation has filed a notice of proposed rulemaking on April 23, 2021 for the Debt Collection Licensing Act (DCLA). The proposed regulations are to be added in Title 10, California Code of Regulations, Subchapter 11.3 “Debt Collection Licensing Act.” A copy of the proposed rulemaking text is here. The proposed regulations cover: requirements to… Read More

California DFPI Issues Invitation for Comments for CCFPL Rulemaking

by Laszlo Ladi, Jr. |

On February 4, 2021, the California Department of Financial Protection and Innovation (formerly DBO) issued an invitation for comments from stakeholders for rulemaking under the California Consumer Financial Protection Law (CCFPL), which became effective January 1, 2021. As previously discussed, for “covered persons” the CCFPL includes a broad list of prohibited conduct, including engaging in “unlawful, unfair, deceptive, or abusive… Read More

California’s DFPI Begins to Use its New Powers and Hire New Staff

by Laszlo Ladi, Jr. |

We previously posted about California’s new Department of Financial Protection and Innovation (“DFPI”) (formerly Department of Business Oversight) and some of its new powers to regulate debt collectors and other financial institutions under the Debt Collection Licensing Act and California Consumer Financial Protection Law (“CFPL”) (also known as the mini-CFPB). Both laws took effect on January 1, 2021. While the… Read More