On August 26, the California governor signed AB 2001, which amends the California Financing Law (CFL) regarding remote work. According to the bill, a licensee would be authorized “under the CFL to designate an employee, when acting within the scope of employment, to perform work on the licensee’s behalf at a remote location, as defined, if the licensee takes certain actions, including that the licensee prohibits a consumer’s personal information from being physically stored at a remote location except for storage on an encrypted device or encrypted media.” Currently, the CFL provides that a licensee cannot engage in loan business or administer a PACE program in any office, room, or place of business that any other business is solicited or engaged in, or in association or conjunction therewith, under certain circumstances. Additionally, “a finance lender, broker, mortgage loan originator, or program administrator licensee shall not transact the business licensed or make any loan or administer any PACE program provided for by this division under any other name or at any other place of business than that named in the license except pursuant to a currently effective written order of the commissioner authorizing the other name or other place of business.”
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.