On September 27, the California governor signed AB 156, which, among other things, amends various provisions of the Debt Collection Licensing Act to allow any debt collector that submits an application to the commissioner of the Department of Financial Protection and Innovation before January 1, 2023, to operate pending the approval or denial of the application. The amendments also authorize the commissioner to issue a conditional license pending the receipt and review of fingerprints and related information. Additional provisions state that a conditional license will expire under certain conditions, including the issuance of an unconditional license. The amendments also grant the commissioner authorization to deem an application abandoned. The amendments take effect January 1, 2023.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.