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DFPI to start accepting debt collector licensing applications on Sept. 1

NMLS published an announcement reminding California debt collectors that all persons must apply for a license by Dec. 31, 2021.

Upcoming deadlines: Electronic surety bond conversion

Over the past year, California, Kentucky, New Hampshire, and Oklahoma joined a majority of states in requiring that new applicants for certain licenses submit electronic surety bonds via NMLS in lieu of paper bonds.

DFPI addresses cryptocurrency MTA licensing exemptions

A new opinion letter covers aspects of the California Money Transmission Act related to certain cryptocurrency activities.

Transition period opens for CFL licensees not currently on NMLS

According to an announcement posted on the DFPI’s website, transitioning is voluntary until related proposed amendments to the CFL regulations are adopted. However, it is anticipated that the transition deadline will remain Dec. 31, 2021.

CFL license transition to NMLS [Checkpoint Webcast]

In this webcast, our panel discussed what lenders and brokers that hold a CFL license off of NMLS can expect with the upcoming transition to the system.

DFPI issues NPRM on debt collector licensing requirements

The California Department of Financial Protection and Innovation’s notice specifies that comments on the proposed modifications are due July 12.

APPROVED Checkpoint: Fingerprinting for CFL license applications

The California Department of Financial Protection and Innovation released background check guidance applicable to the key individuals of California Financing Law licensees and license applicants.

California updates NMLS checklists for CFL license

The Department of Financial Protection and Innovation now expects all companies to apply for the CFL license electronically via NMLS.

DFPI issues proposal on debt collector licensing applications

The notice of proposed rulemaking outlines new requirements for debt collectors seeking to obtain a license to operate in the California.

DFPI addresses several MTA licensing exemptions

The new opinion letters addressed virtual currency, agent of payee rules, and transactions in which recipients are paid before a company is reimbursed.

California Department of Real Estate reissues FAQs regarding licensing process

The FAQs respond to questions regarding, among other things, licensing and examination processes of the Department during Covid-19.

DFPI: Certain bitcoin ATMs/kiosks not subject to MTA licensure

An opinion letter explains that the sale and purchase of bitcoin through ATMs/kiosks in third-party retail locations are not subject to licensure because the sale and purchase of bitcoin from the company’s own inventory through a kiosk does not meet California’s definition of “money transmission.”

DFPI launches debt collection investigation

California’s Department of Financial Protection and Innovation announced the issuance of subpoenas to a dozen debt collection companies as part of its investigation into consumer complaints regarding alleged UDAAP practices.

DFPI: Certain Bitcoin ATMs not subject to MTA licensure

California’s Department of Financial Protection and Innovation released opinion letters covering aspects of the Money Transmission Act related to Bitcoin ATMs.

DFPI addresses MTA licensing in new letter

The redacted opinion letter covered aspects of the Money Transmission Act related to the registered clearing house and payment processing service exemptions.

California enacts the Debt Collection Licensing Act

The Act requires a person engaging in the business of debt collecting in the state to be licensed and provides for the regulation and oversight of debt collectors by the DFPI.

California DBO now Department of Financial Protection and Innovation

The governor signed AB 107, an Assembly Budget Committee bill, which changes the name of the Department of Business Oversight to the Department of Financial Protection and Innovation (DFPI).

California’s new consumer financial protection law

The California Consumer Financial Protection Law changes the name of the Department of Business Oversight and expands UDAAP and enforcement authority.

California addresses MTA licensing exemptions

The California Department of Business Oversight (CDBO) released two new opinion letters covering aspects of the California Money Transmission Act (MTA) related to the sale of foreign currency and the agent of the payee exemption.

California DBO opinion letters cover activities exempt from MTA licensing

The opinion letters issued throughout the summer covered virtual currency and agent of payee rules under the California Money Transmission Act.

CFL Overview [Webcast Archive]

Debbie Stopeck, a senior program manager at APPROVED, shares her unique insights from a career spanning nearly four decades in licensing at the California DBO. [Checkpoint Webcast]

Upcoming deadlines: CRMLA license annual report and CA Holden Act report

CRMLA licensees are required to file an annual report with the California DBO no later than March 1, 2020. Some lenders must also file a Holden Act report by March 31, 2020

Upcoming deadline: CFL license annual report

The DBO does not grant filing extensions, and missing the March 15 deadline may result in monetary penalties and/or suspension or revocation of the license.

Proposal seeks to increase CA consumer protection and financial innovation

Gov. Newsom’s proposal would include the creation and administration of the California Consumer Protection Law through expansion of the California DBO

California says all CFL licensees should use NMLS

On October 25, the California Department of Business Oversight (DBO) published proposed regulations that (i) require all licensees under the California Financing Law (CFL) to register through NMLS; and (ii) establishes regulatory requirements for the oversight of Property Assessed Clean Energy (PACE) program administrators. Currently, under the CFL, some licensees engaged in residential mortgage origination…

APPROVED expands team with two key additions

WASHINGTON, D.C. (Oct. 28, 2019) APPROVED, Buckley’s licensing service for financial services companies, announces the addition of two key players as it expands its state examination management and California licensing capabilities — Kristie Battershell and Debbie Stopeck. “We continue to build APPROVED by attracting talented people with deep knowledge of the licensing process who know…

Upcoming deadline: California license annual assessment

The California Department of Business Oversight (DBO) has notified California Financing Law (CFL) licensees and California Residential Mortgage Lending Act (CRMLA) licensees of their annual assessment obligations for fiscal year 2019-2020. Assessment invoices must be paid by October 31, 2019.  For CRMLA licensees, notice of the assessment was provided via an NMLS invoice last month.…

Debbie Stopeck Brings Three Decades of Licensing Experience to APPROVED

We are excited to share the news that Debbie Stopeck has joined APPROVED after a long career at the California Department of Business Oversight. We’ve asked Debbie to develop a comprehensive licensing consulting practice for California Financing Law (CFL)-eligible clients. In that role, she’ll provide oversight of CFL and other state financial services applications, and…

23 states agree to streamline money service licensing process for fintech companies

On June 24, the Conference of State Bank Supervisors (CSBS) announced that financial regulators from 23 states have now agreed to a multi-state compact that will offer a streamlined licensing process for money services businesses (MSB), including fintech firms. As previously covered by InfoBytes, in February 2018, the original agreement included seven states. According to the announcement, 15…

APPROVED Checkpoint: Fingerprinting for California license applications

Many license applications require fingerprints from officers, directors, natural person owners, and other individuals named in the application for purposes of running FBI and/or state criminal history background checks. Fingerprinting requirements and processes vary by state, but because so many of the players in the financial services industry are subject to licensing in California, it…

Upcoming March deadlines: California license annual reports

California licensees have a pair of deadlines approaching in March. The annual report for California Residential Mortgage Lending Act licensees is due by March 1, and the annual report for California Financing Law licensees is due by March 15. Both reports cover activity conducted by licensees in calendar year 2018 and the information provided is…

Upcoming deadline: California license assessments

The California Department of Business Oversight has notified California Financing Law licensees and California Residential Mortgage Lending Act (CRMLA) licensees of their annual assessment obligations for fiscal year 2018-2019. The assessments cover each licensee’s share of the cost of administering the programs under the California Financial Code and must be paid by October 31, 2018.…

California governor approves revisions to Student Loan Servicing Act

On September 14, the California governor approved AB 38 amending the state’s Student Loan Servicing Act (Act). The Act provides for the licensure, regulation, and oversight of student loan servicers by the California Department of Business Oversight (CDBO). Among other things, the amendments: (i) clarify the circumstances under which the Commissioner of the CDBO may deny a…