DFPI clarifies licensing provisions for several state laws
The California Department of Financial Protection and Innovation filed a notice of proposed rulemaking with comments due on May 17.
The California Department of Financial Protection and Innovation filed a notice of proposed rulemaking with comments due on May 17.
Among other things, the act outlines provisions related to application for licensure and permitted maximum charges for loans and installment payments.
The act is effective August 1. For current licensees, the provisions take effect upon license renewal but no later than December 31.
The proposed requirements would create a national standard for mortgage industry licensing to help improve uniformity within the state system.