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. For CFL licensees, assessment invoices were mailed on or before September 30, 2019, via regular U.S. mail to the address reflected in the DBO’s records for the company’s licensed main office. If a company recently submitted a main office address change to the DBO, the invoice may have been sent to the company’s former address.
For CFL licensees, assessment invoices are generated based on the licensee’s gross income for CFL activity as reported on the CFL annual report, with a $250 minimum fee per licensed location. A few tips to ensure payment is received and credited properly:
- Licensees must pay their invoices in full by October 31, 2019. Note that licensees are responsible for the full amount invoiced (invoices are not adjusted after issuance except in very limited instances where errors are identified in the past CFL annual report)
- Payment must include the invoice number so that it is credited properly
- Payment should be sent to the DBO’s Sacramento office: 1515 K Street, Suite 200, Sacramento, CA 95814
At this point, companies should have received the notice. If you have not received your company’s notice, please feel free to contact APPROVED for assistance in obtaining a copy from the DBO.