California DFPI Issues Notice of Proposed Rulemaking Regarding Debt Collection Licensing Application and Requirements

SACRAMENTO, Calif. -- The Department of Financial Protection and Innovation has filed a Notice of Proposed Rulemaking with the Office of Administrative Law. The Commissioner of the Department of Financial Protection and Innovation, formerly the Commissioner of the Department of Business Oversight (“Commissioner”), is proposing adding the following sections to subchapter 11.3 of title 10 of the California Code of Regulations to adopt the license application and requirements to obtain a debt collection license under the Debt Collection Licensing Act (Cal. Fin. Code, § 100000, et seq.):

Section 1850 – defines terms used in the regulations

Section 1850.6 – requires electronic filing of license application and related information through NMLS